Although coworking spaces have been around for a couple of decades now, their popularity really surged once the chaos of the pandemic started to settle. With so many people thriving after being given the opportunity to work from home, the demand for flexible work schedules and environments soared. This has led to more and more people seeking out coworking spaces as a solution, resulting in rapid growth for the coworking market as a whole.
Of course, just like with any industry, accelerated growth is usually shaped by current market trends. In order to stay relevant, coworking spaces need to meet evolving consumer demand, meaning that there are plenty of changes that you can expect to see this year. Read on as Circle Hub talks you through some of the biggest predictions and trends that will be influencing coworking spaces in 2023.
Corporate-Friendly Coworking Spaces
Back in the day, coworking spaces used to be favored by freelancers, small businesses, and solo entrepreneurs. This clientele tended to work individually, making communal coworking spaces the perfect match for them.
However, since the pandemic, an increasing number of larger corporations have also been turning to coworking spaces for their organizations. Rather than paying for an expensive office lease that employees don’t even want to be using, these corporations are switching to coworking spaces as a way to cut costs. Not only does it save them their monthly rental fee, but they also don’t need to worry about overheads. This is particularly important in current times with energy prices on the rise.
While this may be the case, many coworking spaces aren’t very corporate-friendly. While larger corporations are happy to use communal working areas at times, they have a greater need for private offices and conference rooms. They need a place in which they can liaise with their team and hold confidential meetings without having to worry about a privacy breach.
So, as 2023 progresses, you can expect to see coworking spaces making a bigger effort to appeal to corporations. Those that don’t offer private offices will start to do so if it’s physically viable. This way, they won’t miss out on the increasing corporate demand.
At Circle Hub, we already have a number of private offices available for hire. These office suites vary in size, with the largest accommodating five desks. Just like the rest of our coworking services, there’s no long-term commitment required if you need to book an office space. You can hire them by the hour, meaning that you’ll only pay for them when you actually need them.
A Heavier Focus on Community
One of the biggest perks that come from working at a coworking space, as opposed to working from home or from your local cafe, is the sense of community that you’ll be able to immerse yourself in. This has helped to encourage the rapid growth that the coworking market has witnessed. As a result, 2023 will see an even bigger emphasis placed on building and nurturing a community within a coworking space.
At Circle Hub, this is something that’s already very important to us. We’ve focused on community-building right from the start and will continue to do so. Our communal areas help with this – a quick chat with other professionals in our kitchen area, while you’re helping yourself to some of our complementary refreshments, will give you a sense of belonging. This can help to boost productivity in the long run.
We also offer a number of organized community-building events. From free breakfasts every fortnight to the free evening yoga sessions at our Ventura location, our events calendar is packed with activities that will encourage you to form a strong professional bond with other Circle Hub members.
Just about every coworking space out there will already offer a range of amenities. From free cups of coffee to meeting room access, these are the basics that a coworking space needs in order to attract new members.
Take our onsite gym at our Ventura location, for example. Not only can a quick workout be a great stress reliever, but research also points to how it can increase productivity. The same applies to our gaming room. It’s a great place to kick back and relax for a while, which enhances work/life balance. However, it will also help to refresh and reset your brain so that you’re able to get back to work with a clear head.
Niche-Oriented Spaces vs Inclusive Spaces
Interestingly, 2023 sees the rise of two coworking trends that clash with each other a fair bit.
On one hand, you have the growth of niche-oriented spaces. These are coworking spaces that target a specific segment of the market. Examples would include coworking spaces just for women, or spaces designed specifically for artists.
However, the inclusivity trend is also becoming more prevalent. Businesses in every industry have been striving to be as inclusive as possible, and coworking is no exception. This means offering everything under one roof for every niche, rather than focusing on a particular niche and excluding everyone else.
Which trend is going to win this battle?
In our opinion, the inclusivity trend holds more promise. One of the reasons why coworking is so popular is because it allows people to mingle with those from other industries. This makes for a much more vibrant and dynamic environment. Sure, if you’re an artist, then rubbing shoulders with other artists may seem appealing. However, networking with people that are all about tech or marketing or finance can really help to expand the horizons of your brand. You’ll be exposed to perspectives that you may not have otherwise considered, which is always a good thing for any business.
Sustainability is a trend that’s running through just about every industry at the moment. When it comes to coworking, people are increasingly seeking out spaces that strive to be as sustainable and eco-friendly as possible.
This may require many coworking spaces to make some big changes. However, this will work to their advantage too. Research shows that 75% of companies have seen parallels between sustainability and profitability in the long term. While creating a sustainable working environment now may require some extra investment, this will pay off in the end, especially since they’ll be able to attract the growing market of eco-conscious consumers.
How will coworking spaces encourage a more eco-friendly environment?
There are a number of changes that you can expect to see. Some will overhaul their interior decorating, turning to sustainable and recycled furniture instead. Others will offer onsite recycling and composting services while discouraging the use of non-recyclable materials. Switching to reusable energy suppliers will also help to improve sustainability ratings.
Many will also enhance their workspaces with indoor plants, which is something that we do at Circle Hub. Being surrounded by lush greenery while you work is something else that can help to boost productivity.
When coworking spaces were first launched, they were generally pretty low-tech. They needed to be heavily staffed and managed. As a result, they would only be able to offer limited working hours.
However, technological innovations have been changing this. By adopting new forms of technology, coworking spaces are now able to run so much more efficiently. From access cards that enable a person to enter the building on a 24/7 basis to advanced booking systems that can be used at any time of the day (or night), technology has really made its mark on the coworking market.
Not only does this benefit the consumer, but it’s good news for the coworking space itself too. Just like when it comes to sustainability, implementing these technological changes may cost extra at first, but it’s something that will pay off in the long run.
We’ve already discussed some of the out-of-the-box amenities that you can expect to see coworking spaces adopt in 2023. However, there are a few other additional perks that consumers are seeking out.
Take parking, for example. One of the benefits of coworking is the ability to cut back on your commute. However, starting your morning feeling frustrated and anxious because you’re not able to find a parking space can really mess with your head. This could affect your productivity for the rest of your day. As a result, people are favoring coworking spaces that offer hassle-free on-site parking. Our Ventura location is the perfect example of this, with plenty of parking available directly in front of the main building.
Of course, those eco-conscious consumers that we discussed earlier will be using more sustainable transportation methods to get to and from a coworking space. Cycling has been growing in popularity among professionals. However, this means that people need somewhere to safely park their bicycles. In addition to car parking spaces, bike parking is another aspect that coworking spaces will need to consider offering if they want to remain aligned with consumer demand.
Coworking at Hospitality Venues
Traditionally, coworking spaces have been standalone buildings that only offer coworking. However, the growth of digital nomads has led to more and more hotels and hospitality venues also offering coworking as a service. As a result, many coworking spaces can now be viewed as a destination in themselves.
It’s not just hotels that are getting in on the coworking trend either. Even restaurants and coffee shops are now providing coworking services during quieter hours of the day. While it’s unlikely that these will replace traditional coworking spaces, they’re a great option for those who want to combine coworking with travel and tourism.
As you can see, there are a number of changes that will be affecting the coworking industry in 2023. From corporate-friendly initiatives to eco-friendly practices, all of these trends have arisen due to evolving consumer demand. This means that coworking spaces will need to implement them if they want to stay relevant and appeal to today’s market.
Interested in learning more about the cutting-edge coworking spaces offered by Circle Hub? Click here to get in touch with us today to book a tour or a free consultation.