The most recent Coworking Market Report has revealed that the coworking industry could be preparing to make a comeback.
Although coworking spaces are expected to see a dip from $9.27 billion in 2019 to $8.24 billion in 2020 and an overall drop in membership, operators are starting to see growth in demand.
For example, WeWork reported that it has sold 13 times more of its All Access passes in September than in August.
This uptick in demand is likely due to the remote working fatigue many people are experiencing as the threat of the pandemic continues on.
Working from home in the long-term has been found to negatively impact employees, often causing isolation and loneliness. Even more, workers have expressed feeling more stressed due to fears that they could see a pay cut or lose their jobs due to working from home.
All of this considered, the mental health of many remote workers has become rocky and the risk for burning out has grown.
And that is where coworking spaces come in. Operators are finding that professionals are eager to work outside of their homes in a safe, clean workspace.
“We totally see a ‘V’-shaped recovery for the co-working sector. Even today, we’re doing extremely good in terms of our sales numbers,” said Amit Ramani, CEO of coworking firm Awfis.