Predicting the development of any type of real estate is not an easy task in this volatile and uncertain economy. However, some trends are becoming clearer in the field. coworking space as the number of remote workers, freelancers, digital nomads and entrepreneurs continues to rise. At the same time, the pandemic has driven demand for more flexible workspaces from demographics moving away from traditional office models. Likewise, the way we work has also changed to accommodate greater flexibility and better conditions.
So, with the constant changes affecting the majority of workers and their preferences, what should we expect from the coworking segment in the coming time? Below, we highlight the top trends that are likely to transform coworking space in the future This is to help take flexible working to the next level.
The number of future coworking spaces will continue to increase globally.
A significant amount of traditional office space sat empty in 2020 and 2021. However, even during the “big profit” period, companies struggled to bring employees back to the office. And, due to people’s reluctance to return to the old way of working—as well as the high cost of maintaining large office spaces—many businesses downsized their existing offices or adopted a coworking model.
This happens at a time when an office lease has ended or is about to end, making it easier for companies to switch to a more flexible and affordable option – one that requires a much shorter lease term.
What’s interesting to note here is that coworking spaces have been slowly gaining traction globally in the work-play space space space. In fact, over the past decade. It reflects people’s preference for a one-stop solution for their daily needs – from home use to work and play life. And, given the convenience that this combination is known to bring to employees, it’s likely that this trend will continue to flourish in the years to come.
Coworking spaces will be more tech-driven than ever
Technology is at the forefront of any successful business, and coworking is no exception. To that end, coworking space users expect operators to provide them with all the tech gadgets and gadgets they might lack in their day-to-day operations, as many remote workers work from home or are living a nomadic lifestyle. In particular, we recently discovered what digital nomads are missing in their current work setup and what they would like to see in a coworking space: According to our survey, reliable Wi-Fi connectivity is what they consider most important. However, as a coworking space operator, simply enabling a stable internet connection will not cut it in the future. The bar needs to be raised to attract and retain loyal customers.
In addition to the equipment required in a coworking space (such as printers/scanners, video projectors, or video conferencing equipment), these types of spaces may also need to ramp up operations and deployment:
- Advanced building access system, 24/7;
- Automatic booking software;
- And other modern devices such as TV, tablet, sound system;
- Even podcasts.
As an added bonus, all of these are not only solid selling points for coworking spaces, but also features that enhance productivity and creativity for users.
Hotel-style workspaces will become increasingly popular
Few business segments have been hit harder during the pandemic years than the hospitality industry. That said, as travel returns to pre-pandemic levels, hotels everywhere are also welcoming freelancers and digital nomads (people who like to explore the world while also doing some work). And, while some of these workers are now accustomed to setting up their laptops in hotel rooms or lobby areas, some hoteliers are better accommodating their needs by providing on-site co-working spaces. These professional environments give workers a flexible space to use to make the most of their work time without other challenges or distractions.
Furthermore, hotels can also increase their revenue by creating co-working spaces. This is because they are likely to attract not only nomadic workers but also locals who need flexible working solutions. For example, many residents who live near a hotel may never consider staying overnight there, but they could benefit greatly from a co-working space close to home.
Among other trends, this has been embraced by hotel giant Accor, which is on the cusp of introducing co-working spaces into its global hotel portfolio: “The hotel industry has to evolve to be more flexible and open to non-travelers,” said Accor CEO Sébastien Bazin.
More creative fields will be added to existing and upcoming coworking spaces
Cultivating that creativity, thinking outside the box, or bringing that artistic touch to one’s work is certainly a challenge when working within the same four walls at home or in a noisy, crowded coffee shop. And, while coworking spaces offer designated areas for work, calls, or conferences, coworking spaces that incorporate creative areas may be a step ahead of the competition.
That’s because some professions require more than a laptop, an Excel spreadsheet, or a video projector to succeed. What’s more, the past few years have ushered in a shift in freedom—not just in where we work, but how we work. More jobs now require creative approaches, more creative thinking, and greater flexibility in terms of planning, strategy, and operations. Of course, most of these jobs fall into the category of creative endeavors, like marketing, publishing, and content creation. But that increased flexibility extends to other areas as well.
Fortunately, some coworking spaces already have unique amenities like podcast studios. Others have designated areas for brainstorming sessions or career-specific spaces, equipment, and technology. The bottom line is that the more unique the amenities, the better the chance of attracting a specific group of workers.
Coworking operators will focus more on community building through social events
Speaking of like-minded individuals, one of the main attractions of coworking spaces is the opportunity to network and socialize with professionals from different industries who share similar interests. And, while many flexible workspace operators have encouraged events that allow members to socialize outside of work hours, this is an aspect that needs to be nurtured and developed further.
“The vast majority of interactions (such as events or meetups) in a coworking space are initiated by just a few people. The key is to find those people and keep them around. Coworking operators should identify who these people are in their space and build relationships with them, while also considering sweetening the deal (e.g., with a lower membership number) so they feel valued and want to stay.” Travis Howell, Assistant Professor of Strategy at the Paul Merage School of Business at the University of California, Irvine
With the rise of remote work, many people cite the lack of socialization as a reason to return to traditional office spaces or use coworking spaces instead. While working alone can be effective in some situations, it’s important to remember that in the long run, humans are social creatures who need to spend time with friends to recharge and boost creativity and productivity.
So by hosting events – whether purely social or with a professional twist – coworking operators can help build a real community among their members and foster a sense of belonging that can turn casual users into loyalists. And the convenience of being able to work, socialize, network and even gain insights from different industries and business backgrounds – all under the same roof – is what attracts many workers.
There will be an increasing focus on sustainability
All in all, this is not a new or groundbreaking concept anymore. However, sustainability could be a game changer for the coworking space industry. These types of workspaces are known to attract younger generations, such as Millennials and Gen Zers, who are more environmentally conscious than previous cohorts. In this case, sustainable and eco-friendly businesses are already on their radar, and many young workers would rather choose a company that supports green living than one that doesn’t.
With that in mind, coworking operators are now focusing on locations that can save energy through large windows that let in natural light or buildings with solar panels. While not every scenario allows for such places, there are other ways to encourage and sustain a more eco-friendly way of living and working in a flexible space. This can include adding natural plants, green spaces, and rooftop terraces; recycling initiatives; and using natural, plastic-free products.
For operators, all of these environmentally conscious upgrades may require additional investment. However, it is likely to pay off in the long run as it has the potential to bring together like-minded individuals who want to partner with environmentally friendly businesses to leave a positive mark on the world.
Want to try out a coworking space? Check out our locations coworking space for rent in Ho Chi Minh City of G Office below to find an ideal coworking space near your area:
- Floor 19 – Room 1901 – Saigon Trade Center – 37 Ton Duc Thang, District 1
- Floor 15 – Room 1508 – Vincom Center – 72 Le Thanh Ton, District 1
- Floor 02 – Hado Airport Building – 02 Hong Ha, Tan Binh District
- Floor 02 – Rosana Tower – 60 Nguyen Dinh Chieu, District 1
- Floor 08 – Cao Thang Mall – 19 Cao Thang, District 3
