The history of Co-working spaces is seen to be emerging out from the 1990s through the advent of the Internet and Technology. In 2005, the first official co-working space was commenced by Brad Neuberg. He used the term and described it as a physical space where independent and mobile workers came together to work in a casual environment. What started as freelancing has eventually become a real estate business for the core parts of any industry. In recent years, we have observed the industry growing rapidly along with dynamic changes. The industry is at a point where it is more about excellence in quality rather than quantity.
As the new start-ups and companies come into existence, they have shown primary concern for co-working spaces. This has led to a development in the trend of these spaces. However, with an increased demand for co-working spaces and access to new technologies, it’s only natural that the industry will see some changes. Amends in the amenities, rise of smaller co-working players, focus on sustainability, and industry-specific co-working are the predictions of the future trends in the co-working spaces. With these variations, the future of the co-working industry seems affirmative.
Effect of Covid-19 on Co-working spaces
Though the seemingly bright future of co-working spaces has been bashfully affected by the COVID-19. Any place or space that brings together a sizable number of strangers is a top candidate for irrevocable disruption and lasting harm due to the pandemic effects. The need for co-working, in the industry, could lose its allure or least of all, the demand will not be in its original state. Somehow, adversity won’t last long and new reach on the market for co-working will be being created.
Here are the reasons, how COVID-19 will make the co-working spaces more significant:
- As the recent prevailing trepidation of losing jobs, the remote workers will soon be in need to work somewhere. Co-working spaces play a key role in that program, hosting the relocated remote workers and helping them within local businesses and companies.
- As discussed above the co-working space is essential for start-ups as well as small companies. In the upcoming future, co-working space will act as a lifeline to such concerned organizations.
- The last but not the least positive impact is that the co-working space industry will serve as a key to recovery since it is the primary concern of any company. After the emergency period of the crisis abates, the industry will be looking for ways to create jobs and fill office space. Co-working spaces will make a huge success in that economic period.
Today, where the economy is declining and all the industries are facing the fallout. The future of the co-working spaces seems to be yellow bright. One of the many reasons for the success of this industry will be the new demand and innovation needs of the working class. The modified necessities will not only create a difference in perspective but a new look out of the workers seeking for different styled offices. There will be a slow but steady shift in demand for the space market that will eventually cover-up the downfalls faced now.
And shared workspaces could easily grow by to become at least 15%-20% of the total office market in years to come. The upcoming future is full of millennial workforce who are in desperate search of smart tech office spaces. This could only be possible with the change in the co-working spaces as per the demand of the new market. While it might seem difficult to understand the unseen market but the demand for workspace is surely to grow gradually. Thus, the co-working spaces industry is likely to expand.