The market for office real estate in Luxembourg’s business centers is steadily rising. Office buildings built and owned by developers are snapped up before they are completed, but condominiums are also making a comeback. Coworking spaces, or collaborative work spaces, are becoming increasingly popular because of this growth. Coworking space, also known as a shared office, is a workplace where employees from various organizations can come together to do their work.
They are available for short-term rental and include open spaces, shared offices, telecommunications equipment and innovative meeting spaces. For freelancers, online professionals, small teams working on projects, startups, and small to medium-sized organizations, they can serve as a hub or collaboration base (SME).
Some of the benefits of coworking spaces and shared offices include:
1. Shared office = Adaptability and economy
The cost savings and adaptability of a shared office are two of its most compelling features. A prime location in the heart of a bustling city can be yours for less than the cost of a regular office. These organizations can also avoid the significant obligation of maintaining an office space over the long term by using shared workspaces.
There are many benefits to using a shared workspace. Wireless internet, working landlines, a receptionist, a well-stocked pantry, printing and copying facilities, and even courier services are common in shared workspaces.
Entrepreneurs and small businesses can also rent space in some shared offices, which are extremely flexible. This way, they can avoid paying for a space they won’t use. As a result, these small businesses have the ability to purchase additional seating if they need to expand.
2. Shared office = Opportunities for cooperation and networking
By working in a shared office, it is possible for individuals and groups from various organizations to connect and collaborate with those in the same profession. These locations encourage networking and collaboration for the purpose of exchanging information, forming alliances, and generating new business prospects and referrals.
3. Preferred location and accessibility
The proximity of shared office spaces to major transportation nodes, as well as to retail and entertainment venues, is a major selling point for the active millennial workforce. Additionally, because many of these coworking spaces are located in major business districts, the prestige of their address is enhanced for small businesses and startups.
4. A first-class infrastructure
The Internet is essential to the operation of any business, large or small. Since all rooms in a shared office are already wired for high-speed internet and phone lines, renting office space there makes perfect sense. Visitors and deliveries can be handled by receptionists in some cases. Starting a business without having to wait for internet connections is a great way to save time when moving to a new location.
The emergence of coworking spaces has benefits for both tenants and landlords. Rental companies stand to gain by expanding their market to meet the demands of a growing Luxembourg workforce, but small businesses and startups stand to gain by reducing their costs in order to continue to expand and eventually find the need to rent an entire conventional office space.