The appeal of the coworking office – Part 1

Alex Bonnet, CEO, Venaspace:

"Considering the Government’s stay at home order and the rules around social distancing, a reasonable assumption would be that coworking and flexible workspace must be struggling, which is far from the truth.

"Despite this being a very worrying time, we were fortunate enough to have entered the pandemic in a strong financial position. At first, we did have to dedicate resources to ensure invoices were paid, and expenses were kept to a certain level. It is important to bear in mind that in the beginning, some client rent payments were suspended and tenancy contracts were not renewed.

"It was not until after the first three months of lockdown that we saw demand pick up for our services to the point where we are performing better than we did pre-pandemic. We are now at 95% capacity in terms of office space let, and with that rental income has also increased, showing that there is a shift in business needs that the coworking space fulfils more so than before.

"Social distancing rules and the changing needs of businesses when it comes to office utilisation, now that a percentage of staff are likely to work from home, led us to split our larger offices into smaller units. This has proved to be one of the main reasons we performed strongly during the pandemic. Another factor to the coworking space popularity is that businesses may not have the resources to move or refurbish their existing premises enough for a post-lockdown world, so they turn to us, as we have all the state-of-the-art amenities, cover cleaning costs, IT infrastructure, signage and Covid ‘proof’ office.

"Naturally, the use of conference facilities has declined, and this is an industry-wide issue. However, for us at least, we found some solace in using the large conference suites for small socially distanced meetings."

Ciara Keeling, CEO, Bruntwood Works:

"We are witnessing an evolution of the workspace – nowadays, it is all about creating blended environments. People want vibrant, collaborative, and exciting spaces that allow them to build connections with their wider community, and coworking is a key part of that mix.

"This move towards blended spaces started long before the pandemic hit, but what we have really learned over the last 18 months is the value people place on social interactions and sharing new experiences with others and the value that businesses place on flexibility. As a product, coworking gives businesses this flexibility, whilst enabling their employees to access state-of-the-art amenities such as meeting rooms and event spaces - the government’s lockdown has merely accelerated its popularity.

"For me, coworking is an integral part of the hybrid working model. With lockdown restrictions easing, more people are splitting their time between home and the office, and they are looking for a space that suits their needs. Whether it is a cosy, quiet space to promote deep concentration or open, vibrant, and collaborative lounges with the bustling backdrop of a friendly coffee shop for meetings, coworking is perfectly placed to bring people back together safely.

"It is also proving popular with businesses of all sizes, from larger firms looking to support remote working, to freelancers seeking a professional setting. Many people have used lockdown as an opportunity to pursue their ambitions and set up their own businesses, so coworking offers these entrepreneurs a flexible first rung on the ladder as they grow and look to begin using office space."