How Coworking Spaces Are Getting Their Business Up and Running again

COVID-19 changed how we live our lives, how we interact with our near and dear ones, and even how we work. With all the restrictions imposed on us due to the pandemic, businesses had to remodel their business model, manage employees working remotely, reduce costs, and transition to a digital working environment. This impacted the coworking industry on multiple levels.

Coworking spaces in Hyderabad, which are an ideal workplace solution for freelancers, startups and SMBs, generally thrives on bringing people from different strides of life together under one roof. The benefits of coworking spaces are: 

• Reduced operating expenses- One need not invest funds for a full office space, utilities, and amenities to operate. Shared office space offers numerous services and fully equipped workspaces that include eloquent meeting rooms, high-speed internet, on-site support staff etc.
• Networking Platform- Shared office space provides opportunities to network and collaborate with highly enterprising individuals from different types and levels of organizations.
• Value added services- Coworking space is the ultimate ideal workspace because it encompasses gym, nap rooms, cafeteria, yoga and meditation rooms to destress.

Despite the benefits, the pandemic has turned out to be merciless:

• Coworking spaces pre-pandemic would have 100℅ of their space occupied. But with most teams working remotely, the coworking sector was hard hit as occupied desks were reduced to 15-20% and cash flow became stagnant.
• Organizations choose coworking spaces primarily because of the open model collaborative spaces that they provide. But incorporating the social distancing norms ensured that a considerable amount of space remained unused unless the layout was changed.
• The pandemic also brought about a behavioral change among people. It made people more aware of the impact of contracting the virus and increased people’s hygiene requirements.

When There Is A Will, There Is A Way

Coworking space providers, having anticipated the long- reaching impacts of the pandemic started coming up with solutions that would help them get out of the economic slump sooner. Some coworking space providers have already seen a gradual rise in demand due to these solutions. The core principles of co-working, i.e., flexibility and cost-effectiveness proved as strong points to recuperate the coworking sector in these ways: 

Empowering more flexibility

Coworking spaces started providing more flexible membership options and payment plans-virtual memberships to hourly or day-based models to acclimate the hybridization of work-from-home and work-from-office.

Revamping space design

Majority of the workers find that a facilitative office environment allows for greater focus and productivity, teamwork, and human relationship while working from home is not sustainable in the long run as it merely generates a quasi-productivity level. In the post-pandemic period, providing a safe space became as big a priority as providing productive workspaces. This led to changes in space design to adhere to social distancing norms.

Safety First

Safety protocols have been incorporated by using facial recognition entry systems and cutting down on the usage of frequent touchpoints. Operators have also employed cutting edge technology for spatial analytics to give members real-time status on crowd levels. 

To further prioritize the health and safety of all the people working from coworking spaces, providers put up hygiene and sanitization protocols in place. 

Tip: Make sure that shared office spaces provide all safety protocols and put your safety first. Services by iKeva are top-notch because their workspaces are thoroughly sanitized to ensure safety to every individual.  

What is next?

On a positive outlook, the lockdown has posed to be an opportunity for coworking space providers and be prepared in the long run as we try to co-exist with Covid19. 

The growth of the market share of the coworking space industry will be influenced by the pandemic and will result in innovative measures such as agile floor plans like plug and play, furnished suites along with flexible lease terms.