Coworking Spaces: A Movement That’s Here to Stay
The COVID-19 pandemic and shelter in place orders across the country has caused most of the coworking industry to press pause on offering physical spaces for people to come together. However, coworking is and always will be more than just physical space. Coworking spaces are communities that have the ability to transcend walls and bleed into real relationships.
Not Just a Space, but a Movement
The first coworking space appeared in 2005 and the industry has since exploded, with an estimated 26,300 coworking spaces available around the world by the end of 2020. Beyond the big players in the space, like WeWork, Regus, Industrious and Knotel there’s a growing trend of local coworking spaces thriving in smaller communities. If we look at the impact of millennials and Gen-Z,global demand, and the particular benefits for businesses in up-and-coming regions, the landscape becomes clear: coworking is a cultural change that’s here to stay.
Coworking is also empowering cities and communities to retain their talent. Whereas before, people sought out these other locations and bigger cities because it was truly the only place they could connect, get access to fast Wi-Fi, technology, like-minded individuals and opportunities overall. It’s a new reality that employees can plug into a coworking space and still work for their dream company. We’re seeing entrepreneurs, investors, and even chambers of commerce realize first-hand the impact that a coworking space can have on the success of a startup and they’re coming to understand that maybe they can capture that next “Uber” before they are forced to leave for Silicon Valley.
Today, it’s not just founders of tech startups who have joined coworking communities. Small business owners find them tremendously helpful because of affordability, central location, and social opportunities, and freelancers join to fend off isolation and reap the benefits of working around others. Many now-famous companies were actually founded in coworking spaces, like Indiegogo, Uber, and Instagram. The networking opportunities offered by coworking spaces are a huge piece of those companies’ success stories.
There are even co-working spaces for women like The Wing and The Lola, indie game developers, dog lovers, writers, and life sciences coworking spaces like BioLabs.
The Lasting Impact of COVID-19
Coworking is such a community focused industry and during shelter in place, people are still yearning for that collaboration and community. They are coming together virtually during this time, sharing resources, hosting happy hours to help one another during this time.
The pandemic may have taken away the physical collaboration that coworking spaces offer, but in general, this crisis will be a net positive for the industry. The shelter in place orders have forced traditional businesses who were typically opposed and resistant to remote work to rip off the bandaid. The result will be that managers will find that their workforce actually can be productive when not at the central office. From a cost standpoint, more companies will opt out of signing the typically long term physical leases of traditional offices and want spaces that offer more flexibility.
Many who have already been “working from home” will find that while the flexibility and freedom was nice, their actual home is not conducive for work and that they miss the in-person community of their coworking spaces. Coworking will actually emerge bigger and better than ever after we come out on the other side of this crisis.
Technology, and more specifically, productivity software like Google Docs, Google Hangouts and Slack has shown employees that they can and should be able to work remotely from any location. As an alumni of the Google for Startups Black Founders Exchange and recent graduate of the Techstars Accelerator program, I have a passion for using technology to solve complex problems, especially those problems that have a human impact. Through the Google for Entrepreneurs Black Founders Exchange at Durham’s American Underground, my team and I were mentored by top Google engineers as well as local entrepreneurs and business leaders. This mentorship was critical for taking Coworks to the next level, thinking beyond the immediate future and helping us to put into place the processes that have enabled us to quickly adapt to the changing needs of our customers today.
There will always be a physical element to coworking spaces. However, if the pandemic has proven anything for the industry it’s that being physically close is only one piece of what makes coworking unique. As we transition to the “new normal” we will see communities rebuild, economies recover and the coworking community will undoubtedly have grown, welcoming newly-minted WFH warriors.
DeShawn Brown is the Founder and CEO, Coworks.
