It is safe to say that today’s world is different because of the onslaught of COVID-19. Most industries had to pivot their operations in order to accommodate safety limitations in 2020, and this year; it seems like the new normal is here to stay.

In the wake of the pandemic, traditional office set-ups are slowly becoming antiquated in lieu of more agile options coworking space and flexible work environments. Truth be told, the coworking industry was hit hard by the pandemic. Growth slowed down last year, but the industry seems to be picking up from where it left off.

2020 Projections in Retrospect

In 2019, there were approximately 18,287 coworking spaces around the world. At that time, the number was expected to balloon to 24,000 the following year. Unfortunately, the pandemic has slowed down the trajectory of flexible workspaces. In 2020, the coworking market experienced a downturn of more than 12% – falling from a $9.27 billion to a $8.24 billion industry.

Nevertheless, 2021 is poised to be a promising year for coworking. Most corporations, regardless of the scale, have come to realize the value of offering flexible work arrangement to their employees. Likewise, after a year of lockdowns and stay-at-home orders, employees are looking to find a delineation between work and play.

From Trend to Status Quo

Around the time of its conception in 2005, coworking spaces are considered as nothing more than a trend reserved for tech start-ups and design studios. However, agility is a lesson most companies learned at the height of the pandemic. COVID-19 has ushered in a new normal and this new status quo is deeply felt in the way corporation require their employees to produce output.

While not all companies have allowed remote work for their employees fully, a “hybrid” form of work arrangement is projected to become popular in 2021. Hybrid work arrangements entails companies to partner with coworking spaces for fully-decked out office spaces to cater to the needs of their employees wherever they are currently located.

Corporations Turning to Coworking

The pandemic has emphasized the value of the coworking model across all scales of operations including corporations and multinational businesses. The ability to lease out smaller, fully-equipped spaces in lieu of building a headquarters from the ground up is enticing especially for companies that are looking to decentralize and save costs.

Coworking as a business model has been around for more than a decade. The recent pandemic has only cemented its place as a viable office set-up option from SME’s and multinational corporations alike.

That said, not all coworking spaces are created equal. Whether you are a freelancer looking for a coworking desk or a small business ready to scale into a private office, it is all a matter of finding a partner that fits your needs.

Across Metro Manila, Loft should be your only choice for your coworking and flexible work needs. Reach out to us today to learn more about our coworking, private office, and virtual office packages.