As remote work options increase for corporations across the globe and more people branch out on their own to start a business, it only makes sense that co-working spaces will continue to increase in the future. Because of this, more people will utilize these types of working environments.
Co-working spaces have become so popular that landlords in cities are getting in on the action. How? By setting up their lobbies or different rooms in buildings into spaces where occupants can specifically go to work. This also means that many corporate spaces that traditionally were used to house employees are beginning to be underutilized.
This further proves that flexible work schedules are not just a passing trend. It is here to stay and will be more prevalent in future work spaces, as well. For many, it means there is less of a traditional work-life balance people need to regulate, and instead, allows people to find more of a work-life integration. People also love the thought of being able to work with a group of people who they aren’t necessarily competing with, while not working in a formal office setting.
But what will the future of co-working look like in the next 5 to 10 years? Here are some thoughts:
- Co-Working Continues Growing Rapidly
Market experts have said that co-working could take over as much as 30% of office space, which is conservative.
Many people prefer to work outside of the typical business hour model, which co-working spaces support. With many having access 24 hours, people can come and go when working is convenient for them, making co-working spaces extremely popular.
Millennials, in particular, will continue to make up the largest percentage of the workforce in the next 10 years, and they crave the open, flexible work formats that co-working spaces provide.
- Co-Working Grows and There Will be Industry Consolidation
Businesses will start to see benefits in possible consolidation and specialization for niche areas, such as biotech or call center specific co-working areas. That means different co-working spaces could specialize in specific areas of an industry, with multiple businesses sharing the specific space.
- Co-Working Spaces Decrease
One of the main reasons this could happen would be if there is an economic downturn, which some are predicting. In this case, individuals likely won’t pay for a space to work and will resort back to working at home or back in the office.
A recession could also lead companies to reduce their workforce, which means there will be less people available to utilize a co-working space.
- Corporations Will Begin Shifting Towards Utilizing Co-Working Spaces
With the benefits that co-working spaces present, many businesses are going to take advantage of them and ditch the conventional office setting.
Big businesses such as Verizon, IBM and Microsoft are already testing different co-working spaces because they see the benefits it can provide for their employees, which in turn will make these employees more loyal to them. Other large business will follow suit when they see the success others are having.
- “Agile Workers” Are Becoming the New Normal for Companies
Agile workers tend to work on a freelance or contractual basis, and these workers prefer to work on their own terms, at their own preferred venue. This is where co-working spaces can help accommodate this growing trend.
These workers will still have access to premier business resources they’d find in a traditional office, but they aren’t responsible for getting new office accommodations prepared for these agile workers. Since these workers also don’t work on long-term projects, business also have the advantage of rental options at a co-working space that will be cheaper, long-term.
Businesses can also recruit the best workers from anywhere, since they won’t need to work directly in the office and can work at local co-working spaces.
There is no denying how co-working has affected the landscape of business space and individual working habits. It has also increased the expectations for what a business office should be like. People now expect an office space that has many amenities, along with flexible office space. Therefore, it’s a no-brainer that co-working spaces will only continue to expand in the future.