Twenty years ago co-working was seen as the last resort for property landlords who had space left in their offices. Today, the concept of working from virtually anywhere is the new reality. Freelancers are growing in number, digital nomads are trending, and experts predict the number of co-working members will increase by 24.2% per annum to reach a staggering 5.1 million by 2021. Fuelled by technological advances and innovation, co-working is driving the change on how and where people work across the globe.

Here are four reasons why coworking spaces promise to take the contemporary model of conducting business to a whole new level.

Connect, Create, Collaborate

No matter what your profession, co-working helps promote the most critical aspects of human life – interaction and growth! Co-working spaces create dynamic workplace environments, promoting creativity, inspiration and collaboration between members. They allow employees to feel like they’re part of a community, and research shows this sense of belonging has a massive impact on employee performance and retention, with happy employees experiencing a 12% spike in productivity.

Flexibility is Key

New requirements? No problem. Unlike traditional office spaces co-working spaces are built for change, allowing you flex your headcount and floor space up or down as required. It’s easy, it’s convenient and most importantly it works well for the budget.

They’re Cooler, More Efficient & Cheaper Than Your Regular Office

Big or small, organizations no longer have to compete for, or even be able to afford, “the best space in the city”. For a fraction of the price of a regular office co-working spaces are centrally located, aesthetically appealing and packed with amenities, helping entrepreneurs access the essentials such as high-speed internet, business class printers, furnished workstations and conference rooms. Not only does this significantly cut down on costs, but also it means that luxuries that were previously only entertained by the large co-operations become available to all – suddenly, it’s a much more level playing field.

Technology is Disrupting Traditional Offices

Advances in technology have caused tectonic shifts in the way entrepreneurs operate and do business. The majority of communication is virtual, recruitment happens via LinkedIn and files are stored in the Cloud. You can now work with companies from New York to Shanghai without ever leaving the comfort of your desk in London. Cloud technologies have allowed employees to be as present as those physically in the office – and the ability to work remotely and on the go is now more important than ever. Co-working facilitates this trend, allowing entrepreneurs to make any city their office, with minimal effort and for maximum productivity.

The WorkLab Gibraltar

The WorkLab, situated in the heart of Gibraltar’s business district, showcases an emerging paradigm for coworking spaces. The beautifully designed facility coupled with its curated range of services offers entrepreneurs a relaxed yet professional work setting. There are individual workspaces with an equal emphasis on communal spaces like chill-out zones, an outdoor terrace and a bespoke kitchen offering unlimited complimentary tea and coffee. The facility also provides state of the art conference rooms, high-speed WiFi, 24 hour access, front desk service and administrative services such as mail handling, travel and reservation booking and document certification.

The best part of such coworking spaces is that it allows everyone the opportunity to become part of a community, while still meeting their professional commitments. Coworking is the best kind of test drive. There’s absolutely no risk on the table and the benefits… potentially limitless.