The pandemic has fundamentally changed the way people work, and the traditional office setting may never be the same. The growing importance of flexibility in terms of working conditions will be an important factor for the increasing supply and demand for coworking spaces in the Philippines.
With the growing number of office spaces for rent in the country, coworking spaces are slowly becoming an alternative office solution, especially in the face of the new normal. Coworking spaces bode well with the hybrid work model, allowing employees to work some days in the office and some days remotely.
How the Pandemic Affected Work Environment
When the rest of the world went into strict lockdown last 2020 due to the onset of the pandemic, many companies had to transition to a work-from-home arrangement rapidly. For some, it was an ideal and convenient option. However, as the pandemic bore out other variants and Zoom fatigue took a toll on almost everyone, many employees realized that working fully remote on a long-term basis isn’t always a dream come true.
The Philippines also remains internet-challenged in broadband speed, ranking 63rd among the 180 countries measured by performance metric firm Ookla. This makes the virtual office in the Philippines difficult for some businesses and employees. As of July 2021, the country has a download speed of 71.17 Mbps, an upload speed of 71.22 Mbps, and a latency of 22 ms. Amid increased reliance on online services due to stringent measures, Philippine internet providers’ service quality has proven to be a consistent burden for the Filipinos.
Coworking as an Alternative Office Solution
Coworking spaces offer a viable alternative to a conventional office setting because of their low-cost and fully furnished workspaces in a prime location in the metro. Coworking spaces are perfect for freelancers, entrepreneurs, startups and small- to medium-scale businesses implementing a hybrid workforce.
These spaces are complemented by various types of workstations, high-speed Wi-Fi, basic office supplies, and even additional amenities like game rooms, gyms, and sleeping areas. These serviced offices operate 24/7 and are easily accessible via public or private transportation.
Many shared workspaces operate with a vision to bring people who have common interests and goals to bridge connections and cultivate insights and exposure with other people. You might even land that next big project through simply socializing within your coworking space.
Virtual offices, another alternative office solution, provide businesses with physical addresses and office-related services without a long lease and administrative staff. Employees can also work remotely in virtual offices.
The Future of Coworking
The new normal working environment is here to stay, and it might consist of a hybrid workforce where employees can work from home or in the office. However, as many businesses are still bouncing back from the impact of the global pandemic, cutting costs on leased office space can help them with business continuity. Coworking spaces fit this puzzle perfectly since they have more convenient leasing arrangements, plug-and-play options, and of course, cheaper costs.
Many foreign companies opt to go with coworking spaces to build footing for their local representation. Startups and SMEs will also benefit from these shared office spaces as they won’t need a large capital to procure a long-term office lease, furniture, and other amenities.
Post-pandemic, coworking spaces are an ideal way to go forward to provide employees flexibility, convenience, and comfort. The workforce is the heart of every business, so companies must put their people’s satisfaction paramount to deliver their best to their customers.
Given the continued easing of mobility and restrictions amid a lower number of daily covid cases in the country and gradual economic recovery, demand for office spaces is expected to remain stable, with the business process outsourcing (BPO) sector spearheading the growth in the country, according to JLL Philippines.
Coworking spaces will serve as a perfect alternative to a traditional office in the future because of the flexible, collaborative environment it offers; not to mention how much companies can save with real estate costs. Rates of coworking spaces vary per city and region, depending on local market conditions and vacancies. Vacancy rates in premium cities outside Metro Manila also have lower rates than those within.
Coworking Space in the Metro
M Spaces, conveniently located in the heart of Ortigas, offers private offices and meeting rooms that can cater to your office space needs. Its office spaces range in size that could seat from 4 to 12 people, perfect for startups and SMEs.
Flexibility and comfort are highly valued at M Spaces. If you are implementing a hybrid workforce within your firm, they can arrange to keep track of your unique logistics to ensure you can share an office space without any hassle.
M Spaces lets you collaborate and engage in new ideas with your teams for as low as Php500 per hour. Meeting rooms are equipped with all the tools you might need, including soundproof walls, whiteboard, and TV monitor.
For freelancers, contractors, startups, and small businesses, fully furnished private offices are available for only Php 7,000 per seat. These spaces help workers and businesses thrive because they are immersed with people from different companies, ventures, and projects, thus eliminating direct competition or internal politics.
Working in a shared office space is an excellent solution for professionals who want to grow their personal and professional networks and meet like-minded people. Being in an environment with people of different backgrounds fosters productivity, creativity, and better networking opportunities.
Looking for an office space for rent in the Philippines? Visit our coworking rates and services to see what coworking office space can fit your company. M Spaces also offers business solutions such as business registration, corporate compliance, bookkeeping, and secretarial services, among others.
