Impact of covid 19 on coworking spaces? and the Future?

Present and Future:

Coworking provides unique benefits for those looking to restructure or start their business. From centres for exchange of ideas, to benefit from short-term leases and the no hassle premises under the space-as-a service model. Impact of covid 19 on coworking spaces? and the Future for coworking?

It is logical to assume our daily lives will be changed permanently by the pandemic that we are living though. This is most evident when looking at empty retail and offices around the city. We have been forced to rethink the way we do business arising from the need to social distance.

However, it has also provided opportunities to create a new way of life and innovate. Coworking provides unique benefits for those looking to restructure or start their business. From centres for exchange of ideas, to benefit from short-term leases and the no hassle premises under the space-as-a service model.

Coworking business models will need to adapt to the post-Covid Market. As any place that brings together a large number of strangers in a location such as an office was always going to see disruption. However, while many offices have been left vacant, there are reasons to believe that coworking will emerge from the pandemic more important and a route to recovery for many businesses.

Coworking
Coworking

Flexibility vs traditional leases

Coworking spaces provide a key service to freelancers looking for a drop-in space, or small business team looking for dedicated desks or a private office. Coworking provides flexible agreements meaning you can scale up at your own pace providing flexibility for your growing business. Traditional leases can feel like an albatross around your neck, either paying too much for the little space, reducing your ability to work efficiently, or being unable to fill the space and eating away at your bottom line.

Furthermore, signing up to a long-term lease removes the ability to cut the costs when the rent market drops.  To summarise, preventing your ability to adapt to the growth of your business’ popularity or the downturn without disruption to their workflow, while keeping your culture intact.

In addition, coworking facilities come with built-in amenities like reception, cleaning staff, printing services, internet connection, kitchen and bathroom facilities, removing the overhead cost typically associated with opening an office space.

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Community and Networking

With the current pandemic, most of us find ourselves working from home with the prospect of never returning to the traditional office environment we have become accustomed too. When facing this prospect, it is easy to see the negative effects of this. Working for home can lead to loneliness and hinder creativeness. The Health Foundation has reported that over two-thirds of adults in the UK are worried about the effect of COVID-19 is having on their lives. This obviously stems from a wide range of issues such as financial and job loss concerns, social isolation and access to coping mechanisms. The impact of the pandemic on our emotional and mental health we will be processing for years to come.

We have been deprived of small interactions and a sense of belonging. While this may seem irrelevant, friendly conversations with other members of the coworking community can heighten happiness and help inspiration flow in an energic environment filled with entrepreneurs. Furthermore, non-crowded, quiet and easy to use facilities that you can have access to when you need

Well designed-spaces can allow employees to plug into an established community, helping reconnect and build a network. These networks can help businesses and individuals expand their businesses, creating jobs and help pave the way for economic recovery. Coworking centres often arrange monthly networking events, workshops and catered lunches helping you forge lasting relationships and hopefully possible collaborators. It is important to bear in mind that lockdown ending will not be like flipping a switch. Many businesses will not reopen, with many stymied. Having access to the community will be more important than ever.

You also need to take space into account, since workers spend most of their time indoors, making that environment livable and sustainable is critical. According to Accenture, only 11% of employees are completely satisfied with their workspace.

Networking
Networking

Is Coworking the Future?

It is impossible to determine what the future may hold, Covid-19 has proven that. Not all businesses have the same requirements, perhaps not all advantages of a coworking centre apply to you or your business. However, we have looked at some of the benefits coworking offers, and depending on your needs, flexibility is at the core of coworking. You are able to cater the experience to best suit your company, a small team or your clients. Based on this, the future of Coworking facilities looks bright with more centres and Google type work environments springing up. If you want to start your business here in Gibraltar due to the many opportunities as we discussed in our previous article, visit us.

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Sources:

  1. https://www.science.org/content/article/we-are-social-species-how-will-social-distancing-affect-us
  2. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7461541/
  3. https://www.health.org.uk/news-and-comment/blogs/emerging-evidence-on-covid-19s-impact-on-mental-health-and-health
  4. https://www.accenture.com/nl-en/blogs/insights/how-technology-is-making-the-future-office-smart-and-sustainable
  5. https://wheretowork.eu/
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