Why Co-working Sector Will Emerge Stronger In 2022
The co-working sector has done relatively well in past two years when compared to other sectors in the real estate market
The co-working space has undergone various changes since its inception in the late 2000s. With the death of cubicles and open floorplans gaining popularity to working spaces providing employees with foosball, table tennis and pool tables. But this was before COVID-19, the pandemic that has redefined the concept of working especially co-working spaces in past two years. It has not only forced the employers to change their work policies and strategies but has also been giving preference to hybrid model to perfectly fit into the new normal world.
Talking about the industry, the co-working sector has done relatively well in past two years when compared to other sectors in the real estate market. The sector has witnessed impetus growth as it adopts and adapts to the new working trends including flexible work hours and multiple location options to the employees. With the future of work being hybrid and companies embracing this change, the future of co-working spaces certainly seems bright and promising in 2022. Read on to know other attributing factors which will contribute to the growth of co-working spaces.
Enhanced tech enabled environments
Demand for co-working spaces has increased due to the revolutionary technological changes they have witnessed. They are highly tech enabled to provide all-in-one workspace solutions for everyone. Features like AI help job roles and office environments where tasks are repetitive. This, in turn, helps employees use their time for collaborative tasks and focus on creativity, imagination, and the strategic tasks. The technology will not only help them save time, but it will also help them save costs. And with the adoption of advance technology by coworking spaces, it will additionally help in providing a smooth working experience to employees.
Most organizations opted to have a work from home model due to the pandemic. It has nearly been two years since we have interacted and connected with people in person. Co-working spaces are bustling with people from varied backgrounds allowing employees and freelancers, the perfect opportunity to collaborate with like-minded individuals thus widening the organizations and freelancers' ability to expand revenue through networking with individuals from varied backgrounds. Interacting with individual from varied backgrounds doesn't only help expand revenue but also helps boost the morale of individuals as it promotes the exchange of ideas, bonding over common interest thus leading to happy, and motivated individuals who look forward to returning to work.
Mental wellbeing and good health will be on focus
The pandemic has caused a set back to us when it comes to our mental and physical wellbeing. Companies are planning to return to physical workspaces or adopt hybrid work models providing their employees with some of the best recreational amenities. This preference has also given a rise to the trend of having gyms, play areas and food courts in and around office premises for employees to destress and regularly rejuvenate. Congested and cramped up offices are a thing of the past and having open work environments with modern design and natural sunlight will widely be seen in the office spaces industry in 2022.
Sustainable spaces and repurposing
In the aim of optimizing already existing spaces, companies are redesigning their office spaces and making the best use of existing technology. The upgradation to modern technology by co-working spaces will help provide maximum hygiene and convenient sanitization facilities. The pandemic has also made people shift their attention towards social distancing and to look forward to a healthy work environment. The use of tech enabled technology with minimal touch equipment will be in trend. Office décor, be it at a co-working space or in private owned companies, sustainable materials like bamboo, installation of indoor plants, efficient air conditioning and air purifiers will be ensured at all costs and will be a trend to keep an eye out for.
The rent structure before the pandemic was stringent due to its various clauses. However, the pandemic has brought about changes in the rent structure too. Co-working spaces have now become flexible and are more ready to negotiate lease terms and rent costs. As the pandemic yet prevails, its uncertainties are yet very prevalent. Companies, thus, prefer a no strings attached rent contract, in other words, they prefer the relaxed lease terms which are coupled with flexible or deferred payment plans. This kind of arrangement is a win-win for both the businesses and co-working space operators.
The co-working space is ever evolving and strives to offer top-notch amenities to all. Opting for a co-working space ensures organizations need not to worry about maintenance, sanitization and are assured that their employees are provided with state-of-the-art amenities. Thus, co-working spaces have something to offer all and are the best fit in these uncertain times assuring them a bright future in 2022.