Demand For Coworking Space Suffers In Wake Of COVID-19

UK shared office space provider Workspace reported that its shares fell 22% as concerns have grown over whether the industry will be able to sustain the coronavirus pandemic.

“I think there is going to be a permanent shift to working from home, this outbreak has changed people’s behaviour. It will be hard for companies like Workspace to get people back,” said one broker. “These are short term contracts, sometimes signed on a month to month basis and usually only worth about £8,000 a month. In contrast my broking firm is locked into a 3 year contract with British Land worth £100,000 per month.”