DECISION ANALYSIS TO RENT OF CO-WORKING SPACE AND VIRTUAL OFFICE IN JABODETABEK AREAS

: Technology and the new normal make the working model more flexible. Co-working space is also present in line with these changes. Customer awareness is in good results but the fact is not in line with existing business practices. Several co-working spaces experienced decreased visits, unstable sales, and received losses. The purpose of this study is to analyze the factors that influence the decision to rent from the variables mediating perceived benefits and costs with the influencing variables being customer motivation, reliability, reputation, and convenience. The sample collected was 259 respondents who were consumers who had rented a co-working space located in Jabodetabek which was the scope of the study as well. In a multivariate analysis with SEM-PLS, the research results of the decision to rent were significantly more influenced by perceived benefits than costs. The biggest benefit is influenced by customer motivation and the cost is influenced by reliability. The new results of this study show that the reputation variable is consistently not significant in rent decisions.


INTRODUCTION
With the growth of startups, the characteristics of the millennial who likes to work in a dynamic and comfortable working environment, and also there are the shifting trend by many companies to move to co-working spaces, this industry is projected to grow and has great potential.Co-working spaces ideally should be able to become more than just a provider of workspace, namely as a one-stop solution platform for startups and other users to grow and succeed (Szydłowska and Czupich, 2022).A survey conducted in 2018 by DailySosial and JakPat, stated that the level of awareness and knowledge of consumers in this business also tends to be good and the survey stated that on average above 65% knew the concept and were willing to use a shared workspace.
Researching globally, the growth of the co-working space business continues to increase both in terms of demand and supply.In 2018 and 2019 there was actual growth on both sides, which averaged 8% and then post-pandemic until 2024 it is projected that demand for these services will increase by 21% and for service providers by 18% (Risio, 2020).Large co-working space and office service providers such as WeWork and the competitor IWG based in Swiss are in a similar situation which still losing money (Zandt, 2022).Some of the issues of coworking spaces in Indonesia are the gradual decline in visitors every month (Oktaviani, 2018), unstable sales (Komala and Wijaksana, 2020), and business income that never reaches the target expected (Pratama and Suyanto, 2020).
Analyzing the last five years with the object of research on co-working spaces, it was found that 60% of international journals discuss important indicators when using co-working spaces are services that provide convenience (Theander, 2018;Benedikt, 2019, Oswald andZhao, 2020).In Nielsen and Aarhus' research (2022), reliability indicators by co-working providers in Germany can meet the needs of users and there are acts of sharing, exchanging, and buying/selling their skills and knowledge.Convenience and reliability in co-working services are strong influencing factors and are widely analyzed to achieve customer satisfaction.In general, consumers tend to trust brands that have a reputation and are known in the community (familiarity).Reputation, popularity, or familiarity strongly fluent consumer trust to create expectations of some perceived benefits (Dachyar and Banjarnaho, 2017).In a case study analyzing perceived benefits in co-working spaces, Ooi et al. (2020) stated that several "perceived" such as perceived reputation, perceived sustainability, and perceived economic and social benefits are intrinsic and extrinsic factors that motivate the decision to rent a co-working space.
Research of Tresna et al. (2021), states that knowledge and motivation are strong factors influencing interest and buying decisions.The relationship between customer motivation and perceived benefits has been stated in Lestarie's et al. research (2020) that consumer motivation, both rational and emotional, also influences a person's motivation to make purchases based on current needs.The correlation of reliability with consumption decisions or even customer loyalty is expressed by repeat orders.The conclusions of previous studies support the variables associated with this research.Amalia et al. (2020) states that there is an effect of reliability on customer satisfaction in the BUMDES business unit and Nur Samsir (2020) discusses the strong influence of reliability on users of photography services who are mediated because of indicators of perceived benefit.Then in Sianipar's research (2019), the perceived cost indicator can be seen from the compatibility between the sacrifices incurred by consumers and the value received after making a purchase.The value received after this purchase is the reliability of service or product quality.This means that the effect of rising and falling service quality (reliability) provided will affect the costs charged (perceived cost).Furthermore, the Reputation variable is considered as an image that is not only in the product or service, but overall Rahayu & Zanky (2018) in the research of Rachmawati et al. (2019).Perceptions and impressions that grow in the public's mind can indicate a success that brings perceptions of benefits and knowledge of the costs of the company's business activities.Reputation, which is an intangible asset, will help companies to develop and have characteristics that can positively influence consumer purchasing decisions (Nguyen et al. 2013).Reputation in building trust also requires development costs, this indicator influences purchasing decisions (Deborah, 2019) and increases consumer satisfaction (Resti, 2022).This reason underlies that the ideal theory is that the better the reputation of the product or organization that is owned, the greater the value of the benefits that will be obtained and the costs that will be charged.According to Sumarno et  The number of indicators is 29 indicators.The lower limit sample size is 29x5 = 145 and the upper limit is 29x10 = 290 (Hair et al. 2010).Before complying with the data, the questionnaire as the tool of measurement research, was first tested and the resulting validity test on 29 indicators was declared valid with an overall significance value above the r-table > 0.361.The reliability test shows that the questionnaire is reliable with a value of Cronbach's Alpha = 0.886 (> 0.70).
The research used quantitative methods consisting of descriptive analysis, crosstabulation, and multivariate analysis of the Structural Equation Model (SEM).
To answer this research, based on the formulation of the problem and the theory reviewed, there are ten hypotheses in this study (described in Figure 1): 1) H 1 : Customer Motivation has a significant effect on Perceived Benefit; 2) H 2 : Reputation has a significant effect on Perceived Benefit; 3) H 3 : Reputation has a significant effect on Perceived Cost; 4) H 4 : Reliability has a significant effect on Perceived Benefit; 5) H 5 : Reliability has a significant effect on Perceived Cost; 6) H 6 : Convenience has a significant effect on Perceived Benefit; 7) H 7 : Convenience has a significant effect on Perceived Cost; 8) H 8 : Perceived Cost has a significant effect on Perceived Benefit; 9) H 9 : Perceived Benefit has a significant effect on Decision to rent; 10) H 10 : Perceived Benefit has a significant effect on Decision to rent.

Respondent Demographic Characteristics
Following the requirements of the respondents in this research with a total of 259 respondents collected (Table 1).It was stated that the characteristics of respondents who rented co-working space were dominated by women at 56% with the most productive age tenants being in the age of 15-25 years at 47.5%, and in the second position at the age of 26-35 years at 37.5%.Furthermore, at the education level, the majority of tenants (52.9%) have a bachelor's degree with no (2016) in Florentina's research (2022), indicators for knowing convenience in service delivery are destination convenience, accessibility, transactions, benefits, and post-benefit convenience.These results are in line with Maulana's previous research (2016) which stated that convenience in the form of the ease of obtaining goods and services gives an effect value on the elements of the fees charged.The elements referred to are more to the facilities and materials needed to achieve easy access to these goods and services.Meanwhile, another type of service, Go-Pay services with a correspondent scope in Jakarta, has produced similar research, namely the use of Go-Pay is getting higher because the service provides benefits (Wibowo and Suryoko, 2018).Case studies on online shopping services with the scope at Lamongan University state that there is an influence between perceived benefits on purchasing decisions, so the higher the benefits, the higher the level of online purchasing decisions (Purnomo and Hidayat, 2021).
Based on the background and problems that occur, this research aims to be able to formulate strategies to increase sales and competitiveness by analyzing the influence of the decision to rent from two perceptions, from perceived benefit and perceived cost with latent variables that influence rental decisions, are customer motivation, reputation, reliability, and convenience.

METHODS
This research approach with a quantitative uses a survey method and a type of survey that is only conducted at a certain time or a cross-sectional survey.Sources of data used from primary data obtained from respondents' answers in the form of questionnaires distributed using a scan of the QR Code placed on each brand that is the scope of this research.The questionnaire consists of screening questions, respondent identity, research questions, and supporting questions related to material research.This study uses a Likert scale with a value of 1 (Strongly Disagree) to a value of 5 (Strongly Agree).Secondary data was obtained from journals, books, websites, and related articles that can support this research.
The respondents are consumers of co-working that are the scope of research, namely Go work, Rav office, and WU Hub located in Jakarta, Kode Creative located in Depok, STP IPB located in Bogor, GoWork which is also located in Tangerang and Econnection Space The results of this study show that the major purpose of respondents' rent is for work at 57.53% and online/ offline meetings at 56.76% with the partner of rent is with colleagues expressed by a result of 79.92%.Because the need is more for group/community activities, the favorite type is coworking space selected by 82.63% with the most selected facilities then the meeting & conference room at 54.05%.Furthermore, the reason for respondents in rent is largely influenced by the location factor in the city center rather than location as needed, location close to domicile or close to school/office which is stated of 47.10%.Although there are results that state the largest number of respondents with less than 3 visits 57.14%, more than 70% of the average respondents and also consumers of co-working spaces rent with a duration from 2 to 5 hours.married status (68.7%) and the highest employment status is private employees (35.9%) and students (32.4%).In the proportion of domicile, the largest location is in Jakarta and the largest tenant with income is in the range of < Rp 5,000,000, -per month.

Respondent's Rent Behaviour
Consumer behavior is used of co-working space as a sequence of activities, psychological responses, and actions influenced by intrinsic and extrinsic factors that can form perceptions before carrying out consumption activities in the form of renting.Respondent behavior in this study is classified into several aspects, the purpose, type, quantity of rent, facilities, location, reasons, and how long the respondent uses the co-working space.This research also explores information on respondents' partners when using the co-working space to find out the optimal potential number of consumers per rental visit as attached in Table 2.

Relationship between Demographic Characteristics of Respondents and Frequency of Renting Coworking Space
A crosstabulation analysis to see the relationship between the characteristics of demographic respondents and the decision to rent a co-working space.Based on the Chi-Square test, there were two demographic characteristics with a p-value of less than 0.05, work (0.007) and income per month (0.005).Although the sample is 259 respondents it does not represent the real population.However, it can be interpreted that due to the affordable price and the content of the services provided according to the needs of certain employment status The Effect Between Variables Based on the empirical study model that has been proposed in this study, next, is hypothesis testing through the path coefficient and t-count on the structural equation model.In line with the evaluation of the inner model, the ten hypotheses built resulted in three hypotheses, H 2 , H 3 , and H 6 which were rejected because they had no significant effect based on the evaluation of the T-Hit value and p-values.Meanwhile, the other hypotheses, H 1 , H 4 , H 5 , H 7 , H 8 , H 9 , and H 10 , are stated to have a positive influence and the hypothesis is accepted.The results of H 2 and H 3 with hypotheses on the same variable, namely reputation (RP), are stated to be rejected hypotheses, so it can be interpreted that the reputation variable (RP) consistently does not have a direct effect on consumer perceptions when deciding to rent a co-working space.Furthermore, based on the significant path coefficient and hypothesis testing, it is stated that the variables that are already at the mature stage are Customer Motivation (0.36) and Reliability (0.34) (Figure 2 and Table 3).
Furthermore, in addition to the direct effects as described, this study also has fourteen indirect effects.
In the evaluation of indirect variables, it is stated that perceived benefits and costs present a full role as mediating variables.Fourteen indirect variables resulted in five insignificant results (Table 4).
Consistent results from direct and indirect evaluations are evident in the Reputation variable (RP), which states that this variable does not have a significant and large influence on rental decisions.Then the variables of customer motivation (CM) and reliability (RE) with the mediation of perceived benefit (PB) and cost (PC) affect the decision to rent (DR).
and income, these characteristics affect the frequency of renting more or less than other demographics such as gender, age, education, and marital status.

Relationship between Variables
To show that the variables x and y are correlated, it is necessary to conduct further analysis with a more capable and in this case using the SEM analysis of the Smart-PLS application.SEM-PLS analysis in this study has three stages of analysis, measurement model, structural model, and testing on the overall model.
Evaluating the results of testing the measurement model (Outer Model), all variables in this study show Cronbach's alpha and composite reliability values > 0.6, meaning that latent variables can explain on average more than half of their indicators.

Implications Managerial
Referring to the results of the research and discussion, several things need to be considered by the coworking space business people to increase sales volume.Based on the results with the mediating variable perceived benefits, the customer motivation variable (CM) greatly influences the decision to rent (DR) so in this case it is necessary to do the market segmentation to help differentiate the brand of the co-working space according to the consumer target.To clarify the differences between each brand and other competitors, it can use a positioning map as a competitive planning strategy that can provide information on whether it is necessary to develop or change the existing position of each brand.In increasing the index of benefits and satisfaction (Lovelock and Wirtz 2012) a pricing strategy based on three foundations (tripod analysis pricing) is needed, analysis-based cost, based value, and non-monetary (such as the cost of time, physical (energy and customer comfort and psychological (risk of using services)), and then for sure by implementing revenue management and how it works well.
After some things are implemented, the stage that needs attention is on extra but inherent services for consumers such as prayer rooms, and toilets located within the access of co-working spaces.Next, is to implement profitable service strategies such as promoting services and educating customers with marketing communications planning or even integrating marketing communications.

Conclusions
The conclusions of this research show that co-working spaces are widely used by private employees & students, with the largest rent for work or offline/online meetings.Location is the main reason consumers decide to rent and work status and income per month contribute to the frequency consumers rent the co-working spaces.The hypothesis built-in shows that the strongest factor influencing the decision to rent is perceived benefits compared to perceived costs.Perceived benefits are greatly contributed by consumer motivation for the need for work and study space and the Reliability variable for consistency and accuracy of service, then the convenience variable is quite influential even though the points are not too large compared to the two indicators mentioned.
New results and facts in this research show that reputation provides consistent results the hypothesis is rejected (H 2 and H 3 ) and does not significantly affect perceived costs and benefits to the decision to rent.This is because the co-working space business has only been operating since 2010, in Indonesia this business is still in a new and developing stage.Co-working space businesses are currently more focused on remodeling a more contemporary office design as a tool and differentiating the content of their services from the branding process.This industry still has a long way to go, the focus on branding or reputation is expected to clarify and develop according to the growth of the business.

Recommendations
Referring to national and international journals that discuss more per case study or effectiveness of the co-working space business.Updated in this research are analyzing the consumer needs when building the perceptions in the scope of research on co-working space brands located in Jabodetabek.Limitations on the scope and recommendations for future research can cover a wider area such as the Java Island area or even Indonesia.In addition, this research only analyzes consumer perceptions when deciding to rent a coworking space, in the next research it can analyze the level of satisfaction and the reasons for consumers to make subsequent rentals.Furthermore, the method in this study uses SEM analysis with the Smart-PLS

Figure 1 .
Figure 1.Research framework Evaluation in the convergent validity, the output of outer loading each of indicator and AVE (Average variance extracted) states that the perceived cost, reliability, and reputation indicators show the results of the AVE value > 0.50 and other indicators meet the AVE requirement of 0.50.In the evaluation of structural model testing (Inner Model) with bootstrapping, three hypotheses have a t-value of less than 1.96 so they are declared not significant in the model fit test, H 2 , H 3 , and H 6 .After evaluating the outer and inner models, the next evaluation is the overall model (Goodness of fit).Following the opinion ofHaryono (2016), the SRMR (Standardized Root Mean Square Residual) value with results of 0.08 states that the overall research model results are a good fit (SRMR ≤ 0.08 = good fit).

Figure 2 .
Figure 2. Path coefficient of variable exogenous to endogenous latent

Table 1 .
Demographics of respondents

Table 3 .
Direct affect between variables

Table 4 .
Indirect effect between variables