Coworking spaces have reemerged as one of the fastest-growing segments of the office market, but some things have changed since the industry’s pre-pandemic boom. While smaller firms and entrepreneurs drove growth then, today’s demand is fueled by large corporations, including Pfizer and Amazon. In 2018, WeWork owned most of the facilities; now, smaller operators do. According to data firm Yardi, coworking space in the U.S. is down considerably from its 2019 peak, but up substantially since 2023, with growth expected in the years ahead as businesses embrace flexibility to cut costs.
I love to see articles that reflect what we see here in the Denver market. Coworking has grown because employees and entrepreneurs want the flexibility and CHOICE to work where and how they want! They are realizing there are better options for doing their best work.
People need community--not an empty corporate office that resembles a ghost town. My daughter goes into their corporate office once a week, and there might be two people there. She is working alone in an office designed for a couple of hundred people. This makes no sense.
Others are sent to work from home at a desk in their kitchen. This should be illegal! Sure, once a week we may want to stay home and get work done,e but to turn our homes into our workspace starts to feel more like a prison.
Coworking spaces that focus on community building and flexible rental terms offer today's workers a natural network of friends, collaborators, as well as more enjoyable spaces to move around and work. Sure, the business is benefiting by paying for space on demand and no long-term leases, but they also gain happier employees, greater networking for the business, and a unique experience for everyone!
Coworking is NOT just office rental. It is about community.