Initially considered a workplace innovator and real estate disruptor, news of WeWork’s dramatic fall from grace left many wondering about the future of co-working.
Combine that with fervent return-to-office mandates — in one study, some 90% of companies say they’ll return to the office by the end of 2024 — and, at a glance, it seems that co-working could turn out to be a dying workplace fad.
But looking beyond the hype and headlines paints a different picture. Many have stressed that WeWork’s woes have their roots in other places (think back to its fumbled 2019 IPO, and the company’s struggles with eccentric founder Adam Neumann) and are, in many ways, disconnected from what is going on in the rest of the co-working industry.
The reality is that co-working is perfectly poised to capitalize on emerging work trends; and if you’re in a remote-capable role, there’s a good chance you’ll be checking into a co-working space at some point in 2024.
Hybrid is here to stay – and co-working can help
Multiple studies have shown that hybrid work is the future of the office. Gallup’s recent survey of more than 200,000 employees shows that over half of remote-capable workers expect and prefer hybrid work and that return-to-office mandates have been a key driver of worker disengagement.
What’s more, leaders seem to be listening: eight in 10 HR leaders from Fortune 500 companies report that they have no plans to decrease remote work flexibility in the next 12 months.
This means that it’s highly unlikely that there will be a mass, full-time return to the office. On average, hybrid workers report working in-office 2.6 days per week.
To facilitate this, and as many workers transition from fully remote to hybrid models, many companies will be utilizing the flexibility and availability of co-working spaces.
This is particularly true of growth firms and ambitious startups, where co-working spaces allow them to plan much-needed employee face-time in a wider variety of markets without the hefty cost of real estate investment.
Companies that have downsized their offices to facilitate hybrid work models may also find themselves relying on co-working spaces for quarterly off-sites or team-building days.
Smaller, better, more niche: the future of co-working
Flexible work arrangements are here to stay, but what that looks like for employees is continuing to evolve. Big, buzzy city center locations don’t hold the same appeal in a post-Covid world.
Rather, the shared work spaces that are thriving are smaller, and tailored to fit the needs of their members, creating collaborative communities with plenty of social opportunities.
Smaller, more niche spaces are also more sustainable, as being independently run means financial viability is a priority over expansion and growth.
Co-working is killing the commute
The hybrid work model signals a move away from purely working from home, but for many workers, a post-Covid work world means avoiding returning to the dreaded office commute at all costs.
A Washington Post/Ipsos survey earlier this year showed that over half of remote-capable employees cited not commuting to work as the most important reason for staying at home.
But Gallup’s wide-ranging studies show that people do want to leave their homes and work somewhere else, at least a few times per week — nine in 10 remote-capable employees prefer some remote work flexibility, with the majority preferring hybrid work.
Over 50% of hybrid workers feel working in a hybrid way increases productivity, but employees don’t necessarily want the headache of a lengthy commute to achieve that.
Interest in co-working spaces outside city centers has been steadily growing, with one UK study showing that demand for co-working spaces outside cities has jumped by 36%. This is why, in many ways, We Work’s locations in urban centers worked against it. In 2024, expect to have more people working from co-working spaces dotted in residential and suburban areas.
Curious as to whether the hybrid model is for you? The TechRepublic Job Board has thousands of remote and hybrid roles, like the three below.
Senior Technical Writer, ASML Hybrid from San Jose
Are you an experienced technical writer who is legally cleared for access to controlled technology? Dutch multinational ASML, one of the world’s leading manufacturers of chip-making equipment, is hiring a Technical Writer. You’ll be responsible for writing, editing and publishing high-quality single-source product documentation, as well as collaborating with the product engineering, development, customer support and product marketing teams to develop and maintain product documentation. See all the requirements here.
ServiceNow Architects – Enterprise Service Delivery All Levels (Remote), IFC, Reston
Consulting firm ICF is open to supporting 100% remote work anywhere within the U.S. It is hiring ServiceNow Architects to design and architect comprehensive, complex and integrated solutions that meet clients’ unique service-oriented requirements while aligning with industry best practices and a holistic platform approach. Working collaboratively with various teams, you will play a leading role in the successful delivery of ServiceNow projects that include HRSD, CSM, ITSM, AppEngine, custom applications and other out-of-the-box solutions. See the full job description here.
IT Project Analyst, Booz Allen Hamilton, Hybrid from Lexington Park
Strong project management skills and Systems Engineering experience are required for the role of IT Project Analyst at Booz Allen Hamilton. In this role, you’ll work with engineering and programming teams to support IT project management projects for the Defense and National Security industries. Find out everything you need to know here.
Discover thousands more exciting roles in tech on the TechRepublic Job Board