Productivity

15 Entrepreneurs Share Their Thought on The Future Impact of Coworking

Coworking is gaining popularity over time and may soon overtake the traditional set-up of an office work-space. It is believed that co-working spaces will be the norm in various places. This is especially the case for professionals such as independent contractors and freelancers. It will be keen to note their impact on the nature of workspaces.

Here’s what entrepreneurs and business owners had to say about the future impact of co-working.

#1- Unique

Photo Credit: Scott Nelson

As remote and work-from-home opportunities crop up more often, as well as entrepreneurial workspaces, coworking either becomes more tight-knit or more distant. When working with a few people, especially remotely, communication must increase. However, communication is more work-related, as it is important to stay on top of deadlines, so it may take away office small-talk that helps you get to know your coworkers better. But it could also do the opposite, in creating an opportunity to spend more time communicating with your coworkers, and opening up avenues for getting to know each other.

Thanks to Scott Nelson, MoneyNerd Ltd!


#2-Uncertain

Photo Credit: Chris Caouette

There is a lot of uncertainty around co-working these days with the uprise of remote working. Many companies are giving people the option of either working from home or coming into an office, if the manager feels that it is safe. Therefore, there may be more cases in which people who are able to co-work in person will be doing so because they want to, rather than because they have to.

Thanks to Chris Caouette, Gorilla Bow!


#3- Two descriptions

Photo Credit: Jordan Duran

As the founder and designer of a leading jewelry company, I believe the future of coworking can be boiled down to one word: coworking. As more and more companies shift to a remote work environment, so too will more job opportunities emerge for individuals that live outside of the confines of the perspective company's offices. Therefore, more and more companies will be reliant upon WhatsApp, Slack, and Zoom. Second, the future of coworking will also be more and more reliant on independent contractors. As a large percentage of tasks can be achieved without an internal team, platforms such as Fiverr can and should be utilized for specific jobs.

Thank to Jordan Duran, 6 Ice!


#4- Change in office layouts

Photo Credit: Megha

Co-working is a recent trend that the pandemic has popularized. The most likely impact of this trend will be a total change in office layouts as we know them to emphasize productivity and safety. One of the features we expect to see in all co-working offices is higher cleaning standards to ensure safety, and improved quality of life from diverse interactions every day. Co-working spaces will have all the digital equipment that an average office wouldn’t have while not keeping the employees working lazily from home.

Thanks to Megha, KetoConnect!


#5-More remote co-working

Photo Credit: Ben Teicher

With so many more people working from home these days, we could be seeing a lot more remote co-working in the future, especially for projects which require teamwork. However, although remote co-working is definitely possible, it still limits the possibilities of co-workers bonding in ways they would be normally able to in person (for example, walking to the nearest restaurant from their workplace to get lunch together).

Thanks to Ben Teicher, Healthy Directions!


#6- In community and collaborations

Photo Credit: Erik Pham

Coworking spaces will become even more prevalent and more and more employees from different companies will be sharing the same workplace. Because of this, it would be much easier for workers to make friends and form a community where they can rely on one another. Expect to see more collaborations between companies and shared projects making work more efficient for the employees but also the projects being more profitable for companies since they are able to create large-scale projects without spending a lot on manpower.

Thanks to Erik Pham, Healthcanal!


#7- Flux on time slots

Photo Credit: Rosi Ross

The current WFH situation and hybrid way of working are providing wonderful add ons to our lives like more time to focus on the important and allocating in our job motivation and our own schedules to be more efficient. In the future of coworking we see a flux on time slots, as usually, only salespeople tend to allocate nigh times or early morning to do their duties, now thanks to the internet we have a more playful way to really act on efficiency and be aware of our highest picks on performance. Also, coworking will allow us to work in a multicultural environment opening spaces to more dynamism. One of the biggest challenges of coworking in the future is that some works like development, manufacturing, the building will need all people in a team to come together physically but I think will be a good experience to have this in and out dance where you can be coworking and then go back to the office for some project. This will make a lot of our workforce perform better and increase their motivation and mental health. I can see a future where work and workspaces are more focused on productivity and how productive are people while performing inside and out of an office than just expending all day in a cubicle without any motivation or productivity.

Thanks to Rosi Ross, NHB!


#8- They'll prioritize health and safety

Photo Credit: Jeremy Ellis

With the rise in the global health crisis, co-working spaces faced a 50% decline in their revenue because employees started working from home. In this situation, health and safety will remain a priority, however, in the future co-working spaces have to adapt themselves to ensure the safety and comfort of people. There are some measures that they can take such as using technology to eliminate the common touchpoints. For example, automatic door openers, smart lighting systems and faucets in the kitchen and washrooms can be installed. Moreover, in future these spaces will implement proper cleaning measures like the use of disinfectant technologies so that it becomes safe for everyone. Therefore, in the long-term, co-working places will be defined in terms of quality and health of the surroundings.

Thanks to Jeremy Ellis, LaunchPad!


#9- Support the local economy

Photo Credit: Grant Clelland

Coworking spaces have the potential to largely support the local economy. While big businesses have the resources to buy office buildings, local businesses still have a hard time renting office space. Coworking will remove that barrier for small businesses. These spaces are cheaper to rent and have more resources available that small businesses can’t afford. With the rapid success that coworking spaces have been seeing, we can expect them to become the norm for small businesses. Small businesses are at the heart of the local economy and are its main driving force. They create more jobs than corporations do, and help support other local businesses. By creating affordable and collaborative office spaces for small businesses, coworking will indirectly uplift the local economy.

Thanks to Grant Clelland, Infiniti Tracking!


#10- Avoidance of high leasing costs

Photo Credit: Matt Bigach

Since Covid-19, the commercial real estate industry has suffered heavy losses due to companies adopting work-from-home and hybrid working models. But a new trend that has arisen is co-working spaces. Many firms are now ditching the traditional office spaces for more flexible and convenient co-working spaces, in which employees from different companies share a neutral space to work independently on separate projects. These spaces allow firms – especially startups in growth stages – to quickly expand or relocate without the pressure of a long-term lease. This makes coworking ideal for many companies because they can save the sky-high costs associated with leasing traditional office spaces. Because of these cost savings, it is very likely that more companies start adopting co-working spaces in the future, particularly once the pandemic passes.

Thanks to Matt Bigach, Nexus HomeBuyers!


#11- Opportunity of forming connections with people

Photo Credit: Gaurav Dhir

Co-working has suffered greatly due to the effects of Covid on the job market.The decline in co-working spaces is expected to be around 13% and the number will keep on increasing because of the extensive remote opportunities available to people nowadays. But, recently there has been a push towards returning to offices, mainly by people who thrive in real space working with like-minded individuals instead of working from home.
This will eventually benefit co-working but it is a slow-burning process and it will take considerable time before normal service is resumed. In the future, Co-working will have an important place for people who want to experience a different lifestyle from normal offices and instead work in a space where they can share equipment and ideas with similar people. The biggest impact of co-working will be the opportunity of forming connections with people from completely different fields, something that is not available in a normal working environment. The diversity of co-working offices will always make it an attractive option for creative individuals.

Thank to Gaurav Dhir, LightsPick!


#12- Access to flexibility and choice

Photo Credit: Michael Moran

I am a strong believer in the idea of making work interesting and fulfilling through the power of community, which is the essence of co-working. One of the biggest future impacts of co-working I see is an increase in job satisfaction and productivity. The move toward widespread co-working provides workers and entrepreneurs increased flexibility and a realization of true work-life balance, values that everyone is looking for today. When workers have access to flexibility and choice in the way they organize their work life, they tend to experience less work-related stress and enjoy greater work satisfaction. This new reality is revolutionary for business because happy and healthy employees ae always good for business.
Thanks,

Thanks to Michael Moran, Green Lion Search Group!


#13-  A few changes

Photo Credit: Dr. Michael K. Newman

Business models for coworking spaces will have to change, and the post-Covid market may look different. Over the past decade, I've been following the meteoric growth of coworking and flexible space: ‘In the near term, there is a lot of pressure on that sector because lockdown has had a very real and visible effect on occupancy in open coworking and shared space.' As a result, certain operators will be under pressure, and we anticipate consolidation and some changes as a result. Agility, on the other hand, will continue to be a major motivator for occupiers. We anticipate this trend to continue since flexible space has become an integral component of portfolio planning. In fact, even throughout the re-entry process and definitely as we go ahead, we may see a need for teams to set up or utilize more flexible space options. We'll only see more flexible, agile, scattered, and distributed work and portfolios in the long run.

Thanks to Dr. Michael K. Newman


#14- Pressure for more than just a place to rent

Photo Credit: Lisa Lacey

Coworking's impact on the freelance and startup communities has already been felt around the world, and in the last two years, more businesses have adopted it as a solution for innovation teams, smoothing outgrowth fluctuations, and global expansion. Companies came to coworking for the flexibility, but they stayed for the one-of-a-kind experience it offers. This benefit will have a far-reaching impact on the future of work, as employees will begin to expect the same level of work experience at their place of business. As a result, the dynamic between tenants and their landlords will shift, putting pressure on landlords to provide more than just a place to rent. Great coworking spaces will evolve into experience providers for entire buildings, campuses, and office parks in the future.

Thanks to Lisa Lacey, Lisa Buys Austin Houses!


#15- Higher levels of employee retention

Photo Credit: Sander Tamm

Businesses that offer their remote employees co-working spaces should see higher levels of employee retention. Employees that see their bosses spending the cash to give them somewhere else to work than home feel highly valued by their management, which improves overall engagement. It also gives remote employees from the same area a chance to meet each other and build relationships, giving your business a more human touch in their eyes.

Thanks to Sander Tamm, E-Student!


What will be the future impact of coworking? Tell us in the comments below. Don’t forget to join our #IamCEO Community.

Mercy - CBNation

This is a post from a CBNation writer. CBNation is a Business to Business (B2B) Brand focusing on increasing the visibility of and providing resources for CEOs, entrepreneurs and business owners. CBNation consists of blogs(CEOBlogNation.com), podcasts (CEOPodcasts.com) and videos (CBNation.tv). CBNation is proudly powered by Blue 16 Media.

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