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COLIVING AND COWORKING MUST EVOLVE THEIR OPERATIONS

The commercial real estate sector is having to reshape its operations as the economy reels from the coronavirus pandemic. With companies moving towards a more distributed workforce, organizations part of the shared economy will need to find unique ways to keep employees engaged, collaborative and safe.

Coworking spaces that have grown in popularity over the past few years and have a reputation of being a cost efficient place for people to work and connect with one another. Over the past few months, these workspaces have suffered from low occupancy rates, causing the industry as a whole to take a hit. However, in the future, analysts expect operators to merge with one another, or large players to acquire smaller companies to keep the sector afloat.

Coliving has been another industry to emerge in the shared economy over the past few years, particularly among millennials looking for affordable living arrangements. While this is a convenient choice for people moving to a new city, the current circumstances may cause the industry to take a hit. Still, once the dust settles, the sector should make a comeback.

In order to bounce back from the damage the pandemic has caused, coworking and coliving operators need to maintain strict physical distancing guidelines and keep up with sanitation practices in order to keep occupants coming back into the space.