Coworking is blossoming – but you already know this!
It’s been over 17 years since the coworking seed was sown by Brad Neuberg, who blogged about an idea to “come together in community”. Since then, the coworking concept has taken root and established itself all over the world.
You only have to glance at Coworker’s coworking map to see how prolific it has become.
Today, there are well over 4,000 flexible workspaces in 150+ countries around the world. Perhaps coworking is so successful as a concept because of its propensity to evolve alongside the changing needs of members, and society at large.
We don’t expect 2023 to be any different. Here are some of the coworking trends we’re betting on (some of which, you’ll agree, have been taking shape for the last few years).
The coworking concept extends well beyond the confines of the office environment.
Today, you’ll find coworking spaces in libraries, restaurants and even retail centres, as these spaces look to increase their footfall and revenue – including during off-peak hours – by catering to the needs of the contemporary worker.
Let’s take a look at three recent projects.
In April 2022, new in-house coworking spaces opened at Brompton, Chelsea and Notting Hill Gate libraries.
Named K+C Co-works, these spaces positioned within the library building are providing accessible and affordable local spaces for small businesses and freelancers. Check out this Twitter post to see what it looks like inside.
Meanwhile, over in Detroit, Host is planning to open its doors in October 2022.
Situated in the Utica area, Host will be home to a coworking space, a pizzeria, coffee bar and a full-service restaurant with a bar. Coworking perks are set to include a discounted food and drinks menu from the restaurant, and private restaurant dining for members and up to two other guests after business hours (when available).
Coworking and retail are continuing to intersect.
One of the first flexible workspace operators to introduce coworking to retail was the US coworking firm Industrious.
In 2018, it opened a coworking space in Scottsdale Fashion Square in Phoenix. The idea proved successful, and the company now operates coworking outfits in retail hubs across various US suburbs.
Earlier in 2022, Industrious announced its partnership with developer WS Development. The pair will open a new flexible workplace at Legacy Place, an open air shopping and lifestyle destination situated in Boston.
“This is a very exciting expansion for Industrious as we’ve been in Boston for several years and have been looking for the right opportunity to expand to the broader area outside of the city.
“Being able to open in such a successful and established development as Legacy Place is exactly that,” said Peri Demestihas, Senior Director of Real Estate at Industrious.
So, what does this mean for office-based coworking spaces?
Firstly, the fact that coworking is proving to be so successful that non-traditional operators are getting on board can be viewed as a great thing for the industry.
To stand out from the crowd, coworking spaces should continue to think about how they can differentiate their offering and add value.
Larger companies have been eyeing coworking for a while now.
A growing number of more established business owners are starting to realise that coworking makes a lot of sense from an employee recruitment and retention perspective, as well as a business one (i.e. increased flexibility).
Coworking is a tried and tested morale and productivity booster: it provides employees with autonomy over where and how they work and provides remote workers with a space that is conducive to productivity – because let’s face it, not everybody’s home is.
It’s also a great network cultivator.
“We don’t have permanent offices anymore,” says Andi Mann, the firm’s CTO.
“We support them going – with or without colleagues – to a place like WeWork or other shared workspaces,” he says. “I do this myself, in fact. I recently rented a hotel conference room to get my leaders into the same room for a few days.”
When planning your marketing strategy for 2023, keep larger employers – and remote workers who are employed by a company – in mind as potential audience personas.
For example, you could craft blog posts that outline the “benefits of funding coworking passess for your employees”, or create a guide for employees on “how to convince your employer to pay for a pass at your local coworking space”.
In a quickly evolving and diversifying sector such as ours, it’s crucial that we do what we can to stay ahead of the curve. As a coworking operator, one of the most effective ways you can do this is by tapping into trends on a micro level using your own data.
Data-driven decisions can help you serve your members’ needs without sacrificing ROI. Yet without the right software, accessing this data can prove difficult and time consuming. But all that changed earlier this year with the release of Trends & Insights.
At Nexudus, we’ve made it easy for you to visualise trends through your coworking management software.
Our Trends & Insights function can be accessed through the Admin Panel. It includes a number of features that leverage data and AI to help you make informed decisions on how best to run your workspace in 2022, 2023 – and beyond.
Here’s what you can track:
The ‘Projected Demand’ section of Trends & Insights provides projections on booking demand throughout your workspace on a day or week, and even on a per hour basis.
Understanding trends in desk and resources usage can equip you with the knowledge you need to identify areas for optimisation. For example, if there’s a significant dip in meeting room bookings on a Friday, could you run a 20% off promo on that day?
The ‘Insights’ section does a great job of giving you a bird’s eye view of how your space is performing. It updates regularly, and covers a wide range of useful segmentations, including ‘average booking duration’, ‘most requested capacity’, least requested capacity and ‘customer types’.
‘Dynamic’ pricing is perhaps the most innovative if not exciting feature. It utilises the data contained within your coworking software to bump your rates up or down, helping your workspace to remain as competitive as possible.
To learn more about Nexudus, request a live demo or find out if we are the right fit for your business, get in touch today.
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