Expert commentary on the future of the coworking business: The coworking business has been around since 2005. In recent years we have seen rapid growth in the industry. Today, niche influencers are making predictions for coworking space trends in 2023. Right now we have a wonderful opportunity to learn about the future of the coworking industry and prepare for tomorrow.
It is predicted that by 2023, 1,688 coworking spaces will open worldwide. However, it seems that the massive growth of coworking spaces is slowing down.
The industry has advanced to the point where it’s not about quantity, but quality.
The coworking business is not about renting, it’s about community and collaboration. Every coworking owner will agree that it’s hard to retain members with a space design and furniture while people keep coming back for more.
That’s why it’s vital that your coworking space has a full calendar of events and your promotional strategies are up to date with the latest coworking marketing trends. About what a coworking space needs in 2023, that’s what we’re going to find out right now.
Coworking space trends of 2023: Things you need to prepare for.
Today, most coworking operators are experiencing a shift in priorities. Are you one of them? What is your focus in 2023?
Maximize profits for each existing desk
Coworking operators engage in a kind of competition for more spaces. This makes sense, since the more desks you have under your roof, the more profit you will make. But this formula only works if you use it correctly. You don’t have to hire a lot of community managers and you need to stay on top of space utilization metrics.
According to Deskmag survey, the average utilization rate of a coworking space is 1.2 members per desk, which shows that entrepreneurs want to get more value from the available desks.
However, this does not mean sacrificing the quality of services. Not at all, they just listen to members, study demand, analyze data and optimize utilization.
Building a strong coworking brand
Impact Hub, Techspace, Green Desk, WeWork – what were you thinking when you heard these names? I’m pretty sure your first associations were “big, fancy brands.”
If you are still in the process of building a positive brand image, I suggest prioritizing the goal next year. A consistent brand image will help customers differentiate you among competitors and keep faith.
When people know the brand, they would rather not experiment and choose the familiar facility they go to because they are used to high quality standards.
“Face Control” for potential community members.
What makes a coworking space unique? What is the main attraction of a coworking space? What adds meaning and significance to your facility? It is the community of the coworking space.
Some coworking spaces started applying a selective approach to membership applications. They consider whether a person can be a great addition to the existing community, either by sharing similar interests, if they are ready to collaborate, participate in events, etc.
If you gather birds of the same feathers under the same roof, they are going to enjoy each other’s company, build relationships, collaborations and improve their business effectively.
This way you are making your members happy and only happy residents will attract more people, which means you increase your audience, increase profits and scale your business.
Diverse communities and niche-specific spaces
Coworking spaces increase your target audience. In addition to freelancers, startups and entrepreneurs are ready to partner with large companies that want to profit/save money by using shared offices and being neighbors with other teams.
Along with the phenomenon already described, we noticed that some coworking spaces claim to be dedicated to a certain industry niche or group of entrepreneurs.
Maximizing Coworking Space Profits
What are the main sources of your profit: memberships and equipment rentals? If you’re looking for legitimate ways to earn extra dollars, expand the variety of your services.
Partner with programming, digital marketing and accounting firms. Your members can use their services at discounted rates while you make more money fulfilling their needs.
Increasing popularity of hybrid coworking models
This coworking trend of 2023 can’t be called new, but it’s definitely expanding. Hybrid coworking spaces are casual spaces popping up in hotels, stores and restaurants.
Entrepreneurs want to take advantage of the sharing economy and make more money. So why not transform a restaurant into a coworking space in the day and then an entertainment facility at night?
The cost of hybrid coworking spaces is low for members, they are free of membership fees, but you can enjoy perks like unlimited coffee and discounts for lunches and specials.
Multi-site operators and global membership passes
By 2023, coworking space operators are going to work on scaling their businesses and increasing their global reach.
According to IWG, 1.87 billion people worldwide will be working remotely by 2023. Coworking spaces need to meet this high demand and they have a plan. 71.14% of operators are going to start two-three more locations by 2022 according to Coworker.
Of course, these multi-location coworking spaces will create international (global) membership passes for their members. This is a good practice as modern entrepreneurs spend a lot of time traveling. It is good to know that you will have a usual workplace as a regular set of amenities for uninterrupted work.
By managing coworking networks, you can expect an increase in member loyalty as you accompany members on their business journeys and include digital nomads in your audience.
Improve coworking space management with IoT and automation.
2023 is going to be the year of transforming coworking spaces into smart dynamic areas. Coworking operators are going to blanket their spaces with the latest technologies, new wireless devices and countless integrations of their coworking space management software.
All of these devices, technologies, synchronized calendars and interactive dashboards will be controlled through a single unified interface. The innovations are intended not to overwhelm residents, but to significantly improve and simplify the coworking experience.
The same goes for coworking software – are you still using paper and pencil, Google Sheets and whatever else for booking meeting rooms? This is ridiculous.
Taking care of members’ comfort and health.
Members spend most of their days in coworking facilities. It’s only natural that everything they touch should be high quality, safety, health and wellness oriented.
If you don’t already have a solo desk in your coworking space, consider buying one in 2023 as 70% of your competitors already provide this furniture.
Providing members with ergonomic furniture is just the first step, go further and organize yoga classes, meditation rooms and fully equipped gyms. Having all these amenities in one building will make your members stay longer. Bonding positively affects the member retention rate and overall business profits.
Now that you know what a coworking space needs, you have to adjust for 2023. We fear the unknown, but when we have more or less accurate information on what to expect, we can fearlessly face the inevitable.
This year coworking space operators face many new challenges, yet more opportunities for growth and maturity are revealed.
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Rachel is a writer for studycrumb and loves to talk about college admissions, financial aid, and her experiences as a student in higher education. She has a bachelor’s degree in English from The College of Idaho and an MBA from Brigham Young University. In addition to being an aspiring author, Rachel is an ambitious researcher and talented writer. Her job as a departmental assistant allows her to stay in touch with students, always ready to lend a hand or give an ear.