The Suburbanization of Coworking Spaces - How it Benefit Local Economies?

Many employees are bored with the traditional model of working and find it difficult to pay high metropolitan cities’ rents. Due to this, they look for jobs in companies that offer flexibility. Coworking spaces, located near homes are preferred by people who do not want to waste time traveling and pay expensive rents. ‘Suburbinization’ of coworking benefit local economies highly. Do you know how? This blog discusses the ways the establishment of shared workspaces in small cities or towns have benefitted them.

Flexible Workspace Suburbinization and Its Positive Effect on Local Economies

Major organizations have started implementing remote work policies to improve the well-being of employees and save on real estate rental costs. When people work locally, retail outlets and local amenities will grow. People can save hours in traveling and thus can improve their work/life balance. Due to less traveling, carbon emissions will reduce and lead to less congestion in cities.

Here are some of the major outcomes of the growth of shared workspaces in suburban areas benefit local economies:

1. More Job Opportunities-With the establishment of a flexible workspace, approximately 218 new jobs are created. Among the total number of jobs, 121 are based on the local regions.

2. Value Creatio-‘Outer-city’ workspaces create an outstanding $16.47 million worth Gross Value Add in a year. Out of this, local economies retain only a $9.62 million value add.

3. Saving Time-Every year, employees working at shared office spaces can save up to 7,416 hours. Otherwise, they would have wasted this time in traveling to and from workplaces.

4. Carbon Reductio-A suburban-based workspace can save approximately 118 metric tons of carbon dioxide per year. This reduces a significant amount of carbon emissions.
   

The suburbanization of coworking spaces provides more opportunities to work closer to home. This does not only benefit the employees but their local economy too. It is expected that there will be an increasing demand for flexible space among companies of all sizes in small cities and towns.