The collapse of WeWork on Nov. 6 has opened up opportunities for other firms in the coworking industry to flourish. WeWork, usually synonymous with flexible working arrangements, filed for Chapter 11 bankruptcy in New Jersey due to a significant amount of debt. This is because the company collected all membership fees and took out long-term property leases, in contrast to other coworking companies that share profits with landlords.
Steady Demand for Flexible Working Spaces
Demand for coworking spaces has remained steady, although the positioning of these spaces is changing. Companies like Serendipity now build spaces in inner-city regions, rather than major urban centers like Chicago or New York.
Web3 Flexible Working Spaces Emerge
There is an increasing demand for Web3-focused flexible working spaces following the UK and Hong Kong’s embrace of Web3 earlier this year. For example, Huckletree opened a Web3 and metaverse coworking space in London in March as part of a larger initiative to make Oxford Street a Web3 hub. Oosh Tech Lab in Central, Hong Kong, offers flexible Web3 working spaces and meeting and event spaces for physical or virtual events.
Hot Take
The future of flexible working spaces continues to change regardless of WeWork’s bankruptcy. With the emergence of Web3-focused spaces and demand for user-friendly products in the industry, there is potential for growth and reinvention in coworking spaces as the hybrid work model becomes the norm.
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