Coworking spaces used to be only found in large metropolitan areas.  But today they are found in smaller, suburban communities as flexible work continues to become the norm.  The increasing migration of flexible office space and coworking locations to areas outside of major metropolitan cities is creating a 'flex economy' that could contribute more than $127 billion to U.S. local communities in the next decade, according to the first comprehensive socio-economic study of suburban workspaces from Regus.

The study revealed that:

• On average 161 new jobs can be created in U.S. locations that contain a flexible workspace.

• Opening a flexible workspace in the U.S. can account for up to $18.88 million going directly into the local economy per year.

Aside from the direct financial impact, coworking has been found to benefit workers and local regions in other ways. This includes:

• Reduced time spent commuting. Access to a local office space is expected to save up to 21,783 hours per year, of which 10,892 hours are assumed to be used for personal purposes.  Reduced commute times also reduce stress levels, which can increase staff morale and mental well-being.

• Stimulating businesses and services in the nearby local areas.  Local coworking spaces could generate over $28 million in Gross Value Added (GVA) each year in the U.S.

"When people commute into major cities their wallets commute with them. Working locally keeps that spending power closer to home," said Mark Dixon, CEO for Regus' parent company IWG. "What this study shows is that providing more opportunities for people to work closer to home can have a tremendous effect, not just on them, but on their local area too. Businesses also recognize the benefits and we are seeing increasing demand from companies of all sizes for flexible space in smaller cities and towns."

This rise in local working is being largely driven by big companies adopting flexible working policies; moving away from relying on a single, central HQ; and increasingly basing employees outside of the major metropolitan hubs in flex spaces. Most are doing so to improve employee well-being by allowing their people to work closer to home and to save money and boost productivity.

"This study reveals a shift in jobs and capital-growth moving outside of city centers, where it has been focused for the last few decades, into suburban locations," said Steve Lucas of Development Economics, and report author. "This can benefit businesses and people, from improving productivity and innovation, to reducing commuting time, which leads to improved health and well-being."

Source: regus.com