The Evolution of co-working spaces
Research and Markets published a report in June on the market for co-working spaces. The report states that the global co-working space market will grow from $7.97 Billion in 2020 to $8.14 Billion in 2021.
Co-working is in flux at the moment. Co-working is a growing trend in many markets. Although it makes up less than 10% of total office inventory in most places, its impact can be felt by all office-using tenants. Research and Markets report that the current market growth is due to companies adapting to new working methods and resuming operations following the COVID-19 pandemic. Co-working spaces can be a crucial part of helping companies navigate the complex hybrid workplace landscape and return to work.
In the early 2000s, modern co-working providers were created to serve the needs of temporary tenants and not just tech-savvy ones. Since then, co-working has evolved in many forms. Like today, coworkers get many services such as meeting rooms, free coffee and food, permanent spaces, hot desking etc. since the COVID-19 pandemic occurred, the market of co-working spaces fell by 78%, and before the pandemic, there was a fall occurred ones which is 51%.
Neuberg was in the midst of difficult financial times when he first thought about a co-working space. Neuberg was working as a startup employee and felt conflicted. He wanted to find a way that would allow him to feel independent and free to work alone and have the structure and community of co-working with others. Neuberg met with a coach to help him create a plan that included creating a new type of space that would give him the structure and community feel he desired. The concept of co-working, as we know it today, was born at this moment.
How has co-working strengthened corporate work?
A shared workplace can improve productivity, communication, creativity and community. Companies benefit from the increased creativity and social communication that this concept allows.
It is important to remember that office work used to be done differently. Fixed places were set up for everyone, and there were specific times. There was also a pencil, paper, and a typewriter. Employees were expected to work within their limitations. Organizations around the world are now happy to embrace co-working and adaptability. They are expected to improve performance and lead to greater career advancement in respective fields.
Shared offices have become a popular concept and are now being used by large companies and large corporations. This concept has had positive results so far. To find out the factors that improve the output of employees, more experiments are being conducted.
Co-working: The Future
Employers are looking for new ways to support employees returning to work. The most flexible providers are currently exploring innovative solutions. Employers and employees will both benefit from more practical amenities and flexible membership options. There is no one size fits for office users. The wide range of co-working options available can be a boon to companies looking to improve the workplace experience and expand their employee base.
Although there has been much media coverage about companies working remotely, most companies, large or small, will choose to have offices that are office-centric, hybrid, or both. There will be much learning, adaptation, and Evolution within these structures. This is an iterative process, and companies can expect to adjust their work style and layout over the coming years. Co-working Office Spaces will be an integral part of the hybrid model and help transition from mandatory to experiential office space.
