A distinct growth sector of the suburban office market, coworking has become a bastion of those downsizing from corporate space, fleeing the congestion of the city, or escaping the domestic distractions of working from home…
He said the New Jersey site opened at that Bell Works in March 2016 with 2,800 square feet. But as the popularity and future trending of coworking became clear, construction began on a 25,000-square-foot version elsewhere in the building — just before the pandemic.
Previously, the concept had been based on a desire in the market for flexibility and a better work-life balance. But the pandemic really hit the gas pedal for coworking…
While coworking sites already make up 7% of total office space, that amount is projected to reach 30% by 2030, she said.
Hauser, whose sister firm Workplace Studio also designs coworking spaces for others, said there are five elements that define coworking: flexible desks, meeting rooms, a sense of community, a community manager, and a source for economic development.
The transformation of office space continues.
One other factor hinted at in the experiences described in the article is this: a cool factor. The ability to access space in an interesting setting – such as the revamped Bell Works site in Hoffman Estates – with on-campus amenities is fun. Setting up coworking space in a quiet strip mall in a sleepy community would be less attractive. Being around energy and excitement helps make the the flexible workspace experience interesting.
I would be interested to know how much coworking space might emerge compared to the corporate office downsizing that might happen in the next few years. What percent will coworking occupy compared to the loss of traditional office space?