How will coworking spaces change office work in the future?
The COVID-19 pandemic put a damper on the growth of coworking spaces, as 2020 and 2021 were quite a challenge for the industry. However, things are looking up, so the landscape is again rosy for the industry.
For instance, the market is on a bounce-back expecting to hit about $16 billion by the end of 2022. With a projected CAGR (compound annual growth rate) of 17%, the sector will reportedly hit $30 billion by 2026.
Here are some of the trends for the future of the coworking spaces industry:
New Opportunities for Coworking Spaces
The post-pandemic landscape is very different from before COVID-19 laid waste to the world’s economies. Once employees have experienced the benefits of remote work, they are unlikely to return to the typical office setting.
According to a FlexJobs survey, nearly 6 in 10 workers want the option to be working from home. Meanwhile, the same statistics show that almost 4 in 10 want to work in a hybrid workspace.
The coworking spaces have an extraordinary opportunity to reach potential clients who are hesitant to return to the office by offering an alternative working environment to a restrictive and traditional office.
More Challenges in Store
Although there are opportunities, the industry is also facing plenty of challenges. People who are used to working from home may not like the idea of leaving for coworking spaces.
But it only means that these people need some more convincing.
Consequently, coworking spaces must develop attractive packages and memberships through flexible terms or special rates. A small business, for example, can lower the overhead if it takes advantage of the services that coworking spaces offer.
For instance, a 2017 report revealed that businesses could save as much as 30% in operational expenses if they engage a coworking spaces operator.
Employees, meanwhile, need to be convinced that they get more work done without the distractions of home chores or children.
Going Back to Basics
What makes coworking spaces work is the sense of community they develop. People thrive in a working environment populated by creative individuals who feed off the success of fellow members.
Coworking spaces may capitalize on this sense of community by providing mentorship programs or encouraging networking possibilities among users in the same room. People must first comprehend that these chance interactions have the potential to affect the path of their lives and careers.
Presently, the working environment in a hybrid office is more casual by design as individuals are left to themselves to network. Therefore, there must be a way to foster a connection among the community members without being too intrusive.
The company approach is intended to foster amicable rivalry without the everyday workplace politics. Because no one is competing for the same job, most people are typically pleased when someone succeeds.
Also, statistics show that more than 8 in 10 individuals are less lonely when they do their tasks in a coworking space. In addition, almost 9 in 10 reported being happier when surrounded by other people in a shared working environment.
Finally, almost 80% of coworking users have expanded their networks, opening new career opportunities for themselves.
Reach Out to 4&Co. for More Information About Our Coworking Spaces
Coworking spaces are here to stay, and you can enjoy the community that 4&Co. is building in Land O’ Lakes and the greater Pasco area. You can call our number at (727) 725-2745 so that we can answer all your questions surrounding our coworking space memberships.