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Although the full impact of the Covid 19 pandemic on the economy can’t be fully understood yet, predictions point towards a bright future for the shared workspace industry.

Cost Reduction

In the short term, companies will be forced to find ways to drastically reduce their costs in order to stay afloat in the slow economy that will follow the pandemic. One huge chunk of their operations budget is allocated to office space, which cannot be fully used due to sanitary restrictions. So, companies will be looking to decrease their office space in the near future.

This means that more companies will be negotiating more flexible lease contracts as part of their strategy, as well as finding more adequate solutions for their workers than having them all work from improvised home offices. The shared workspace industry will play a key role within these cost reduction strategies.

Talent Attraction, Retention

Workers are looking for companies that allow them to decide about where and how they work and working from home is not necessarily the best option for most people. This means that companies will have to look for solutions that allow employees to work near their homes, but in a professional setting that is conducive of focused work, collaboration, networking possibilities, etc. The shared workspace industry is perfectly set up to fill this need.

Operational Flexibility

During the height of the pandemic, companies were forced to adapt to new rules and restrictions that drove them to add flexibility to their operations. And although most companies had been considering experimenting with flexible models before the pandemic, they were halted by the uncertainty of how to implement these models.

When the choice was made for them by the pandemic and they had to struggle to quickly implement these same models, they found out that despite the initial difficulties, flexible models were not so complicated to implement after all.

Now companies are willing to try out flexible models that they might have overlooked before such as agile suites, team suites, private offices, dedicated desks, coworking spaces, or offering the option of working from anywhere in the world.

Increased Remote Working (productivity can happen anywhere)

Another lesson that companies learned during 2020 was that productivity is not restricted to the traditional office. So, it shouldn’t be surprising if they decide to give employees the option to work from anywhere, they choose to.

This will inevitably lead more people into the shared workspace industry because other options such as a home office, a coffee shop, or the local library aren’t as well suited for remote work.