Coworking space as a third-fourth place: changing models of a hybrid space in corporate real estate

Purpose This paper aims to review the concept and characteristics of coworking space, especially physical and operational characteristics and its objectives. The authors propose three models of coworking spaces, such as revenue, synergistic and customer contact, which organizations can use as a part of their corporate real estate strategies to build workplace flexibility and resiliency. This paper also addresses research gaps and a research agenda for future research. Methodology This paper is a literature review of academic research focusing on coworking spaces. Because of the relatively limited existing academic literature on the topic, industry sources and white papers are also reviewed. Findings The authors categorized common threads of the existing literature on coworking spaces to emergence and growth trends, the types of users, the type of work to be completed in these spaces, characteristics of coworking spaces and the desired outcomes of coworking space models. Coworking spaces are expected to grow worldwide because of the increase in knowledge-based economy, the “digital nomad” lifestyle and mobile technologies, however, there is limited research on the relationship between spatial and operational characteristics of coworking spaces and users’ collaboration, social well-being and creativity. No research identified fully articulated the nuanced differences between the types of coworking spaces now found in the real estate ecosystem. Research limitations There is limited academic, empirical research focusing on coworking spaces. Thus, the search for literature itself is limited to a small number of papers. Although the authors extended the search to non-academic sources, the conclusion of this study is tentative because of the prematurity of the topic. Originality/value This paper urges the identification of research questions, considering the fast growth of coworking spaces and suggests future research directions based on newly proposed models. Industry practitioners, including building owners, managers, coworking space providers and corporate real estate practitioners, can consider using variations of coworking space concepts and characteristics, as they understand the importance of social needs and connectivity among users. By addressing the history of the coworking space as a concept and business model, and updating the types of models to include new coworking spaces, the authors provide further options to industry practitioners as to how to integrate coworking into their real estate.