Most Popular Coworking Synonyms

Coworking means using a single space by people working in unrelated businesses. They can be self-employed or work for different employers. The general idea behind coworking is to promote a sense of community, networking, and the sharing of ideas, knowledge, and equipment. The concept is growing in popularity and works admirably in many cases. It certainly has many advantages, the most obvious of which is probably splitting the cost of renting an office space. Freelancers, small companies, and emerging startups, in particular, can benefit from the arrangement.

While coworking definitely isn’t for everyone, it is becoming an established option that more businesses might consider in the near future.

Other terms are often used as synonyms for coworking, though each of them has a slightly different meaning. We’re going to list some of the most popular variants below.

Open office

As its name implies, an open office refers to a space where work stations are located next to one another without a barrier, as opposed to individual cubicles.

Usually, in coworking, people from unrelated businesses simply work side by side. An open office, on the other hand, is often shared by employees of the same company who work in a single space with no walls or divisions between them.

Research indicates that in an open office layout, communication is more effective. Employees are more likely to work as a team, and the company management tends to be more approachable. Open offices are flexible, cost-effective, and trendy – qualities that are contributing to their rise in popularity, despite some drawbacks such as lack of privacy.

Shared workspace

Usually, a shared workspace is more about physical shared space and less about the community. Nevertheless, it certainly helps when people who spend a large part of the day in the same space get along well.

Until recently, shared workspaces were most popular with freelancers, but the concept now often attracts more established, traditional businesses. Shared workspaces are also known as flexible offices, shared offices, flexible workspaces, and serviced office spaces.

Executive suite

Traditionally, an executive suite used to refer to a cluster of offices or rooms used by the top management of a company.

However, it can also be a set of individual offices that a larger company sublets to smaller businesses that don’t need much space.

The office space is normally fully furnished and often has shared amenities such as a conference room, video room, break room, and storage space, which are not usually included in traditional rented offices. If a business expands, it can rent another adjoining suite or move into a larger office.

Business center

A business center is a space in a hotel or in another property not usually devoted to business where guests can work during their stay.

Usually, it includes basic equipment such as desks, computers, a printer, and sometimes a copier and a fax machine as well. By its nature, this is a temporary arrangement usually restricted to the hotel industry.

Accelerator

‘Accelerator’ is a start-up term that includes a lot more than sharing the same space for work. Accelerator programs are a tool used by rapid-growth companies. Their goal is connecting startups with mentors, strategy advisors, resources, and funding.

The terms ‘incubator’ and ‘accelerator’ both usually involve startups working in the same space. However, incubator programs are focused more on startups in the initial stages, while accelerators are meant to bring startup companies to viable adulthood.

When several budding startups are concentrated in one space, each of them has better chances of attracting the attention of investors and finding new opportunities. These programs are usually highly intense and selective and often end in pitching the businesses to investors.

HQ as a service

Headquarters as a service is a relatively new model that involves leasing space from a building owner. The service company then fully equips the space for office work and leases it to businesses. It also provides cleaning, maintenance, and management, so that the business owner doesn’t have to worry about these things and can focus on their work.

The business or businesses rent the space for a flat monthly fee. Often, the businesses are able to sign short-term office leases for as little as three months.

Innovation lab

Innovation labs are strategic, goal-oriented units. Typically, they are focused on creating new products, services, technologies, or business models.

Innovation labs are usually opened by existing, established companies that want to create places to experiment with new business approaches. Some innovation labs operate completely separately from the parent company. Others are set up in full collaboration with the company and staffed with the company’s employees. Some innovation labs, such as WeWork labs, partner up with companies that would like to connect with startups.