Everything You Need To Know About Coworking Spaces

Coworking spaces are shared work environments where people from different backgrounds, professions, and industries can work together, network, and collaborate. They are becoming increasingly popular worldwide, especially among freelancers, entrepreneurs, startups, and remote workers looking for flexible, affordable, and inspiring places to work.

In this article, The Sentry, a coworking space provider in Ho Chi Minh City, will help explore everything you need to know about coworking spaces, including what they are, how they started, how they differ from traditional offices, and what benefits they offer to their members.

Whether you are new to the coworking movement or already familiar with it, we hope this article will help you understand the concept and value of coworking spaces better.

Understanding Coworking Spaces

What Is Coworking Space?

A coworking space is a shared space and work environment where you can rent a desk, a private office, or a meeting room for as long as you need. You don’t have to work for a specific company or industry to join a coworking space. You can work with people from different companies, fields and backgrounds with different skills and interests. A coworking or shared space gives you access to everything you need to work comfortably and efficiently, such as fast internet, printers, scanners, coffee machines, kitchen facilities, and more.

The main idea behind coworking spaces is to build a community of people who can help each other grow professionally and personally. You can share your ideas, knowledge, skills, and resources with fellow members, receiving valuable feedback, support, and advice in return. Additionally, you can participate in events, workshops, seminars, and social activities organized by many coworking spaces to facilitate networking, learning, and collaboration. A coworking space also offers you a stimulating and creative working environment that can improve your productivity, creativity, and innovation.

Key Features of Coworking Spaces

Coworking spaces are characterized by their unique features and benefits, which include:

• Flexibility: Coworking spaces allow you to choose when, where, and how you want to work without being tied to long-term leases, fixed contracts, or hefty deposits. You can rent a desk, a private office, or a meeting room on a daily, weekly, monthly, or yearly basis, depending on your needs and budget. You can also switch between different locations, workspaces, and amenities, depending on your preferences and goals.
• Diversity: Coworking spaces are home to a diverse and dynamic community of professionals from different backgrounds, professions, and industries who can share ideas, knowledge, skills, and resources and support each other in their professional and personal growth. You can work with people from different fields and backgrounds who have different skills and interests. You can also join events, workshops, seminars, and social activities that coworking spaces organize to help you network, learn, and collaborate with others.
• Amenities: You can access everything you need to work comfortably and efficiently, such as the internet, printers, scanners, coffee machines, kitchen facilities, and more. You can also enjoy additional services and perks, such as mail handling, reception, security, cleaning, parking, bike storage, lockers, showers, and gym access, depending on the coworking space. Some coworking spaces even have unique and quirky features, such as nap pods, massage chairs, arcade games, and yoga studios.

These features are designed to cater to the varying needs of freelancers, entrepreneurs, remote workers, and small teams.

Coworking Spaces vs. Traditional Office Spaces

Coworking spaces and traditional office spaces are different in many ways, from their design and culture to their facilities and benefits. Here are some of the main differences between them:

As you can see, coworking spaces and traditional office spaces have many differences that can affect your work experience, performance, and satisfaction. Depending on your needs, preferences, and goals, you may find one more suitable and beneficial than the other.

The Benefits of Coworking Spaces

Advantages for Individuals and Small Businesses

For individuals and small businesses, coworking spaces offer:

• Flexibility and cost savings: You can choose your membership plan, location, workspace, and amenities and save on office setup and maintenance costs.
• Networking opportunities and community building: You can work with a diverse and dynamic community of professionals and join events, workshops, seminars, and social activities to network, learn, and collaborate.
• Access to office facilities and meeting rooms: You can work in different workspaces, such as open-plan areas, private offices, meeting rooms, lounge areas, event spaces, and outdoor areas, and book meeting rooms, conference rooms, or event spaces that are equipped with the latest technology and equipment.

These comprehensive benefits make coworking spaces an attractive option for individuals and small businesses looking for flexibility, networking, and a supportive work environment.

Benefits for Large Companies

For large companies, most coworking spaces will offer:

• Scalability and access to diverse talent pools: You can expand or reduce your teams and operations without relocating or renovating your offices and tap into the diverse and talented pool of professionals who work in coworking spaces.
• Fostering innovation through diverse environments: You can expose your company to different cultures, industries, and trends and stimulate your creativity and curiosity. You can also encourage collaboration, experimentation, and feedback among your members and learn from other successful businesses.

These features of coworking spaces provide large and small companies with unique opportunities for growth, innovation, and flexibility, making them a valuable resource for expanding business horizons.

The Coworking Experience

Daily Life in a Coworking Space

At a coworking space, you can work on your own projects, team up with other professionals, or join fun and educational events and activities.

Equipped with high-speed internet, printing and scanning facilities, coffee machines, and fully stocked kitchens, you’ll find everything you need for a comfortable and efficient work environment. Additionally, depending on the coworking space, you can benefit from extra services like mail handling, reception, security, cleaning, parking, bike storage, lockers, showers, and gym access.

A coworking space typically offers a range of shared workspaces to suit different purposes and preferences. These include:

• Hot Desks: First-come, first-served desks in an open-plan area, suitable for freelancers and remote workers seeking flexibility.
• Dedicated Desks: Reserved desks for individual use, where belongings can be left, ideal for those needing a consistent workspace.
• Private Offices: Furnished, lockable offices for individuals or teams, offering privacy and access to shared amenities, perfect for startups and small businesses.
• Meeting Rooms: Well-equipped rooms with technology for meetings and presentations, bookable for client or team meetings.

However, a coworking space is not just a place to work; it’s also a community of people who can help you grow. They often hold social events and activities where you can connect, learn, and have fun with other members of the coworking space. They also help you to discover new opportunities and markets, find potential clients, partners, mentors, or collaborators, and access new skills, perspectives, and insights.

The Coworking Community

One of the main benefits of coworking is the chance to work with and learn from other professionals from different fields and backgrounds. Coworking helps you to work with and learn from others by:

• Giving you a diverse and dynamic community of professionals who can share ideas, knowledge, skills, and resources and support each other.
• Creating a stimulating and creative environment that can improve your productivity, creativity, and innovation.
• Offering a flexible and adaptable workspace that can match your preferences and goals.
• Hosting a range of events, workshops, seminars, and social activities that can help you network, learn, and collaborate with others.
• Building a culture of openness, trust, and mutual support, where you can share your experiences, challenges, and opportunities and learn from each other.

Choosing the Right Coworking Space

Factors to Consider

If you are looking for a coworking space, you should consider these factors before deciding on your first coworking space:

• Location: The location of the coworking space is crucial. It should be easily accessible and ideally situated in a neighborhood that aligns with your business image. Consider proximity to public transportation, parking availability, and the overall safety and appeal of the area.
• Cost: Compare the prices of different coworking spaces and see what they include. Make sure you get good value for your money and avoid any hidden fees or extra charges.
• Amenities and Facilities: Look for a place that has everything you need to work well, such as fast internet, printing and copying services, meeting rooms, and kitchen facilities. Also, places with extra perks, such as on-site cafes, relaxation areas, or fitness centers, can make your work more enjoyable.
• Community and Networking Opportunities: One of the primary benefits of coworking spaces is the community aspect. Look for a space that hosts networking events, workshops, and social gatherings. The presence of a diverse group of professionals can provide significant networking opportunities and potential collaborations.
• Flexibility and Scalability: If your business is likely to grow, consider a coworking space that offers scaling flexibility. This includes the availability of larger office spaces, flexible membership plans, and the ease of changing your agreement terms.
• Security and Privacy: Ensure that the coworking space has adequate security measures, including secure Wi-Fi, data protection protocols, and physical security features. Privacy for confidential discussions or work is also essential.
• Atmosphere and Culture: The general vibe of the space can significantly impact your work experience. Visit the space to get a sense of the atmosphere and whether it aligns with your work style and company culture.

Considering these factors will help you choose a coworking space that not only meets your professional needs but also enhances your overall work experience.

Tips for Finding the Best Coworking Space

If you want to find the best coworking space for you, here are some quick tips:

• Do your research: Start by exploring coworking spaces in your area online. Compare what each space offers and note their unique features.
• Visit the space: You should visit the coworking space in person to see if it matches your expectations and needs. Ask for a guided tour to check out their work environments, facilities, and amenities firsthand to see if they align with your needs.
• Try it out: Before you commit to a long-term arrangement, try the space out. Request a free trial or a day pass to experience working there and gauge your comfort level.
• Ask for feedback: Talk to current or past users of the coworking space. Their insights can be invaluable in understanding the real-life pros and cons of the space.
• Trust Your Instincts: Finally, trust your gut feeling. If a space feels right and meets your criteria, it’s likely a good choice.

Coworking in Vietnam – The Rising Trend

Overview of Coworking Spaces in Vietnam

The coworking space scene in Vietnam, particularly in major cities like Ho Chi Minh and Hanoi, has seen a remarkable surge recently. A CBRE Vietnam report highlights this growth, showing a 62% increase in all types of coworking spaces in Ho Chi Minh and a 44% rise in Hanoi in 2022. This boom is fueled by several factors: the burgeoning digital economy, the rise of startups, growing foreign investment, and the evolving work preferences of a young, dynamic workforce.

What’s intriguing about Vietnam’s coworking spaces is their unique blend of local culture and contemporary needs. The influence of Vietnamese architecture, art, and design is also evident, with spaces often featuring elements like bamboo, lanterns, and traditional paintings. To better cater to local preferences, these coworking spaces often offer amenities such as Vietnamese coffee, tea, and local snacks and meals, cultivating a unique environment that connects with the local community.

The Sentry – A Prime Example of Coworking in Vietnam

The Sentry stands out as a premier coworking and flexible office space provider in Vietnam. Known for its high-quality, inspiring work environments, The Sentry caters to the dynamic needs of businesses in today’s ever-evolving market. More than just a space provider, The Sentry is committed to cultivating a vibrant community of creative minds and tech entrepreneurs. It plays a pivotal role in drawing in the young, talented professionals from Vietnam’s workforce, nurturing a hub of innovation and collaboration.

One of the flagship locations of The Sentry is The Sentry Z, a coworking office space in District 1, Ho Chi Minh City. The Sentry Z is not only an office building for rent but a coworking environment and also a green art piece inspired by nature and local culture. The building is the first coworking space in Vietnam to receive Lotus Gold accreditation, certified by Vietnam Green Building Council, for using over 1.4 tons of recycled materials for fit-outs and structure.

The Sentry Z offers a range of features and services for its members, such as:

• Spacious and modern workspaces, such as dedicated desks, private offices, and meeting rooms, are equipped with ergonomic furniture, natural light, and soundproofing.
• State-of-the-art technologies and facilities, such as high-speed internet, printing and photocopying services, projectors, screens, speakers, microphones, and video conferencing tools.
• A diverse and dynamic community of professionals from different backgrounds, professions, and industries who can share ideas, knowledge, skills, and resources and support each other.
• A range of events, workshops, seminars, and social activities to foster networking, learning, and collaboration among members.

Conclusion

Coworking spaces offer much more than just a workspace; they’re vibrant communities that foster growth and collaboration. They represent a new era of work, providing greater flexibility, cost-effectiveness, and a constant source of inspiration compared to traditional office environments.

These coworking spaces worldwide are hotbeds for innovation and creativity, thanks to the diverse mix of people, cultures, industries, and trends they bring together in collaborative workspace. This melting pot of ideas encourages curiosity and experimentation, making coworking spaces not just a place to work but a place to thrive and evolve.

If you are interested in coworking spaces, we encourage you to explore them and see for yourself how they can benefit you and your business.