Coworking spaces replace the office

The Future. Going into the office may not be making a full comeback, but going into an office may be all the rage. Coworking companies are experiencing a renaissance post-COVID, giving people without a company office an option to work around other people. If a recession strikes next year, more companies may ditch the office leases and opt for company coworking arrangements.

Welcome back, WeWork?
While workers enjoy the flexibility of remote-work life and companies reap the savings from not having a dedicated office, both are missing the collaboration of being together.

• Per Fast Company, coworking spaces have regained popularity this year — WeWork has reached almost three-quarters of its pre-pandemic occupancy levels, and IWG has signed up two million more members.
• But it’s not just in the big cities. With remote work sending people packing for Zoomtowns, coworking companies are opening up in thousands of locations, including places like Kodak, Tennessee, and Bedford, New Hampshire.
• And with work-from-anywhere arrangements turning employees into digital nomads, companies like Workbar are opening up “workplace mobility programs” that companies can purchase for them.

Additionally, the perks have changed. COVID reminded everyone of the importance of health and wellness, so workspaces are offering amenities like “fresh airflow, lighting that mirrors the body’s circadian rhythm, and seats and tables set at different heights to keep workers from overstraining certain muscles.”

But it’s not all good news. With recession looming, WeWork’s stock has dropped 70% since the top of the year, and IWG’s has fallen 50% — posing potential kinks in both of their expansion plans.