Dress code should not be made compulsory in any co-work space, the individuals should have the freedom to wear anything they are comfortable but it should not disturb the work of the community.
Appearance is important and everybody knows, forcing to wear a specific dress makes people uncomfortable and negatively impacts even their work.
Adopt to the changing culture
There was a time everyone following strict rules mainly dress code wearing tie and blazer, but after Globalization culture from all around the world mixed up and companies started accepting the new culture and trends. For example, Mark Zuckerberg enters the office with casual clothes like t-shirt and hoodies for meeting.
Set a limit
Everything has the limit even clothes too, even though you give the freedom to wear anything it should look decent. One cannot enter wearing shorts or skirts to the office right? So mention properly in the agreement so that you will not have any conflicts in the future.
Ambiance inspire Clothes
The environment inspires people to wear a certain type of clothes so make sure the ambiance is good and professional, then nobody needed to tell wear this or that, people by themselves try to adjust to the environment.
At last we would say its left to the companies who opt for co-working space and their employees. But you need to take care of community by following certain rules and regulations.