Virtual offices make your business look more professional and offer you a wide range of available addresses. For instance, even a small business can rent a virtual office on Wall Street. However, virtual offices are cheap for a reason: Even if you have access to your physical address, it’s limited.
Unlike virtual offices, coworking spaces offer you unlimited access to physical space, with all its benefits, including kitchen, conference areas, break rooms, scanners and printers. Coworking spaces are a great alternative to traditional offices because they provide a flexible collaborative environment. They also are a great solution for professionals who work at home but feel the need for networking with like-minded people.
Coworking creates flexibility in real estate, adds services, and can generate profits to landlords by offering premium space to tenants. These benefits are why Chang sees the industry transitioning into a hospitality offering, where clients will appreciate the variety of services and premium add-ons. These can include amenity offerings, such as self-service kitchens and beverage stations, to branded in-store coffee shops, and restaurants. All of this culminates in the perception of the brand, the culture of the community and customers in it, hence elevating the coworking “vibe.”
Global occurrences in 2020 have created a huge opportunity for coworking to re-organize and newly orient itself as “next generation real estate” to capture market shares promoting a future upswing. We’ve covered some of the “next generation” types of coworking buildings in our “Smart Building Index”. To make this happen, coworking will have to step outside the comfort zone of servicing freelancers, small businesses, and startups, and support three new user segments (if they haven’t already). These include:
These new types of coworking tenants will change the demand for coworking as can be seen in the charts below.
change common area protocols.
“Safety concerns will be paramount. Operators and landlords will need to demonstrate the highest level of cleaning standards.
partner with brokers.
Speaking with Jamie Russo, she is “already hearing from the brokerages and others that work with corporate clients that many real estate teams are planning for both a phased approach to returning back to the office as well as offering employees the option to work from third places that are both convenient and safe. We may finally see mass adoption of the “coworking budget” for SMBs and large companies.”