Adaptability is said to be of the best attributes of human beings. It is because of our ability to adapt that the human species has not only survived through the centuries but has also thrived with confidence and excellence. However, 2020 tested this ability of ours to the limits when the global lockdown was imposed owing to COVID-19. Work-life probably took the worst hit and several alternative measures such as work-from-home (long term as well as permanent) and freelance policies were taken.
Now, a year later, a lot of things have changed including the onset of work-from-home fatigue. The global market of coworking spaces was expected to decline by 12.9% i.e., from 9.27 billion USD in 2019 to 8.24 billion USD in 2020. Based on research it was revealed that the operators in coworking spaces, like Airbnb coworking, witnessed revenue decline by 50% in March 2020. So, what do these changes mean for the future of coworking spaces?
Meet New Demands
In the wake of COVID-19 and the ensuing lockdown, coworking rental solutions (that was called the “new normal”) had to adapt to stay relevant to the changing scenario. Matthew Ciccone, CEO of Pittsburgh’s Beauty Shoppe, expressed that flexibility was the key to coworking spaces’ survival.
Some of the ways coworking rental solutions can stay relevant are by offering flexible contracts without long-term commitments, lowering overheads for small business and startups, delivering grade-A amenities, etc. This could probably usher in the redistribution of office spaces.
The small size and flexible business model of coworking spaces allow for community and reactivity. Oru, a New South London coworking hub, just like Airbnb coworking, provides its clients with an environmentally responsible workspace, thereby creating a community. Oru aimed at helping self-employed workers and those who lost their jobs due to COVID-19 to relaunch their careers by offering free membership, built-in business networks, and in-house mentorship. The purpose of a community to bring people together to exchange knowledge and learn from one another.
Communal coworking rental solutions are like a refuge for those looking for inspiration, stimulation, a few days break from their homes, or even for those who do not like to travel. It can also be a safe haven, for those living in close proximity, with necessary precautions implemented to mitigate the spread of COVID-19.
This can also be called an agile methodology for coworking rental solutions. Transforming a coworking space into a refuge will result in less fluff and more substance. In order to implement this business model, coworking rental solutions must opt for uncluttered and flexible design.
COVID-19 has made people realize the importance of health and precaution and the post-pandemic era has become highly health-conscious. It does not matter how coworking rental solutions functioned before, but now the highest safety measures have to be implemented with all possible precautionary actions. This might even become the new normal since everybody has already gotten into the practice of maintaining high health standards almost instinctively.
Although the current trend of coworking rental solutions might look unfavorable, experts opine that remote working will not go too far. The reason being there is a change in people’s attitudes, which is showing some positive signs that will eventually make coworking a preferred option for businesses in the future. You can even adopt the Airbnb coworking model to be innovative, sustain, and reinvent the coworking rental solutions.
RentCubo can help you reinvent your coworking rental solutions with state-of-the-art coworking space management software. We can help you revamp your business with innovative and intuitive coworking management software and help boost your business’s scalability and profitability.