One of the trends that has been on a rise over the last few years is that of shared office spaces. More and more start ups as well as small private limited organizations had been opting for such offices rather than renting an entire office to operate before the pandemic hit the world. The scenario changed all together as the countries imposed lockdown and a major change is being observed as the world is preparing to say good bye to the pandemic. In this article, we have summed up the impact of the pandemic on shared office spaces.
Impact during the Lockdown Period
The novel coronavirus came as a shock for businesses worldwide. It shook the economy and messed with the mental well being of people around the world. Among various other spheres, it hit the otherwise booming shared office space industry. The norms set to control the spread of coronavirus proved to be a game changer for this industry. Working from home became the new normal as social distancing became an essential tool to fight the pandemic. Not just small time companies and start ups but even big organizations began operating from home. Shared office spaces running across the globe suffered huge loss as countries decided to impose nationwide lockdown. The expansion plans of these office space owners were stalled and many of them even came under debt. The pandemic didn’t seem to die down soon and thus there seemed little hope for the revival of this industry.
The Lifting of the Lockdown
A ray of hope emerged for the shared office spaces as the countries began lifting the lockdown and normalcy started to restore. Although most start ups as well as small time businesses and freelancers continued to operate from home due to budget constraints however bigger organizations began approaching these spaces. Yes, many medium-sized and even big organizations are looking forward to such offices. This is mainly because many of them are planning to continue with the work from home culture for the departments that can operate smoothly on this model. As a result, the number of employees they require calling to the office has reduced substantially and thus they do not require big office spaces. Shared offices are proving to be an economical option that fits their requirement just right. This growing shift is being observed across sectors.
This emerging trend has brought the shared office spaces back in business. They have made special arrangements to ensure proper hygiene and maintain social distancing for the employees.
As the pandemic seems to be receding, start ups that have managed to make profit and grow during the pandemic have also started looking for such spaces to expand their business further. Looking at the trend over the last few months, the future of these offices seems bright.
So, if you have a shared office space to rent you are likely to gain profit in the near future if you take care of all the recommended guidelines to curb the spread of the virus.