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Can coworking spaces survive COVID-19?

With over 1000000 (2 April) confirmed cases of COVID-19 all over the world, all the global activity was stopped under the threat of the pandemic. Thus, the economic recession is spreading significantly faster than COVID-19 itself.

All businesses, from the small to the large are in deep crisis and actively search for new opportunities after the crisis. Coworking spaces are not an exception. Thus, there is very relevant and up to date question: Will coworking spaces survive COVID-19?

In an effort to control the public health crisis, most of the employees from the non-essential services started to work remotely from home or stopped their working activities at all. Coworking spaces were forced to close their doors and to wait until the end of strict quarantine measures.

Coworker conducted a large survey of more than 14000 coworking spaces to understand the current situation on the coworking market. Most of the respondents (71.67%) stressed that they have a significant drop in the number of residents working from their space nowadays.

Moreover, 71.04% of the respondents reported event cancellations and 65.99% of them – meeting/conference room cancellations. Furthermore, there is a significant level of membership cancellations, while there is a large drop in the number of new membership inquiries.

Thus, unfortunately not all the coworking spaces will be able to survive in this difficult time.

Therefore, it is important to adopt new business models to be able to respond to the crisis efficiently. We recommend you to apply the following measures:

  • To provide discounts for new members and discounts for the current residents. It will help to get new clients and to encourage current residents not to do membership cancellations. Also, it is possible to provide an opportunity for current members to use unused days due to the quarantine in the future;
  • To work more actively with the students and to develop special students’ membership.
  • To organize and conduct virtual events and online workshops. They will help to maintain community engagement and avoid the harmful feeling of isolation and loneliness;
  • To develop and promote virtual services for freelancers and new entrepreneurs;
  • To provide single-person access to the meeting room for virtual meetings. Bworking is ready to give you secure access to the meeting room even today. Please contact us by email or phone (Whatsapp) to discuss the reservation;
  • To open more private offices (from 1 person to a small group of people), for example at the new Bworking Spaces in the center of Lisbon, we have private and secure private offices till 4 , 8 and 14 persons.

Implementation of these alternative models will help to reduce the negative impact of COVID-19 and to stay on the market.

Bworking coworking space (Lisboa coworking) wishes you good health and to keep your head above water in this difficult situation.

Please, be careful and wash your hands.

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