A few decades ago, the concept of co-working and shared office space was widely unknown.
However, thanks to technology and the rise of the sharing economy, the way a modern worker interacts with the business world has changed dramatically. As of September 2021, there are about 20,000 co-working spaces in the world, 6,000 of which are found in the US. The number of co-working spaces worldwide is expected to double in the next two years, according to this article from Statista.com.
In 2020, approximately 1.933 million people across the globe used co-working spaces, and about 865,000 of those people live and work in the US, based on this report from Zippia.com. Before the pandemic, one of the fastest-growing types of office space in real estate was co-working spaces. After slow growth during the pandemic, the sector is up again, with statistics indicating the fastest growth in commercial real estate. So, what is the future co-working space?
The short answer would be, “Co-working is the future of work.” The reason is that the whole co-working concept provides opportunities for work collaboration, social interaction, and networking.
Based on this article by Forbes, Ladders, a job search site, proclaimed that remote work is here to stay. They are projecting that 25% of all professional jobs in North America will be remote by the end of 2022, and remote opportunities will continue to increase through 2023. This is expected to be the trend in the foreseeable future, with workers getting the freedom to express their creativity. Corporations will have a chance to cut expenses, especially with the decline in opening new branches. With the adoption of co-working and remote work, they will reduce the need to open branches in new fully owned premises.
Hybrid co-working models
The hybrid work model is a flexible model in which employees can work from both onsite and offsite locations. Depending on the work, this arrangement can be worked out between the employer and employees.
There is no denying that the pandemic has changed the way we work, including in co-working spaces. Before the pandemic, co-working was within a designated space or shared office. With the restrictions of movement and social distancing, the conditions quickly changed to hybrid and virtual environments. The definition of office space changed, and working with colleagues and peers now looks different. To meet the demands of the post-pandemic world, virtual and hybrid co-working models are combined. The working traditions are changing, and with this comes the need to acquire tools and strategies to help prepare for the future.
Co-working is the epitome of a shared economy. It allows sharing of resources, presenting the business with an opportunity to make significant savings. At a time when the cost of rent is skyrocketing, co-working is the ideal arrangement as it cuts out spending, helps in the reduction of pollution, and improves business networking.