Sustainability has now become the forefront for investors, governments, and built environment stakeholders worldwide, with all parties looking towards creating a better future for generations to come. This push born from issues affecting the environment and the people in today’s society means it is no surprise that ESG (Environmental, Social, and Governance) is increasingly gaining more attention. With the growing demand and awareness for eco-friendly business practices, products, and services, ESG is now a key decision element for investors, companies, and employees across many industries.
Improvements in real estate
One such area where virtually all organisations can make significant sustainability improvements is in their real estate. As hybrid working is set to become the future of work, the reality is that it is simply untenable for a sustainable hybrid workplace model to be applied to the traditional workplace in the long run, both environmentally and financially.
Thankfully, the paradigm shift to Space-as-a-Service in the real estate industry has opened up new office solutions for businesses, namely coworking office spaces for rent. Derived from the style of working it supports, coworking spaces are primarily viewed as the ‘bottom-up’ creation of workspaces by professionals looking to build collaborative networks and bring about a sense of community. Although these initially attracted independent workers and freelancers, coworking spaces are increasingly getting adopted by businesses ranging from startups to multinational corporations due to their attractive, flexible lease terms and emphasis on collaboration and innovation.
Value adding environmental and social-wise
However, there is another reason why many are incorporating coworking spaces into their working model. And that is the value they add to their ESG strategy, environmental and social-wise. When organisations use coworking spaces, they can skip the difficulties involved in transforming their existing office environments and immediately make use of plug-and-play offices optimised for the benefit of their people and the planet.
Regarding the environmental aspect, coworking spaces make a profound difference towards sustainability by sharing resources, promoting energy-efficient travel, and leveraging natural elements.
Coworking spaces and their inherently sharing-oriented foundation have the biggest potential to support environmental sustainability. At its core, they support sharing virtually everything, from space and supplies to various other office resources, thereby reducing basic wastefulness.
As a shared office, it is a workspace used by different organisations. Had coworking spaces never come to be, these businesses would be operating in their separate workplaces and increasing the usage of real estate. This is the main way coworking promotes more efficient usage of space by allowing multiple companies and individuals to work under the same roof.
Coworking spaces in residential areas
Next, commuting to independent offices can be quite a hassle for employees living in different corners of the city. Coworking spaces can potentially facilitate Singapore’s ongoing urban decentralisation efforts, with their locations being much closer to residential areas and having a vast network of branches, making them more easily accessible and requiring a shorter commute. This significantly cuts down on resultant carbon dioxide emissions and the organisation’s overall carbon footprint.
Inclusion of biophilic elements
Lastly, coworking spaces are generally made with biophilic design in mind, as many take advantage of natural lighting to save energy and in-house plants to boost air quality and promote the mental well-being of members. The open layouts common to these environments allow for better transmission of light which keeps the office bright throughout the day while only using minimal artificial light. They also make use of smart tech like intelligent light-emitting diodes (LED) lighting with low power consumption and extended lifetime to further reduce unnecessary lighting.
Coworking spaces and its social impact
On the social side of things, coworking spaces can help internally and externally by promoting the health and safety of employees as well as building and improving community relations, respectively. As mentioned prior, coworking spaces pay close attention to ensuring that their members can be at their best in an optimal environment. Besides the inclusion of greenery and natural elements proven to improve physical health, their availability to remote workers allows them to finally overcome the mental health issues plaguing the work-from-home model.
For community relations, coworking spaces can do more with their collaborative environment by hosting events such as a diversity day wherein minority-owned businesses in the immediate neighbourhood can come together and engage with the branch’s regular company members for networking, knowledge transfer, and more.
Another current trend with coworking spaces is transforming the fundamental nature of workspaces to accommodate more than just work. For instance, a coworking space can be uniquely designed to cater to working parents and their children. It can segregate its space into zones, such as the coworking zone, which is out of bounds for children and an intermediate zone, where parents can interact with their children and bond in a natural environment. Through innovations like these, coworking spaces can build strong communities where professional and personal relationships form and strengthen in tandem.
Conclusion
With the growing need to combat climate change and reduce its negative impact on the environment, an improved ESG strategy and disclosure that suits each organisation’s purpose allows them to respond to public expectations and quickly adapt to changes. Coworking spaces have a role to play in all this, and their rise beyond the central business district (CBD) may prove essential for a more sustainable future.
To get started with coworking spaces today, look no further than GreenHub Singapore! Our modern coworking office spaces for lease feature fully-furnished office supplies and amenities ready for use at any time and come with key green elements like natural lighting that help promote your employee’s productivity and well-being. Contact us today to arrange a tour and experience our offices in person.