By Aditya Mehta, CEO & Co-Founder, Akasa Coworking
The co-working space industry is expanding at a rapid pace. The emergence of the gig economy and a growing remote workforce drive demand for workplaces to unprecedented heights. Co-working has grown in popularity over the last decade, despite being still a new segment. Statistics on co-working demonstrate significant improvements in key indicators such as overall industry growth and demand, consumer patterns, and profitability.
But during this Covid-19 pandemic the industry has experienced some decline in the fast-paced expansion in the co-working space business. Millions of individuals were compelled to work from home as countries went into lockdown, prompting a significant upheaval in working. In 2019, the worldwide co-working space market was worth $9.27 billion, but by 2020, it had dropped to $8.24 billion. The leading cause of the drop was the economic downturn brought by the Covid-19 outbreak. However, now that things are getting back to normal, the market will likely recover in 2022. Experts predict that by 2023, the industry will grow to roughly $11.52 billion.
As part of the developing hybrid work model, co-working spaces are poised to make a comeback. Well, we all can see, progress is inevitable, and demand for flexible workspaces will be higher in 2022 than in 2021. Simultaneously, co-working spaces will continue to sprout like flowers after a rainstorm, indicating heightened competition. The Coworking Spaces will see some key trends this year.
Focus on Wellbeing of Co-working Community
Coworking is all about getting the job done right away. If you only provide a pleasant working environment, people will quickly switch to competition that offers the same set of amenities. On the other hand, entrepreneurs have more options and are becoming more demanding as new workplaces come on the map.
When you invest in community building and provide educational and well-being events, it’s a completely different thing. Members enjoy being in the company of others who share their interests, networking, forming friendships, partnerships, and collaborations. Because of the emotional bonding they formed with your support, they will never quit your co-working space soon.
We have been in the midst of a pandemic for more than a year, and most businesses have become accustomed to working remotely. Furthermore, they began to recognize the advantages in terms of cost savings, employing top talent from outside, increased productivity, employee contentment, and so on.
More corporations will move to co-working spaces in 2022 for the reasons stated above, as well as a variety of other reasons. Therefore, operators interested in attracting this audience should come up with irresistible offers such as private serviced offices, long-term and short-term leases, customizable shared workspaces, flexible offices that grow with the company, and super flexible offices for companies with hybrid workforces.
Automation For Enhancing Experience & Productivity
Coworking spaces will be wholly transformed into brilliant dynamic places by 2022. Co-working spaces will be outfitted with up-to-date management systems, modern wireless gadgets, and efficient software combinations. Those devices, technologies, linked calendars, and interactive dashboards need to be controlled by a single consistent interface. Residents and managers will benefit from the innovations since they will significantly improve and simplify their co-working experience.
Innovation & Diversity
In order to be successful with a co-working business in 2022, you must be extremely imaginative and adventurous with your services, offers, and space designs. Your objective is to stand out from the crowd and show how you’re different from other co-working spaces. Members want you to look after them by providing fresh solutions to assist them in dealing with the increased workload, stress, and intensity. Beyond what is already available, we will see more varied sorts of co-working arrangements in 2022, particularly for co-living places.
Rise of Suburban Coworking Spaces
The pandemic has prompted a significant shift to remote working throughout the world. Employees are no longer willing to commute once they have enjoyed the benefits of not having to go to work. Employees are well-understood by their employers, and they are willing to pay for memberships at co-working places near their homes. This demand for suburban co-working spaces will almost certainly result in the opening of new sites in 2022.
Growing Demand For Green Coworking Spaces
The current workspace design trends include green, eco-friendly settings. The majority of individuals agree that nature preservation and environmental protection are important. As a result, they’ll be a lot happy to join a co-working space that shares their social objective.
You may begin by reducing your use of plastic at work, employing solar energy, and replacing all things with ones that can be recycled, giving them a second life. Bring a lot of living plants to work to relieve stress and anxiety, promote well-being and sustainability, freshen the air, and embellish the space.
Trend For Niche Coworking Spaces
Coworking spaces must be unique in order to survive in a highly competitive environment. We’ll observe in 2022 that some co-working spaces claim to be specialised in a specific industrial speciality or group of entrepreneurs. Co-working spaces for parents, female-only spaces, co-working restaurants, rural co-working spaces and hacker spaces are just a few examples.A field-centric co-working space is an ideal setting for people in comparable fields to share ideas, collaborate, be productive, and come up with game-changing solutions.
Way Ahead in 2022
What is critical for the growth of Coworking companies in 2022, is that they should ensure that occupiers should feel at ease in these spaces and as such coworking companies must adopt various approaches for maintaining hygienic environment. Keeping in view these trends in the shifting landscape of co-work spaces, we will see more and more space providers investing in online community development to realize the potential of flexible workspaces as occupiers are getting more aware than ever about the importance of staying connected.