Could Coworking Actually Thrive In The Face Of A Recession?
Law firm Ropes & Gray recent research “Coworking: A Real estate revolution?” has shown that the flexible workspace market could actually grow even faster in the face of a recession, despite concerns of it slowing down.
According to a survey of 100 senior real estate executives, about 61% believed that coworking will be less vulnerable than traditional office spaces in an economic downturn.
73% of respondents also said that an economic downturn could benefit the coworking industry as self-employment would most likely rise.
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David Seymour, a private equity real estate partner at Ropes & Gray, said that flexible offices and coworking can only grow from here.
“We’re seeing early signs of coworking operators shifting into other asset classes, such as residential and the hotel and leisure sectors,” said Seymour. “At the same time we are also seeing hints of a shift among those turning to coworking as a viable option. Freelancers, creatives and technology companies may soon be battling larger companies, as they look for more flexibility in their office needs, for shared spaces.”
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