The coworking industry has hit an unavoidable barrier that is the coronavirus outbreak. What was once one of the most sought-after workspaces is now in danger of falling victim to this health crisis.
Although it is clear that coworking spaces are suffering at the moment due to closing their facilities, as well as members opting to work from home, this does not mean it is the end for the industry.
Eventually, COVID-19 will be eradicated and a distant memory in this fast-paced world. Still, the damage it has caused certain firms may be irreparable. For instance, WeWork’s already tainted reputation has gotten worse as the coworking company’s numerous critics are calling for investors to walk away from the firm.
Furthermore, isolation and quarantine measures will not be permanent and companies planning for future crises such as this will look towards flexible workspace solutions. This could spell good news for coworking firms.
Additionally, there is no way to predict whether the virus will be the end of coworking or any other business until stimulus packages are passed. So far, the US has passed a $2 trillion spending bill and this is likely just the first of many to come. Smaller companies in the industry may be able to secure enough stimulus money to endure this time, but those that were struggling prior to coronavirus may not be so lucky.