Can the Coworking Concept Survive the Pandemic?
As the COVID-19 pandemic continues to disrupt wide swaths of the business world, one segment that seems to face an uncertain future is the coworking business. Once the darlings of the business world, coworking quickly grew in popularity as the economy was booming and office rentals continued to rise.
Freelancers, solo business operators and small companies welcomed the opportunity to work in professional office environments without all of the costs associated with running a traditional office. Established and growing companies also saw coworking as a flexible way to increase office space when necessary and easily establish satellite offices.
It was so popular that one commercial real estate executive said coworking “may be the biggest disruption to real estate since the invention of the elevator.”
Taking on A New Form
Prior to the pandemic, most coworking spaces operated on a similar model, relying on densely populated offices with open desks and work stations located in communal and open spaces. Private spaces were few. COVID-19, and its emphasis on social distancing and healthy work environments, immediately made the coworking model obsolete.
But is coworking dead? Not by a long shot say many experts. While it most likely won’t come back in its pre-pandemic form, coworking is still a viable concept. Vox recently outlined a number of potential futures for the coworking segment.
Vox notes that large companies are expected to increase their use of coworking spaces in the future. It’s a trend that began before the Covid-19 pandemic. Large companies are increasingly attracted to the flexible terms offered by coworking spaces rather than taking on long-term leases. Prior to the pandemic some companies had even started to lease entire sections, floors and even buildings from coworking providers.
According to Vox, “The uncertainty the coronavirus brings could cause more companies to look for flexible space that can accommodate rapid changes in their needs.”
Vox also notes that as more employees work from home, coworking space may increase in popularity as more workers seek to leave distractions around the house and interact with other workers.
To survive, many experts believe coworking spaces will have to make a number of changes. These include following heightened cleaning protocols and installing more dividers between work spaces and providing some space as private offices.
An Ideal Co-Working Location
Miller’s Landing is ideally situated to locate your new coworking site. Located in Castle Rock, CO, Miller’s Landing is one of Southeast Denver’s newest and most innovative mixed-use commercial developments. It will feature a dynamic town center that includes offices that meet new normal standards, exciting retail and restaurant options, a resort hotel, conference and meeting space, ample open space and easy access to one of the region’s leading outdoor recreation parks.
Our new 150,000 square-foot multi-tenant office building, which is under development, will offer healthy, safe and smart offices that meet the higher standards of today’s new normal working environments. Office users will enjoy versatile office space that meets modern health and safety demands in the era of COVID-19.
Castle Rock is a growing and popular south Denver suburb located on the I-25 corridor. It’s consistently rated as one of the best places to live and locate a business in Colorado. It offers a charming small-town atmosphere with easy access to big city amenities in nearby Denver. Livability magazine recently included Castle Rock in its list of the top 8 small towns in American located close to major metro areas.
At Miller’s Landing we’re creating the ideal place to locate your business. Join us and let’s build the future together.