So yes, coworking giant WeWork filed for bankruptcy this month.
But that doesn’t mean the industry is dead — an estimated 28.2% of full-time employees have adopted a hybrid work schedule and 12.7% work from home full-time.
That leaves many looking for a space between the office and the spare bedroom that's affordable, convenient, and customized.
And WeWork’s former competitors are ready to answer the call, per The Wall Street Journal:
- IWG says 8m+ people use its 4k+ workspace locations globally, offering both individual coworking memberships and corporate office space.
- Industrious has coworking spaces for individuals, small teams, and larger businesses around the world.
- Liquidspace and Radious are marketplaces for on-demand workspaces.
Plus, small coworking operations are springing up, promising more niche experiences.
Companies are learning from WeWork’s mistakes
While many WeWork locations were in busy downtown areas, today’s hybrid and remote workers are looking to minimize lengthy commutes by finding coworking space closer to their homes.
Pre-pandemic, 30% of the Industrious locations were outside of major business districts. Today, it’s 70%.
This means the future of coworking might look more suburban, with spaces increasingly springing up in residential areas — like your local coffee shop, but better.
And 40% of companies plan to increase their use of flexible work spaces, including coworking, according to a JLL report from May.
Coworking will look different, too
Tomorrow’s coworking spaces might look more like your living room, with comfort and flexibility prioritized.
Plus, unconventional spaces will continue to pop up as coworking companies look to give customers space close to home.
We’re not kidding: Radious says some of its most commonly booked listings are a 1970s Airstream and a yurt.