Rapid innovation within the tech ecosystem is reinventing work culture, and it is fitting to see so many companies placing their development centres in the future-forward setting of coworking in the UK, and around the world.

2017 marked the growing apparency of innovation and R&D departments from large companies relocating away from headquarters and working creatively in vibrant startup atmospheres. With large organisations such as Siemens and Booking.com leading the way, a domino effect this year should be expected. Here are five reasons why:

A new way of networking

New opportunities to cooperate, collaborate and share can be found within coworking communities. Teams can form domain hubs and work at close distance to companies from their field in a collective effort to pioneer future technologies. They are also exposed to new avenues that can lead to prosperous outcomes, from breakthrough innovation to breakaway businesses.

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Invited to member-only networking meetups, parties, lectures and niche activities within the space, enterprises can power up their network via exposure to fellow industry leaders, and they can provide their teams with opportunities to learn, upskill, and reach new heights.

Increased creativity

Coworking hubs that invest in designing uber-creative interiors with bespoke furnishings and highly-curated art collections stimulate imagination and innovation among teams. As well as private offices – an inspiring physical setup welcomes comfortable lounges, telephone booths, secluded hideouts, bar tops and more.

Flexibility

Innately dynamic innovation and R&D teams benefit from coworking spaces that offer flexible membership options. Traditional office rental requires the signing of restrictive contracts, usually for a year.

Coworking spaces typically operate monthly contracts, and enterprises can secure an area, or a number of desks on a month-to-month basis. They can scale or resize as they need and prevent unnecessary and disruptive location changes.

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In addition to this, coworking spaces that allow for flexible working styles with 24/7 access give employees the opportunity to work whenever and wherever they choose to maximise productivity. Members can choose whether they need a large meeting room to collaborate with the wider team or private individual space in order to be heads down on a task.

Cost-effectiveness and peace of mind

Enterprises can save up to 40 per cent of the costs involved in renting traditional office space at leading coworking spaces. It allows them to treat their workplace as a service, rather than a long-term real estate liability.

The simple termination clauses at coworking agreements allow companies to cut down on office expenses or avoid it altogether. In addition to this, leasing offices can also come with the additional headache of maintenance, management and overhead costs. Select coworking spaces, remove the responsibility from the businesses and employees – the provider ensures that the space is kept in tip top shape.

The cool factor

Stand out companies focus on the retention of their highly-skilled team members as much as they do on the recruitment of top millennial talent. Getting the brightest of the bright through their doors can a serious feat, but coworking spaces that are equipped with great facilities, awe-inspiring design and exclusive member perks give companies a major ‘cool factor’ – as far as prospective job applicants are concerned.

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Millennials look for more than a desk job – they expect a work lifestyle fit with an entertaining culture and inspiring opportunities. At some coworking spaces, companies gain access to added benefits, such as curated in-house event programmes, team building workshops, reduced gym memberships, discounts at local restaurants and massages. Investment in employee motivation and morale is likely to set companies apart in the competitive and extraordinarily fast-paced tech landscape.

2018 is set to be an exciting year for tech, and it will be no surprise if we see large numbers of innovation and R&D arms setting up shop in coworking spaces, welcoming increased creativity and productivity into their work life.

Sourced by Oded Israeli, VP Marketing at Mindspace