Coworking Industry Outlook For 2021

What’s going to happen to coworking spaces in 2021?

Several business sectors struggled in 2020 due to the pandemic, including flexible workspaces. But according to an article by Julie Tucker of Headspace, market analysts have said that coworking is on it’s way to significant growth. While the pandemic led to a steep slide in the occupancy of coworking spaces, there is still a light at the end of the tunnel as coworking spaces bring a workspace solution for those shifting between remote and office work.

Julie also mentions that market analysts foresee the number of coworking spaces worldwide will reach around 20,000 this year. They also predict an estimate of five million people will be working in coworking spaces by 2024, which is a 158% increase from what we have today. Not only is this based on the experienced growth, but also the increasing number of businesses that use flexible workspaces.

Impact of COVID-19 on coworking

As mentioned, the start of the lockdown brought about extreme challenges for coworking spaces as offices were asked to close down to prevent the spread of COVID-19. Because of the uncertainty, most flexible offices were lost since the lockdown disrupted their operations and profit drastically decreased as tenants discontinued their plans.

Though it was a rough start, the trends and innovation of these coworking spaces opened up an opportunity for recovery right away. As soon as businesses began to reopen, the demand for office spaces started to increase. With the circumstances of the pandemic, flexible workspaces is an ideal solution for the always evolving office requirements.

Trends in the Coworking Industry for 2021

Flexible workspace

The pandemic has brought to our attention the importance of having a flexible workspace. Flexible workspaces demand will increase given the low risk level and flexibility of the workspace. Both startups and corporations are beginning to recognize the benefits that these types of spaces have to offer. Given the shorter commitment, these offices are seen as a way to decentralize their offices while keeping their options open in the future.

Health and wellness

In an article by Kelly Konya, she mentions that a top priority for coworking spaces in 2021 would be to make their space a productive and safe environment. These offices want to show how they prioritize the health and wellness of the coworkers – and this could be a long-term change because of all the benefits. This would lead to redesigning the entire space if needed. Many coworking spaces will now have open air areas and office desks will be more spread apart to accommodate proper social distancing.

Expand the target audience

Helga Moreno of andcards stated that coworking spaces will now widen their target audience. Other than your usual freelancers, start ups, and entrepreneurs, the new normal opens the door for flexible workspaces to work with large companies that want to save on money while receiving the benefits that coworking spaces have to offer. These large companies could want to downscale and have several offices in various locations instead, to avoid crowding in one office. This opens up the market to coworking spaces as providers of private offices and coworking seats, which would be safer and more cost effective.

What are the benefits of coworking?

There are several advantages in having a flexible workspace. Working in a flexible workspace is  cost efficient, flexible, and increases your network. Even prior to the lockdown, the flexible workspace industry saw a drastic increase in demand because of its benefits.

Having an office in different locations

As remote work has become the biggest trend, people now have the freedom to work while travelling. If a coworking space has multiple locations, whether locally or internationally, this could be appealing to those that are mostly on-the-go or digital nomads. Being able to access a proper workspace while travelling could just be the deciding factor for these professional nomads.

Flexible terms with stress-free transitions

Businesses benefit from working in a coworking space because they offer flexible and easy terms for opting in or out. These coworking spaces provide fast internet, cleaning, and security services. Coworking spaces with private offices are also furnished with necessities such as desks and chairs which makes moving in and out much easier. Some spaces even offer complimentary refreshments such as coffee and tea!

Be a part of an innovative community

Another huge benefit from working in a coworking space is to be part of a community. This could be an escape from isolation to be in a professional setting with fellow colleagues. Having people around allows coworkers to brainstorm and collaborate while also building a relationship at the same time. Being able to share ideas and receive feedback feeds creativity and innovation as you get to see the perspectives of people outside your company.

If you are looking for a safe, flexible, and productive office space, Acceler8 could be the place for you! Send us an email at connect@acceler8.com or visit our Facebook page here to learn more about our flexible workspace.

Resource: https://www.goodworks.in/forecast-2021-coworking-and-managed-offices/

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