Coworking Spaces Show Resilience During COVID-19 Crisis
The coronavirus pandemic has impacted a vast range of industries. It would stand to reason that coworking spaces would suffer harsh effects from the crisis, given that many businesses have had to temporarily close and members with month-to-month subscriptions can terminate them without penalty.
But let’s analyze the ways in which COVID-19 is affecting coworking and how the industry can be resilient and come out of this situation stronger than ever. It’s time for the shared workspace market to pivot and lean on some of their biggest benefits, even if the number of people walking into the offices has dwindled.
Why is coworking going to overcome this period? In broad terms, people still need to work. The market segment that was so attracted to coworking is generally still operating, albeit in remote or untraditional circumstances. This means that lawyers, accountants, freelancers, salespeople, consultants, entrepreneurs, and others who comprise a large part of the member base of coworking spaces, still have jobs to do. They likely have different tasks and workload, and possibly different hours, but many of these professionals still need space to work. While it’s possible for some to work from home, others are still choosing to avoid the distractions or loneliness of their homes.