The Possible Future of Coworking – A Quick Analysis of the Facts

Even before the COVID-19 pandemic, the shift to alternative means of getting work done has truly brought about a series of buzzwords that are all related to one another in some form. We hear more of “cloud-based operations,” “remote work,” “hybrid working”, hub-and-spoke”.  This newsletter takes a look into what coworking is and how it offers value moving forward.

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Coworking can be defined as the actual physical space where like-minded freelancers, start-up groups, and small and medium enterprises send their employees to work together or collaborate. Instead of working remotely or apart, individuals share the same working environment.  The purpose of coworking is to have opportunities to innovate and share equipment, tools, ideas, and knowledge. 

What are your thoughts on the possible risks and challenges of coworking?

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Coworking, in particular, had gained a lot of traction prior to the health and safety protocols established to contain the virus. Coworking is an avenue for people to create, innovate, and supplement concepts, ideas, and industry-disrupting strategies. These would not have been formulated if it were not to blend thoughts and ideas among employees and individuals belonging to different companies and sectors.

A year into COVID-19, owners and management are still struggling to achieve the best working conditions for their employees or subordinates. The challenge to create synergy between personal growth, health and safety protocols, employee productivity, job satisfaction, and cost-effectiveness has grown more apparent. 

 Researchers are conducting meaningful studies to determine the viability of coworking and have even formulated an overview and forecastOpens in a new tab. for coworking up to the year 2025. So, is coworking a business model that should be adopted as we begin to return to the outside world and utilize office spaces as an alternative to our desks at home? Should we consider company cultureOpens in a new tab. and collaboration as important factors to consider when addressing the location of work?

Coworking unwrapped, in the UK, the Office for National Statistics (ONS) showed that 1.54 million people worked remotely in 2018 – a rise of 74% from a decade before. While in the US, a GallopOpens in a new tab. study reveals that remote working has doubled during the pandemic with one in four employees working entirely from home. As a result, many firms have found that it’s time to reinvent the working environment with a ‘hub-and-spoke’Opens in a new tab. office model.

Once a company adopts the setting of a coworking space, it will be harder for the management to protect their company culture. Maintaining the standards of your company culture is essential since it plays a huge role from the attraction phase of potential employees to the retention of the best talents of the company. The best way to protect your corporate culture is by embracing the power of technology.

Here are some ways how technology can be of help in both maintaining and improving one’s company culture.

– Technology Assists in Creating a Better Career Path

– Technology Connects People

– Technology Also Serves as a Training Platform

– Technology Provides Rewards and Recognition

When you use these digital innovations strategically and effectively, it will help create a kind of work environment where your employeesOpens in a new tab. will feel challenged, engaged, and motivated. Hence, it is essential that every company embrace technology as a way to protect their corporate culture.

What is the number one disadvantage of coworking spaces?

The number one disadvantage of using a coworking space is the lack of privacy. In an open community area, you have to be conscious of what you say, what your print, your screen including instant messages and phone alerts. The traditional office provides safety and security, so much of this risk is often mitigated. 

Does Coworking Have a Future?

Every day, freelancers, entrepreneurs, and enterprises are using coworking as leverageOpens in a new tab., along with corporate and home spaces. This option is especially enticing to entrepreneurs and start-up companies who do not have designated offices, to begin with. At the end of the day, the goal of businesses and companies is to create a system or workflow that innovates and gets work done in a timely and effective manner. Coworking may just be the key for certain industries as we see the effects of the pandemic slowly diminish.

In my interviews with Mark Gilbreath, CEO of Liquid SpaceOpens in a new tab., an online marketplace and workspace network built for office space rentals. Mark talked about how the year 2020 has been in relation to coworking trends and the effects of the pandemic and shared his insight on how 2021 will look like in the office rental business. Among the key topics discussed were the following:

– The concept of coworking and the year 2020

– The future of coworking in 2021 and beyond

– The risks and challenges surrounding the coworking business model

If you find coworking to be an interesting topic or even a potential option for your own business, check out the full interview and learn more about Liquid Space and what CEO Mark Gilbreath has to say about coworking. Check out the full video over at our YouTube channelOpens in a new tab. or by clicking on the link below.

What do you understand about the concept of coworking? Is it a future-proof idea, or should companies revert to older, traditional business models? What are your thoughts on the possible risks and challenges of coworking?

Join our discussion on our Discord server via the following link:

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