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"Inflation and hybrid work ‘skyrocketed’ demand for flexible workspace, WeWork says"

PUBLISHED TUE, SEP 6 20222:58 AM EDT

Goh Chiew Tong @CHIEWTONG_G

KEY POINTS

• Global inflationary pressures are pushing companies to be “more nimble” with their corporate real estate portfolios, said WeWork.
• “That … has put the need for companies to look at flexibility in managing and thinking about their workspace,” said Samit Chopra, the coworking company’s international president and COO.
• Last month, WeWork posted revenue growth of 37% from a year ago

Global inflationary pressures are pushing companies to be “more nimble” with their corporate real estate portfolios, according to WeWork.

“That … has put the need for companies to look at flexibility in managing and thinking about their workspace,” said Samit Chopra, the coworking company’s international president and COO.

“Which is of course, guided by a revolution in the entire work culture and the hybrid work phenomenon that has taken place over the last few months.”

Speaking to CNBC’s “Street Signs Asia” on Tuesday, Chopra said that as companies try to bring at-home employees back into the workspace, they are focused on building engagement and a “collaborative culture.”

“That has therefore resulted in many companies, large and small, enterprise clients, freelancers, start-ups … to look at the flexible space sector and companies such as WeWork much more favorably than we saw in the last, say, three years ago,” he added.

“What that has done … is it has skyrocketed the demand for flexible workspace for us across the world.

More employees want flexible working arrangements, says WeWork

Last month, WeWork reported revenue growth of 37% from a year ago to $815 million for its second quarter. Its quarterly net loss also shrank 31% from a year ago to $635 million.

The enterprise segment, made up of large Fortune 500 and 100 companies, represent a big portion of WeWork’s global business, said Chopra.

“Last year, the enterprise segment represented more than 45% of our global business. That part of our business has grown significantly over the last 2½, 3 years.”

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"6 Benefits of Coworking Spaces for Your Business"

Coworking spaces provide small businesses, independent contractors and other workers a space to work, network and participate in the local business community.

Original Article Published November 05, 2019

By: Sean Peek, Contributor

Coworking spaces provide small businesses, independent contractors and other workers a space to get work done, network and participate in their local business community.

What was relatively an unknown concept 10 years ago, coworking spaces have transformed the way the modern worker interacts with the business world. Currently, there are about 17,000 coworking spaces across the world, which means understanding the benefits that come along with using them is essential to planning your business’s success.

Benefits of a coworking space

From meeting other business professionals to collaborating on independent projects, coworking spaces can be a shared location where people with varying business ideas can get together and learn from one another. Joining a coworking space means pursuing a new opportunity and participating in a community of business professionalism.

While there are countless benefits, the following six are essential for any small business owner considering a move.

More networking opportunity

One of the biggest benefits of a coworking space is the opportunity to connect with other individuals. If you’re working in a home office or independent office, you could be robbing yourself of the important connections needed to drive your business forward. Sometimes, the only thing a small business is missing is the spark that proximity to other successful business owners can bring.

Increased productivity

This is especially true for small business owners working out of a home office. When we’re at home, it can be easy to get distracted. Kids need attention, the house needs to be cleaned or maintained and special projects can constantly crop up in our minds. By going to another space, you can solidify a “work mode” that can increase productivity. Many coworking spaces are accessible 24/7, so you don’t have to worry about when you need to get something done.

Coworking spaces expose you to chance and opportunity.

Boost in creativity

By working with other individuals and exposing yourself to new perspectives, coworking spaces can provide bursts of creativity. Sometimes, switching spaces and heading to a new office can allow you to refresh your mind and consider alternative solutions to business problems.

Collaboration opportunities

This benefit goes hand-in-hand with networking. Coworking spaces expose you to chance and opportunity. Who knows where a casual conversation may lead? Working in proximity to others allows quick collaboration to occur. Next thing you know, you could be hiring someone new.

Cost-efficiency

If you’re renting an office, there are a host of extra costs you may have to deal with — especially if your employees are looking for perks like free coffee, snacks and (occasionally) alcohol. Coworking spaces come equipped with perks like these all at one monthly rate. They also come with many built-in business services, like business mail, that can save you money in the long run. It’s important to consider what features you need before choosing the right space for your business. Cost-efficiency could be a crucial benefit to small businesses locked into leases that are too expensive.

Greater flexibility

Many coworking spaces offer very flexible agreements. If, for some reason, you need to cancel your membership, there are usually flexible options to do so. This makes it an ideal business service to try out and see how you like it. If you have a good experience, you’re set. If not, there’s no harm in canceling your membership.

Coworking spaces allow you to get out of your own bubble: By exposing you and your employees to new perspectives, you can build a better business. A comfortable and efficient workspace is essential to any business’s success. While there are many benefits, choosing the right coworking space can be difficult. It’s important to review our guide for how to choose the right coworking space for your business before weighing your options.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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To stay on top of all the news impacting your small business, go here for all of our latest small business news and updates.

CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.