When we take a look at the modern office environment we start to see that coworking is a trend that is here to stay. Co-working was beginning to take off before the pandemic and since Covid 19 has swept in, there are many people that are seeing it as a preferable workspace solution. Throughout the earliest days of coworking, many people saw that it could be a trend that would be favorable for the modern working world and since then we’ve seen that the industry of work has changed dramatically and more people are choosing these types of office spaces. As the demand for these co-working spaces continues to rise in the industry, the nature of co-working has changed as well. Many people are using co-working today for more than just their base of operations as freelancers, these are flexible workspaces for many corporations today too.
Co-working has gone from a small trend into the mainstream today and many people are seeing co-working as an expected work environment to carry out meetings and to meet people who are working in professional settings. More companies are shifting their permanent operations to these spaces and they’re creating some hybrid models for working and incorporating flexible workspace solutions. This is increased adoption of co-working spaces and it’s expected that there’s going to be a continued change in models as we incorporate flexible workspace solutions into strategies for modern business. There’s not just this increased adoption from a corporate perspective but also more people that are turning towards co-working spaces as their preferred option for working. There’s a greater interest in these spaces from developers, investors, landlords, and more.
The pandemic solidified this type of work and created a very bright future for co-working spaces. Research has shown that co-working as an industry came alive following the pandemic and many people started visiting suburban co-working spaces to adopt remote work and to access the office space that they needed without having to worry about running into issues with space over time.
There’s a growth potential for the co-working market even after the pandemic. Research shows that there is an increased demand for flexible workspace and shorter terms for office leases. Flexible workspace and growth in these workspaces is estimated to expand by 21% or more in 2021.
The footprint of co-working spaces has nearly doubled since the year 2017 and people are continually valuing the improvements to lease flexibility and flexible workspace agreements. Landlords are continuing to allocate 10 to 25% of their assets towards flexible leases for the future and this will lead to more co-working spaces opening up for many people seeking them.
Around 71% of workers had been into a co-working space prior to the pandemic and many plans on returning to these spaces for full-time work. 54% of remote workers who didn’t use coworking before are now considering the option of joining into these spaces after the pandemic.
As we continue to see more people turning towards co-working and using it as an option for their own work we’re going to see it becoming more of the new normal. As people continue to move towards a co-working facility for their main location, we will see the availability of these spaces opening up and more quality support for businesses that want to start into coworking agreements. If you are interested in learning more about co-working or signing your own unique coworking agreement, contact us today to learn more about the process and how we can assist you with getting started in co-working today.