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Growth in Coworking Helps Commercial Office Space Market

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Is a Growth Surge Coming for Coworking Spaces?

As the economy reopens from the COVID-19 slowdown, questions remain about the pandemic’s effect on the world of work and commercial office space. Yet one sector that appears to be on an upward trajectory is the shared-space, or coworking sector.

Once the darling of the working world, the shared-space sector took a big hit with the onset of the COVID-19 pandemic. Things may be turning around, though.

The blog Co-Working is Poised for a Post-COVID Resurgence posted on the Catalyst website states, “As the pandemic nears an end, firms and workers face a question: return en-masse to conventional offices, keep working from home (WFH), or find another option? This is where co-working could reemerge as an option that somewhat combines both.”

The blog presents the following tidbits of information:

  • Real estate analytics firm JLL predicts that coworking space could account for 30 percent of commercial office space by 2030.
  • The online publication Co-Working Resources predicts growth in the sector from about 20,000 coworking spaces worldwide in 2020 to 40,000 in 2024. They expect rapid growth of 21.3 percent a year from 2021 onward.
Coworking Is Here to Stay

The online publication Allwork.Space sees a positive future for the coworking industry. In their blog  Coworking is the New Normal and These Stats Prove It, Allwork.Space states, “Coworking is here to stay. It was here to stay before the coronavirus pandemic; but the onset of the COVID-19 pandemic has solidified coworking’s standing as a preferable workspace solution.”

They add, “Coworking spaces have become the expected and preferred workplace of today’s workforce. This is now truer than ever, especially as more companies shift to permanent remote work options following the coronavirus pandemic. Companies adopting hybrid work models are incorporating flexible workspace solutions into their real estate strategies in order to cater to the needs of remote workers across different cities and countries.”

Allwork.Space offers the following statistics:

  • According to The Instant Group, the supply of flexible workspaces is expected to grow more than 21 percent in 2021. 
  • In a survey by real estate firm CBRE, 86 percent of respondents reported that flexible office space is a key component of their future real estate strategies.  
  • Coworking spaces are likely to double or triple in the U.S. in five years according to The Commercial Observer.

While many coworking spaces are located in city centers, Allwork.Space reports that suburban coworking locations “stand to win the most in a post-pandemic world” as many people are leaving urban areas in favor of suburban and rural areas.

Miller’s Landing is Prepared for the Future

At Miller’s Landing in Castle Rock, CO, we’re prepared for the new commercial office space environment. We’re creating a dynamic new 65-acre multi-use development in a growing suburban community in the south Denver metropolitan area.

Miller’s Landing combines attractive multifamily housing, modern commercial offices that meet new normal standards and a pedestrian-friendly town center with retail, restaurant and entertainment options.

New Office Under Consideration

We’re currently considering plans for a commercial office building that would offer versatile office spaces that meet new normal working standards.

The new building would be the ideal location for a coworking space situated in a popular suburban location, a new corporate office or a satellite office.

Escape Urban Crowding in Castle Rock, Colorado

For those seeking to escape the congestion of large urban areas, Castle Rock is an ideal location. Located on the I-25 corridor in the south Denver metropolitan area, the town offers the amenities of nearby Denver and Colorado Springs along with the lifestyle afforded by a smaller community.

U.S. News & World Report named Douglas County, CO, the second healthiest county in the nation for the second year in a row. In addition, MoneyGeek has named Castle Rock the safest small city in Colorado and one of the safest communities in the country. 

Let’s Build The Future Together

Miller’s Landing is an exciting place to build the future together.

Join us.

Have an Idea? Let Us Know!

Listening to the community remains a top priority at Miller’s Landing, especially as we navigate the rapidly changing markets for hospitality and office users. We look forward to continuing our conversation with you on the next steps for Miller’s Landing.

If you have thoughts or ideas about Miller’s Landing, please share them with us. The Community Share section on the Miller’s Landing website offers a section to share your thoughts with us. We welcome your involvement!

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