5 Trends for Co-working Spaces in 2021
Coworking is a relatively new trend. The popularity of coworking spaces have been slowly growing as businesses warm up to the idea of flexible workspaces. The coworking industry is still developing at the moment, with many new companies popping up to offer such a service.
Especially in 2020, due to the disruption of the economy by covid-19, many service providers have attempted to convert their spaces into coworking options, such as hoteliers and even a KTV Karaoke outlet.
2020 is also the year where digitalization of work and play have increased drastically. More businesses and individuals thus start to see the cost savings and benefits of coworking spaces and have turned to them instead of the traditional office spaces for to set up their physical offices.
The popularity of coworking is growing and here are 5 trends that we can look out for in the coworking industry in 2021.
1. Coworking is now for Everyone
In the beginning days of coworking, the coworking model appealed more often to start ups and freelancers. It was a low-cost, on-demand option that was perfect for companies that needed to keep their overhead costs low and individuals who may only need a short term space.
Now, the coworking trend has changed. Not only appealing to start ups and freelancers, coworking spaces now appeal to all businesses, even multi-national or small and medium enterprises (SMEs) in Singapore.
This trend is fueled in part by the Covid-19 pandemic. As we to adapt to working remotely, businesses are also looking for ways to save costs to reduce overheads during this period. The lower cost of maintaining a coworking space membership thus appeals to them.
This trend is likely to continue, thus making coworking an option for all.
2. Finding a Work-Life Balance in Coworking Spaces
The coworking experience is different from that of the traditional office space. Coworking spaces typically combine the facilities of a professional work environment together with the no-pressure atmosphere of working from home or at a local coffee shop. This creates a conducive yet less stressful work environment for staff to work in.
Coworking spaces can thus act as a bridge between work and life, providing more opportunities for individuals to practice work-life balance in a better work environment.
Coworking spaces typically come with areas for rest and relax on top of the work spaces.
3. Flexibility and Variety of Coworking Options
Just as there are more businesses and individuals turning to coworking as their choice of office, there are also more coworking options appearing in the industry.
The variety of coworking spaces available is a plus for the consumer, who can weigh the different prices, locations and benefits attached to every space before making their decision.
Many spaces have also taken their time to expand, increasing the number of available locations locally and abroad.
This gives users more choices and flexibility in their choices to choose what is the most suitable option for them.
4. Add-on services
Coworking spaces are now no longer simply just a space to work. Many Coworking spaces now include a more diverse range of services. Space-as-a-service remains the foundation of the business, but there are other revenue streams built atop it.
For example, some cosharing spaces offer free bar service and drinks after work hours, while others may offer additional business-related services such as conference room usages.
5. Work in a Community
One of the new trends in coworking spaces is community outreach. Coworking spaces try to help their community to bond through many different activities.
Community orientation takes many forms. Some spaces engage their users in community activities, talks and curated events. The purpose of this is to help their users reach out and grow their social circle to benefit their businesses.
This not only acts as an incentive for non-users to visit the space but also helps the community within the coworking space.
Now, due to covid-19, many coworking spaces have since moved their efforts for community to focusing on virtual talks and meetings. This gives way for more opportunities and topics available and widens the opportunities for foreign guest speakers and users to come together.
Coworking continues to change
The coworking industry is still changing and growing. In the upcoming few years, it is set to continue growing as demand grows.