A decade ago, coworking spaces were created to offer entrepreneurs, remote workers, and freelancers a different workplace than the local Starbucks. According to data compiled by Emergent Research and the Global Coworking Unconference Conference (GCUC), had 542,000 coworking members in the U.S.A in 2017. This group is expected to grow to 754,000 members in 2019 and rise to 1.76 million members by 2020, according to GCUC.

Members pay for a desk or private office. They also get an area in a larger space with amenity-rich amenities. This includes employees of large corporations and mega-corporations that require flexible space. According to the GCUC report, there were 3,205 U.S. coworking spaces in 2017, with 21,306 offices expected for 2019 and 30,432 offices by 2022.

As part of the wider workplace as a service sector, some providers also manage and build out spaces. It is up to you to decide if coworking is right for your company or traditional office leasing.

The Coworking Attraction

Flexibility is a top feature of coworking. Members can choose the workspace that suits them best every month. This helps to avoid upfront fees, deposits, and the contractual obligations associated with a lease.

Do you need to start right away? No problem. You can get reliable, fast WiFi, printers, coffee on-demand, and even coffee on-demand. You're covered. You're covered. It's there.

Many coworking options offer everything you need. Work can be your sole focus when you don't have to worry about furniture, supplies, or creating company culture.

However, this doesn't mean that company culture will cease to exist. Members can participate in hosted happy hours and lunch workshops, and other networking events to meet potential investors and clients. For example, RocketSpace, a San Francisco coworking space, offers workshop talks on topics such as successful customer experiences and ROI-generating email strategies.

Cons of Coworking

Coworking is not without its challenges. Distractions can arise from blurred lines between work life and socializing. For example, an office-mate can distract you from your work by talking on the phone or engaging in other chatter.

Privacy concerns are a constant threat, so sensitive client or business discussions may require quiet corners.

It is also harder to brand. Private coworking spaces are not usually able to be decorated with signage or logos. As a company grows, so can the costs. Traditional office leasing can be a better financial option if you have more employees than you need.

Office Lease Deals

Small businesses, especially startups, can find signing a traditional three-year office lease intimidating and risky. Many business owners are also cautious about investing upfront in furniture, office equipment, renovations, and fit-outs.

Imagine your logo on the door with customized decor and furnishings. It doesn't take permission to host a party or invite guests, nor do you need permission for everyday tasks like turning the thermostat.

Inventory is also on your side. According to Colliers International's 2019 U.S. report, coworking only 1.6 percent of office space is available for commercial use. Flexible Workspace Outlook Report.

Another positive is that traditional landlords are now responding to the competition by offering flexible workspace and lease options in this age of coworking.

Decision Time

Colliers says coworking is a "bright shiny thing" that needs careful consideration before jumping in. However, it could also be a better investment for small businesses with fewer employees.

These are the key questions to ask:

• Are the coworking environments or providers aligned with your values? WeWork's meatless policy was introduced in 2018 and impacted employees and members at more than 100 locations that have self-service food kiosks.

• How conservative are your clients, and how often do they visit you? Traditionalists might not see beyond the ping-pong table on the way to the conference room.

• What is your company's future look like in five years? A flexible coworking environment might be the solution if that is impossible to answer. An office lease might be the answer if you have a clear vision and a growth plan.