The current recession, which is seeing comparisons to the Great Depression, has caused the global economy to take a significant hit due to the ongoing pandemic and countries entering lockdown.

Serviced offices and coworking firms in particular have been impacted due to companies shifting to remote working until either a vaccine has arrived or businesses can navigate in-person operations in a safe manner.

While it seemed like the world may be ready to come back to the office, the UK government recently walked back on its reopening strategies and is now encouraging people to continue working from home.

Although this seems like a nail in the coffin of one of the world’s more burgeoning industries, analysts are predicting the market to bounce back in a huge way.

Demand for flexibility has actually increased in the last few months as companies look to alleviate the risks of taking up long-term leases, while also accommodating employees who want a workspace near their homes.

According to data from FreeOfficeFinder, inquiries into serviced/managed solutions grew from 82% in February of this year to 89% between April and August. At the same time, inquiries into leased offices saw a 38.9% decrease.

“We know that the trend in recent years is companies moving away from long leases onto more flexible agreements, using serviced and managed offices,” said Nick Riesel, managing director at FreeOfficeFinder. “However, I believe that the fallout and uncertainty of the pandemic is acting as an accelerator by steering these decisions at a much faster pace.”