The year 2020, was full of chaos and uncertainty. Growth rates of many industries were slowed by the outbreak of the COVID-19 pandemic. The Coworking industry has suffered the same fate. According to a report by Business Wire -“ The global coworking spaces market is expected to decline from $9.27 billion in 2019 and to $8.24 billion in 2020 at a compound annual growth rate (CAGR) of -12.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $11.52 billion in 2023 at CAGR of 11.8%.” For the coworking market to recover, we expect to see some major new trends that will take the coworking industry by storm this year.
That said, in this article, we’ve listed out the Top 5 Coworking trends in the year 2021.
Focus on resources and amenities concerning health and hygiene.
Coworking service providers will focus more on safe and hygienic workplace environments. There will be a rise in covid-19 compliant workspaces.
Services like: Air purifiers, Thermal scanning, Hourly sanitization, etc will be a must.
Moreover, Companies like Safeworkspaze have partnered with many coworking providers to deliver the services mentioned above.
Large enterprises will move their workforce to Coworking spaces
The year 2020 will always be remembered to be the year when the Corona-virus hit the world. One other thing it will be remembered for is how it’s been a real game-changer for businesses in redefining and reshaping the way people work.
Large companies are actively implementing the Work From Home model or similar hybrid models. This will, in turn, increase demand for coworking spaces as companies will try to leverage the advantages of flexible space-as-a-service and office decentralization.
Increase in requests for private offices compared to individual seats
In 2021, we will see a rise in demand for private office space compared to individual seats. Coworking Resources observed a 76% higher share of requests for private offices compared to individual seats after analyzing over 3,000 requests between February 2020 (pre-lockdowns) and May 2020 (post-lockdowns). With new strands of the virus emerging from all around the globe, requests for private offices are only expected to increase.
Virtualization of coworking spaces
One unique trend that we will see this year is virtual coworking spaces. Virtual coworking spaces provide many of the same benefits as a physical coworking space with more affordable prices. Instead of physically going to the location, you will have to log in to your coworking portal. The main benefits of virtualization will be the ability to socialize and network with like-minded people from all around the globe.
Increase in Coworking spaces in Tier-2 and Tier-3 cities.
According to an article by Times of India, before the pandemic, the top seven cities accounted for almost 70% of India’s residential population. This figure is most likely to change as more and more people are moving to their home cities due to the work from home culture. This trend will increase the demand for coworking spaces in tier-2 and tier-3 cities. To tackle this problem, We work is planning to introduce a new WFNH (Work from Near Home) model in which it will open coworking spaces within cycling distance from peoples homes, making the coworking space more accessible and available.
The Bottom Line
The pandemic might have caused some hiccups for the coworking industry but with large enterprises turning towards coworking providers to fill in the gap between WFH models and traditional workspaces, the demand for coworking space will only increase.