The concept of coworking spaces has seen a significant increase in the recent past, given the changing trends in business operations worldwide. Reasons for the same can be attributed to numerous factors like growing remote work culture, the need for flexible workspaces, the adoption of hybrid work culture, and more. Not only start-ups but large and mid-segment corporations are also embracing the change by making a paradigm shift towards a collaborative work culture. The coworking industry is already witnessing a steady growth rate but beyond 2023, it is expected to proliferate further and give rise to a revolutionary coworking space trend. From improved technology, design, and services, the concept will likely see defining trends, some of which are listed below.
Coworking Space As A Service: Coworking offices are increasingly offering a plethora of categories in workspace solutions like hot desks, dedicated desks, premium desks, plug-and-play offices, and more to choose from as per business needs. Some other services being provided these days include conference rooms, meeting rooms, locker access, and venture capital access. The business model's focus is rapidly changing from merely providing workplace solutions to providing space as a service. It is expected that co-working spaces will provide upgraded services in the future, including recreational amenities like cafes, restaurants, fitness facilities and massage therapy, onsite child care, in addition to workspaces.
Sustainable Work Space Solutions: In today's testing times, environmental consciousness has gained paramount significance amidst workforces. Hence workplaces that align closely with sustainability and promote green credentials will likely find favor. Therefore eco-friendly workspace solutions are also likely to become a key coworking space trend in the future. Some of the green practices and services that will find a place in coworking spaces will include sustainable amenities, recycling facilities, re-useable energy, encouraging sustainable travel, and discouraging the use of nonrecyclable material.
Increased Technological Adoption: In the quest to provide more efficient and functional workspace solutions, coworking businesses will presumably accelerate the adoption of technological innovations and transformations. Most future coworking spaces will likely incorporate trends like automated booking systems, access control, automated invoicing, space management software, and digital visitor management systems. Apart from these, booking platforms like Connected Hubs and Co-Workers are likely to gain prominence giving the members leverage to work from any coworking space in the world. A timely transition towards appropriate technological advancements would mean a significant increase in repeat members.
Corporates Transitioning Into Flex Spaces: The transition of bigger enterprises like Facebook towards flexible office spaces is another intriguing coworking space trend we will see in 2023 and beyond. Leasing office space for extended periods of time will cease to make sense due to the current state of uncertainty in the markets, as it would dramatically increase operational costs. Moving into flex office spaces will ensure companies give up on long-term real estate commitments and eventually cut down costs. Flex workspace solutions are also expected to play a vital role in the recruitment strategy where prospective employees can be offered to work closer to home.
Amalgamation Of Coworking Spaces Within Hospitality Ecosystem: Given the rising demand for coworking spaces, luxury hotels, and resorts are attempting to encash the trend to increase their revenue stream. Reports suggest that the concept is increasingly becoming a part of the hospitality ecosystem, with hotels offering basic coworking facilities in restaurants and coffee shops when customer footfall is low or nil. In 2023 the coworking space trend will likely make inroads into the tourism industry and attract digital nomads.
Niche Coworking Spaces: In the future coworking spaces will become more open to the needs of a wide variety of users. We are most likely to witness significant development in 2023 with the incorporation of niche spaces within the larger co-working areas. Such spaces will cater to niche groups like female workers, artists only, tech enthusiasts, and more. They will be customized with resources targeting specific groups' needs, for example, sound booths and podcasting equipment for the artists and the creative community.
The coworking industry has seen significant growth recently, with a steady rise in desk occupancy and hybrid or flex spaces becoming the need of the hour. The positive momentum will likely continue in 2023 and beyond, with more exciting opportunities and trends enabling you to transform your business to the next level.