Coworking has grown rapidly in recent years, especially before COVID-19. Although it took a hit in 2020, the market significantly recovered in 2022, just as forecasted by marketing analysts. So, now that it’s 2023 and the lingering effects of the coronavirus are still impacting businesses, and companies continue to figure out what the new normal would be like in the business world, one thing is for sure- coworking is here to stay. And you need to be ready for what’s in store.
In this article, we’re digging into the reasons why coworking is becoming more prominent this year.
More companies implementing Hybrid working are considering coworking spaces
As a result of this pandemic pushing people to prioritize work-life balance and more and more companies putting more effort into meeting the desires of their employees, Hybrid working has been entrenched in most of the globe.
Combined with the challenge of keeping their businesses afloat due to financial constraints and other factors we can’t control, these companies have been considering and choosing to work in a coworking space rather than a traditional office. Hybrid working means fewer people in the office, and moving to a coworking space is a good opportunity to reduce overhead- including building rent, utilities, and other operational costs.
Coworking makes workers happier
The role of the environment plays a big part in influencing workers’ happiness. Nowadays, Companies always sought after workspaces that counter the sense of isolation brought by the pandemic, and most often, they find it in a coworking space. Coworking space suits these companies’ needs in terms of flexibility, network enrichment, open culture, social interactions, teamwork and knowledge sharing. When these needs are met, highly likely workers achieve enjoyment and satisfaction at work which makes coworking more popular among workspaces.
Coworking leads to High Productivity
According to a survey conducted by Zippia, an online recruitment service company, one of the best-selling points of Coworking is an enjoyable atmosphere. When there is enjoyment in the workplace, it greatly improves their ability to concentrate. Concentration and productivity also improve with the help of fully functional and reliable Wifi, workstations, ergonomic furniture, and appropriate lighting that you can all find in a coworking space.
Companies sees an opportunity to redesign their office and make room for a coworking space
According to Ones Software, an all-in-one smart office software company, and Statistica, an advanced data analysis software, by the end of 2024, there will be 41,975 coworking spaces globally. In addition, the number of people working in a coworking space is believed to skyrocket from 1.8 Million in 2017, reaching five million around the globe. Most of these individuals working in a coworking space are freelancers and work in the IT, Advertising, and Marketing industries. And as more individuals from these backgrounds grow, more companies take advantage of the opportunity and build their own coworking space, turn their existing office into a coworking area or redesign a portion of their offices and transform it into a coworking space. Even gyms and coffee shops have started to adopt the coworking model, and there is no doubt not long from now, other establishments will look into coworking and might jump on the trend.
The workplace is ever-changing, and while the outlook for coworking is positive and has its definite upsides, nothing is certain, especially in this pandemic. Keeping up and adapting to the changing industry trends and business behaviors can help you stay ahead of the game. Are you ready to join the Coworking Era? Join our community and contact us at connect@acceler8.ph; we’d be happy to share more insights and show you around our coworking spaces!