In light of WeWork’s well documented rise and fall, it is natural to discuss what if any changes will occur in the coworking landscape. Prospective tenants who may be skeptical about coworking spaces need not be discouraged by WeWork’s tumultuous journey. Coworking, can still be the optimal solution for those seeking flexible, community-driven workspaces that promote productivity and well-being. In this comprehensive exploration, we will delve into the benefits and key differentiators of effective coworking spaces, steering clear of the missteps that led to WeWork’s bankruptcy.

We Work… or do We? Learning from WeWork’s Mistakes

Before we delve into the virtues of effective coworking spaces, it’s essential to understand what went wrong with WeWork. WeWork’s rapid expansion, poor site selection, insistence on overly large spaces, and questionable marketing led to the creation of massive coworking spaces in overly expensive downtown locations that many people no longer wanted to commute to. These spaces featured games, ping pong tables, beer kegs and often had an atmosphere more conducive of a frat house than professional workspace. This overshadowed the workspace’s primary function and drove up costs. This focus on extravagance predictably resulted in financial instability, leaving members in a risky position.

However, it is crucial to note that WeWork’s mistakes are not indicative of the coworking industry as a whole. The coworking industry outlook through 2028 shows a projected combined annual growth rate (CAGR) of over 11%, according to Mordor Intelligence, and higher by other studies. Instead of dwelling on WeWork’s missteps, let’s explore why coworking spaces, with a focus on productivity and community, can be an excellent choice for today’s professionals.

The Benefits of Effective Coworking Spaces

  1. Diverse Locations: Effective coworking spaces recognize that one size does not fit all. They offer diverse locations to cater to the preferences of different professionals. Whether you thrive in the vibrant energy of a city or find solace in the tranquility of suburban surroundings, there’s a coworking space that aligns with your workstyle and needs. By providing diverse locations, coworking spaces ensure that you can choose the environment that best supports your productivity and well-being.
  2. Work-Focused Amenities: The hallmark of an effective coworking space is its commitment to work-focused amenities. Rather than overloading members with recreational distractions, these spaces prioritize the essentials that facilitate productivity. High-speed internet, ergonomic furniture, fully-equipped meeting rooms with the latest smartboard technology, and quiet workspaces are readily available. These amenities are thoughtfully designed to enhance your ability to focus, collaborate, and succeed in your work. Effective coworking spaces recognize that the core purpose of a workspace is to provide an environment where you can be your most productive self.
  3. Wellness and Relaxation: In today’s fast-paced work environment, wellness is of paramount importance. Effective coworking spaces understand the significance of well-being and offer amenities that contribute to your physical and mental health. For instance, access to licensed massage therapists, wellness rooms, and accessible views to all members provides an opportunity to unwind and recharge during your workday. By incorporating wellness options, these spaces promote a balanced work-life dynamic, where your overall well-being is prioritized, leading to increased productivity and job satisfaction.
  4. Complimentary Coffee: It’s no secret that many of us rely on a good cup of coffee to fuel our workday. Effective coworking spaces offer complimentary coffee to their members. This small but significant amenity ensures that you can enjoy a cup of quality coffee as you work or engage in networking activities. It’s a thoughtful touch that enhances your overall workspace experience. But sometimes it’s more than just the coffee. A well-placed gourmet coffee machine in a coworking space offers the excuse to make new lasting encounters in a broad range of industries, which leads to the next topic – networking.
  5. Networking Opportunities: Building meaningful professional connections is key to career growth. Effective coworking spaces facilitate networking by hosting multiple community events each month. These events create a platform for you to connect with peers, industry professionals, and potential collaborators. The key to the success of these networking events hosted by coworking spaces is the community tie in. The networking opportunities offered by coworking spaces can significantly expand your professional horizons, opening doors to new opportunities, partnerships, and career advancements.
  6. Financial Stability: The financial stability of a coworking space is a fundamental consideration for members. Effective coworking spaces prioritize financial stability to ensure that your workspace access remains reliable and uninterrupted. By choosing a coworking space with a strong financial foundation, you can have peace of mind, knowing that your workspace will be consistently available, and your investment is secure.

Choose a Coworking Space that is People and Productivity Focused

WeWork’s turbulent journey has undoubtedly left a mark on the coworking industry, raising valid concerns among it’s prospective tenants. However, it is essential to recognize that WeWork’s missteps do not define the coworking landscape as a whole. In fact, these missteps have paved the way for the emergence of effective coworking spaces that prioritize productivity, community, and well-being.

Effective coworking spaces offer diverse locations, work-focused amenities, wellness options, networking opportunities, complimentary coffee, and financial stability. These features are thoughtfully designed to enhance your workspace experience, allowing you to be more productive, connected, and content in your work.

In today’s dynamic work environment, the choice of your workspace plays a crucial role in your professional success and overall well-being. Effective coworking spaces provide the ideal environment to thrive, combining the benefits of a productive workspace with the support of a vibrant community. So, if you’ve been hesitant about coworking due to WeWork’s woes, it’s time to reconsider and explore the modern coworking landscape, where productivity and well-being take center stage. Welcome to the future of coworking, where success and fulfillment await.