CHICAGO, Dec. 17, 2019 /PRNewswire/ -- As 2019 comes to a close, there has been significant movement in the marketplace around coworking companies, and their viability for the future has been under question.
In response to this, workspace provider Novel Coworking conducted a recent anonymous poll to gather insights from clients nationwide. "We've seen tremendous success in 2019 with the opening of 8 new locations. While we are gaining traction, we also wanted to pinpoint areas of growth where we can do better for our clients by polling them to get their feedback firsthand. From flexibility to networking, we look forward to building our communities even more to reflect what we have heard," says Novel Chief Operating Officer Kris Elliott.
With a combination of feedback from the poll, indicators from the market, and their own business performance, here are a few interesting insights on coworking heading into 2020:
- Coworking isn't just for startups; in fact, over 51 percent of those surveyed have been in business longer than five years and a big part of Novel's growth has come from larger enterprise clients.
- Coworking space can make a positive impact on company culture which is increasingly important stemming from our respondents' feedback. This includes networking events, open business ecosystems, and informational seminars for all tenants regardless of industry.
- Coworking is flexible and cost effective. Many people might be surprised to know that a coworking term can be as short as 30 days in addition to the standard year or multiyear allowing businesses the flexibility to scale up or down. So, for those entering 2020 and delaying a commitment to office space you can start small and work your way up.
- Of more than 160 respondents, close to 85 percent expect to maintain or grow within Novel's coworking space in 2020, a great sign that faith in the coworking model is not on a decline but quite the opposite.
The clients' feedback consistently mentions the importance of culture and networking potential in an office space both as a business strategy and also as an opportunity to deepen culture and the sense of community for their own employees. This rings a perfect tune with Novel's philosophy and why the company was founded by CEO, Bill Bennett, who couldn't find a good office space for his staff, so he decided to create his own.
By owning the buildings where it operates, Novel Coworking is able to invest in infrastructure improvements including fiber internet and custom-built suites for up to 500-person teams, all while keeping pricing lower than competitors. In 2019, the company debuted its SmartSuites™, technology-enhanced private suites which feature a combination of private offices and collaborative open space, dedicated kitchen and conference room facilities, and integrated technologies such as Alexa-enabled sound system and biometric keypad entry.
About Novel Coworking
Novel Coworking provides fully furnished, technology-equipped, and affordable workspace to small businesses, entrepreneurs, and enterprise companies. Novel Coworking members have access to more than 3 million square feet of workspace in 35 locations including Alexandria, Boulder, Charlotte, Chicago, Cincinnati, Dallas, Denver, Houston, Indianapolis, Columbia, Jacksonville, Kansas City, Madison, Miami, Milwaukee, Minneapolis, Nashville, Norfolk, Orlando, Phoenix, Pittsburgh, Richmond, San Diego, San Jose, Savannah, Seattle, and Washington, D.C. For more information, please visit novelcoworking.com.
Devon Herzoff, Media Relations
SOURCE Novel Coworking