Trends that will shape the Coworking Sector in 2023

The years post 2020 are best defined as abrupt, unexpected, and disruptive. Employees transformed their homes into workstations as business continuity increasingly depended on remote working capabilities. We are now in the post-pandemic work age, where everything has taken a 360 degree turn. Employee expectations and ambitions are changing, providing an opportunity for company leaders to rearrange their workplaces for the future. Modern workplaces must shift from being office-centric to being human-centric, with a focus on flexibility, employee well-being, and sustainability.

Coworking spaces that prioritize sustainability are likely to attract workers who are committed to ecofriendly practices

Let’s look at some of the important factors that are shaping up the coworking spaces of today.

EXPANSION BEYOND URBAN CITIES

While coworking spaces have traditionally been associated with urban cities, the industry is set to expand beyond these areas in 2023. With the rise of remote work, workers are increasingly seeking flexible workspaces that are closer to their homes, in suburban or Tier-II cities. Coworking spaces that offer more accessible and affordable options in these areas are likely to see increased demand. Lower rental rates and the availability of reputable shared-working spaces with contemporary infrastructure, tech-enabled facilities, and amenities are driving demand and development in Tier-II cities. According to a report by property consultant (CBRE), the flexible space stock in India is expected to cross 80 million sq ft by 2025 from 47 million sq ft currently. A large part of this will be driven by expansion in Tier II/ III cities.

TECH-ENABLED SPACES

The use of technology in coworking spaces is likely to become even more widespread in 2023. Coworking spaces will need to provide fast and reliable internet access, as well as other tech-enabled amenities such as video conferencing equipment and smart whiteboards. Some spaces may also incorporate augmented or virtual reality technology to enhance collaboration and productivity. Digitally enabled workspaces provide flexibility for both large and small firms, allowing them to easily adapt to changing workplace cultures while reducing business impact. The modern workplace is being transformed by technologies that increase communication, collaboration, improve data security, integrate teams, and give virtual assistance.

SUSTAINABILITY

As the importance of sustainability continues to grow, coworking spaces are likely to place an increased emphasis on environmentally conscious practices. This could include everything from green building practices to reduced energy consumption and eco-friendly features, such as solar panels, green roofs, and energy-efficient lighting. As per a recent survey conducted by (JLL) Almost 75% of companies say that their employees expect their workplace to have a positive impact on society. Coworking spaces that prioritize sustainability are likely to attract workers who are committed to eco-friendly practices, as well as companies that are focused on corporate social responsibility.

INCREASED FOCUS ON WELLNESS

As workers continue to prioritize their health and well-being, coworking spaces are likely to place an increased emphasis on wellness offerings. This could include measures such as improved air filtration systems, enhanced cleaning protocols, and the provision of healthy snacks and drinks, fitness classes to healthy food options and meditation rooms. 43% of companies will accelerate their investment in new or enhanced health & wellbeing amenities for employees as per a recent (JLL) survey. With an increased focus on wellness, coworking spaces are likely to attract a diverse range of workers and businesses seeking adaptable and innovative workspaces. As the industry continues to evolve, coworking providers that can deliver on changing expectations will be best positioned for success