Future Of Work Forecast: How Will Coworking Evolve in 2023?

Businesses and employees continue to argue about how, when, and where work should be done as the world strives to get back to its pre-pandemic normal. In the midst of the upheaval, coworking spaces are quietly and securely providing solutions; industry development proves its working. 

The coworking space market is expected to grow by $13.35 billion from 2021 to 2025, according to a  joint evaluation by the Chartered Insurance Institute (CII).

Of course, there isn’t a fix that works for everyone. The solution could differ depending on the organization. To save capital expenditure, increase productivity, foster a vibrant workplace culture, and take into account employees’ health, corporations are more inclined to concentrate on flexible workspaces.

What is a Coworking Space?

Coworking is when people come together in an open area to work individually on various projects or in teams on the same tasks. Employees in a coworking setting typically don’t work for the same firm, which makes it different from a normal office workspace. As employees don’t have to sign a long-term contract in a shared space, flexibility is a key feature of a coworking space.

What the Future Has in Store for Coworking Spaces? 

Competition for coworking memberships will undoubtedly rise in markets that are highly saturated. Coworking spaces need to identify and establish their Unique Selling Points (USPs) as those who co-work may start to demand more than just competitive prices.

The percentage of real estate occupied by coworking spaces, which currently ranges between 12 and 15%, is expected to reach 21% in 2023. Coworking spaces are going to exist as places where businessmen from many sectors can come together, exchange ideas, and create new connections in a shared setting.

1. Abiding by Hygiene Protocols Will Become a New Norm

While going back to pre-pandemic standards could be appealing, coworking players must adjust to the new standard of hygiene while considering the clients’ health.

More stringent cleaning and disinfection procedures, such as intense cleaning, ionization, fogging, nano-tech coatings, UV disinfection, improved air purification systems, and air quality monitoring will have to be established and followed by coworking spaces. Many coworking spaces like TecHub have already incorporated them into their hygienic coworking spaces. 

2. Transitioning of WFH to Coworking Spaces Will Become Smoother

Another long-term transformation for coworking spaces will come from the professional places halfway between the workplace and the home. Third spaces appear to operate well with hybrid teleworking arrangements, which have been classified as remote work in recent years.

As a result, coworking space owners should get ready for a significant influx of a new type of employee: the hybrid coworking, who prefers to work close to home to reduce commuting time but still needs access to a professional workplace. They require the convenience of home and social contacts found in a typical office. Since they have distinct needs from remote employees, coworking operators need to be ready to modify their spaces to meet their demands and take advantage of this opportunity.

3. Operators Will Undergo Major Digital Revolution

How can we anticipate that coworking spaces won’t be affected by the digital age as technology takes over the world? Shared office spaces will undergo a significant digital transition to become dynamic, innovative workspaces in order to stay valuable to the global employee base in the post-pandemic era.

Sophisticated technology that enhances the coworking experience for members, including Machine Learning (ML), Artificial Intelligence (AI), the Internet of Things (IoT), and AR/VR, would gain traction. The use of technology for resource management and surveillance will rise in the coworking sector as well.

In order to assist operators in minimizing the possibility of cross-contamination, contactless technologies, such as automatic doors, coffee makers, motion detector taps, etc., are in use and will become more prevalent in the upcoming years.

Are you looking for one of the best coworking spaces in Lahore? Contact us to know further about it.

4. Green Spaces Will Encourage Sustainability

Because collaborative resource sharing, which contributes to significant waste reduction and energy savings, has always been a hallmark of coworking. Shared spaces are one of the few companies established on the foundations of sustainability.

Then what comes next?

The upcoming coworking market will see a rise in environmentally friendly green spaces, the use of renewable resources, and eco-friendly technology.

Operators will include eco-friendly features such as standard equipment, such as recycled paper, rainwater collection, motion sensors, energy-saving lighting, natural cleaning products, low-VOC paints, as well as building materials, biophilia, lessened plastic usage, solar energy, and used furniture.

5. De-densification Will Have More Room

De-densify is the buzzword in real estate these days.  Businesses that traditionally packed as many workers as they could into conventional office layouts are moving away from overcrowded workspaces.

De-densification refers to increasing floor area or changing layouts in order to reduce workplace density. Giving employees the breathing space they need to work safely and comfortably is the ultimate goal. It eliminates social isolation issues and encourages a flexible working style.

Coworking spaces will need to adapt to these disruptive workplace design dynamics in order to maximize their economic potential. Shared office operators can balance cost-cutting and client safety by taking steps like constructing long working tables, efficient partitions, intelligent use of vacant spaces, ventilation, etc.

Choose TecHub To Keep Up with Market Trends

The coworking market is not only growing quickly, but it is also changing and adapting to suit the needs of future generations by fusing technological advancement, a wide range of business models, accessibility on a worldwide scale, and cross-industry reach. Coworking could have a long-term impact on the world economy if it can establish itself as a viable sector.

It is clear that coworking spaces are here to stay. So, what are you waiting for? Book a shared office space before it’s too late.