Co-Working: Reimagining Offices Spaces During Pandemic And Economic Slowdown

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The pandemic has dramatically upended the way we work, creating disruption across sectors world over. Traditional office spaces have lost their essence as the majority of the workforce continues to work from home. However, now that companies are resuming operations and trying to get back to pre-COVID times, they are exploring the right environment for their employees to foster growth in addition to prioritising workspace utilisation. Hence, the concept of multiple smaller offices spread across different locations is gaining attention over a consolidated office located centrally.

The introduction and acceptance of co-working spaces have changed the notion about a typical workspace as de-densification of current offices remains priority. Moreover, co-working spaces have pivoted and adapted to the new normal in smart and creative ways by responding to the needs of evolving business landscape - safe and hygienic environment, affordable office spaces, ease of commuting to work and dynamic workplace strategies.

Co-Working Space Is A Global Phenomena
As organisations plan to develop, grow and innovate as part of their revival strategy, they are opting for co-working solutions that are as flexible as they are. There is an increasing demand for low-risk and scalable workspace solutions as well as open-style office layouts with adequate spacing and touch-free fixtures. Further, the demand for workspace options that provide customised services, can evolve and adapt to their occupants, is driving the rise of both flexible as well as co-working office space.

It is no secret that co-working spaces are growing at a rapid pace, meeting the demands of the corporate world and changing the way we think about going to the office. Further, as the start-up economy rises, there is a growing need for office spaces that offer higher standards of amenities, provide an opportunity for networking with like-minded people and ensure flexibility. This has made shared spaces a natural and logical choice for start-ups and freelancers. Even large corporations are increasingly moving towards co-working spaces because of the agility and flexibility it offers.

Moreover, amidst the pandemic and the following economic slowdown, co-working spaces seem to be a suitable choice for businesses as they are economical, ensure social distancing through appropriately distanced workstations and can provide the right work environment to relocated team members.

Coworking Workspaces: The New Normal For Companies?
Due to the emergence of innovative, customised and easily adaptive workspace solutions, the workspace requirements of companies are drastically changing. This is because companies want an office space that goes in synchronisation with their office culture, provides all the desired facilities as well as reduces their capital expenditure.

According to a recent report by JLL, the market penetration of flexible workspaces in total office space is expected to go up to 4.2% by 2023 from the current value of 3%. The report further states that increased demand from large corporations will contribute to the growth of the industry to more than 50 million square feet by 2023.

Indeed, the pandemic has made co-working even more important. Co-working spaces have played a crucial role by hosting the remote workers & assisting them in getting a workspace away from the home office, helping them meet other inspiring professionals and hosting virtual meetings.

Further, functioning within a co-working space and shared amenities help to outweigh the cost for small business owners amidst the pandemic and subsequent economic slowdown. Moreover, flexible agreements help them scale at their own speed, without the pressure or stiffness of long-term traditional leases.

Summing Up!
As the concept of office as a static space is no more a norm, the future of work will be an evolutionary process that aims to make us more efficient, creative, and connected. It is here that co-working spaces play a key role with their unique offerings that bring about the right blend of safety, sustainability, and cost optimisation.

With its safely distanced workstations, frequent sanitisation checks, highest precautionary measures, easy-on-the-pocket cost options and various other relevant amenities; co-working spaces have become the ideal solution to workplace woes during the economic slowdown in COVID and post-COVID world.