BEYOND THE CUBICLE: DISCOVERING THE HIDDEN ADVANTAGES OF COWORKING SPACES IN NEW JERSEY

New Jersey, the “Diner Capital of the World”, has more than 600 diners located throughout the state, and one reason for their proliferation is the state’s entrepreneurial spirit and prevalence of small business owners.

Just like diners serve as a hub for social gatherings and community events, Coworking space in New Jersey have become hubs for entrepreneurs to connect, collaborate and build their businesses. The concept of the traditional workplace is being redefined, and in New Jersey, co-working spaces are leading the charge.

In simple words, Coworking Spaces are shared workspaces that provide small business owners like you, with a flexible and collaborative work environment. These spaces typically offer amenities such as shared desks, private offices, meeting rooms and communal areas for networking and socializing.

WHAT IS THE AIM OF COWORKING SPACES?

Coworking spaces aim to create a community of like-minded individuals who can work independently, yet share resources and knowledge to enhance their productivity and creativity. You can choose to work in these spaces on a daily, weekly or monthly basis, independent of what kind of business you own, if you are seeking for a professional and supportive work environment.

WHY ARE COWORKING SPACES BECOMING POPULAR IN NEW JERSEY?

Firstly, they are cost-effective as they allow you to rent only the necessary space, rather than an entire building or floor. Secondly, they are located in urban areas, providing convenient access to transportation and cultural attractions. Additionally, coworking spaces offer flexibility in terms of rental agreements, allowing you to scale up or down as business needs change. They not only provide networking opportunities, as they often host events and workshops that allow for connections with other professionals, but also provide an environment that promotes productivity, creativity, and collaboration. Moreover, coworking spaces can provide a sense of community and belonging.

1. COST EFFECTIVENESS:

Coworking spaces in New Jersey generally offer more flexible and affordable options in contrast to traditional office spaces, which typically require long-term leases and higher monthly rents.

They offer membership options, allowing you to choose a plan that suits your needs and budget. This way you only pay for space and services you need, without having to commit to a long-term lease or incur additional overhead costs.

According to a report by CBRE, the average asking rent for Class A office space in New Jersey was $34.76 per square foot in Q4 2021. On the other hand, coworking spaces in New Jersey typically offer more flexible and affordable options.

As an example, let us consider prices of both

• Traditional office- A 1,000 square foot Class A office space in Jersey City could be rented for around 3,476 dollars per month or more, based on certain factors such as location, size, amenity and lease terms.
• Coworking spaces- A coworking space in Jersey City can offer a variety of membership options ranging from daily drop-ins for around $35 per day to monthly memberships with 24/7 access for around $400–$500 per month.

2. PROFESSIONAL WORK ENVIRONMENT:

Shared workspaces offer a professional work environment, conducive to productivity and creativity. They aid in maintaining a high functioning work environment in the following ways-

Infrastructure- Coworking spaces conventionally provide a professional and productive work environment by providing a variety of amenities such as desks, chairs, meeting rooms, high-speed internet, printers and other office equipment that are essential for any professional work environment.

Collaboration- they foster collaboration among their members, which can help professionals build relationships, share knowledge and learn new skills. By providing a community of like-minded individuals, coworking spaces can help you stay connected with other professionals and engaged in your work.

Professionalism- coworking spaces help you in maintaining your professional image through their decor, ambience and amenities. They are designed to be functional and attractive, with clean, modern designs that creates a positive work environment.

Support- they also offer support services such as receptionists, administrative support and IT support, which can help you focus on your work without having to worry about the logistics of running an office.

3. NETWORKING OPPORTUNITIES:

Coworking spaces provide a collaborative and social environment that fosters networking opportunities. Individuals and businesses can connect with other professionals in their industry, exchange ideas, and collaborate on projects, leading to new business opportunities and partnerships in several ways-

• Community events- Many coworking spaces organize community events such as meetups, workshops and happy hours to facilitate networking among members. These events offer a chance for you to connect with others in your industry or field, share ideas and build relationships.
• Shared amenities- the lounges, kitchens and coworking areas offered by these coworking offices creates natural opportunities for members to interact and collaborate.
• Coworking memberships- Shared workspaces offer memberships that allow access to multiple locations within a network, providing even more opportunities for networking with professionals in different locations.
• Member directories- these spaces often maintain online member directories, which allows you to search for and connect with others in the space who have similar skills or interests as you. This is particularly valuable if you are seeking to expand your business or looking to collaborate with others in your industry.

4. BUSINESS RESOURCES:

Shared workspaces offer resources such as legal and accounting services, marketing support, administrative support and access to funding opportunities. They also offer access to professional networks, mentorship opportunities, educational programs and potential investors which can help your business to grow and succeed. Moreover, they have mentors and advisors on-site who can provide guidance and support to you and your business. These mentors can offer expertise and advice on topics such as business strategy, marketing, and finance.

5. WORK-LIFE BALANCE:

Coworking spaces in New Jersey promote a healthy work-life balance by offering a variety of amenities such as fitness centers, cafes, and relaxation areas. These amenities allow individuals to take a break from work, recharge their batteries, and maintain a healthy work-life balance. With the option of choosing a membership plan that suits your needs, you can choose working on your own terms and schedule, without the constraints of a traditional office environment. They also provide lounges, coffee bars and fitness facilities which allows you to take a break from your work and recharge during the day.

WHY COWORKING SPACE IS THE BEST OPTION FOR YOUR BUSINESS?

There are several benefits of coworking spaces all driving towards making your business more efficient and cost-effective leading towards higher profits. Coworking spaces in New Jersey are not just a trend, but a thriving industry that continues to provide flexible and dynamic workspaces for entrepreneurs and business owners. From the bustling streets of Jersey City to the serene landscapes of Princeton, there is a coworking space for every need and preference. As the state’s workforce continues to evolve, coworking spaces will undoubtedly play an essential role in helping entrepreneurs and business owners adapt and thrive in the ever-changing world of work.