Will Work From Home Burnout Save Co-Working Office Spaces?
Will Work From Home Burnout Save Co-Working Office Spaces? Before the pandemic began shutting down commercial spaces in early 2020, there was growing popularity in coworking office space that was rentable in several areas across the country. The growing gig economy had spurred a need for shared office space. Rather than setting up a computer on an empty table in a coffee shop for several hours to escape what felt prison-like in working from a home office or the quiet confines of a lonely home, workers could instead rent a desk in a co-working environment and enjoy the company of other remote workers without the bustle of continuous coffee orders buzzing in the background, or the chatter of mom’s coming together mid-day for some adult conversation.
Will Work From Home Burnout Save Co-Working Office Spaces?
As the pandemic loomed, these coworking spaces became a less secure prospect and social distancing led to remote workers shutting themselves away in their own homes. But something happened as the pandemic loomed on, many people got tired of working from home. Some people got tired of just plain being at home all the time. As remote workers became lonely or tired of sharing space with family members, roommates, and pets, it was not surprising that a subtle uptick began in the demand for shared office space. Companies such as WeWork, have seen increasing growth in business recently.
Businesses are Shifting the Work from Home Mentality
While these co-working space companies did take a hit and had to sell off some assets to stay in business, they are now showing signs of life again as more demand grows. It could be worth looking into for anyone wanting to purchase commercial real estate investments right now.
Many more companies have gone fully remote over the course of the pandemic and in addition to private sector companies, some school districts have followed suit with many of their employees working part-time from their homes. Some remote workers stuck in their homes have become desperate for a change of pace and scenery so much so that some remote workers started renting hotel rooms by the day just for a separate office space.
Companies offering rentable shared office space are seeing success in offering shorter-term rentals like daily and hourly rentals and distancing out workspaces a little bit further as well as offering items like hand sanitizer and cleaners.
As more and more companies are opting to keep their employees remote full-time, or for a larger portion of their time, the demand for coworking office spaces could surge. Real estate investors would be wise to think about getting in on coworking office space buildings as this sector of commercial real estate begins to take off again.
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