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IMPACT OF CORONA ON COWORKING INDUSTRY

As we know the CORONA pandemic hit the world like a storm and done pretty big destruction.

AT this point (while writing this article) 40% of the world population is in the self-isolation stuck at their home with the hope in their eyes that we soon found the Vaccine for COVID 19
so we can live our lives as we were living before.

But are things ever going to be normal again?

The most affected thing in this crisis are Business paused or some are shutting down at very fast pace and to be a brief business which requires manpower and surround by people, in general, most likely to disappear (which is approximately 80% of the business)

One of those industries is the COWORKING Industry.

In this article, we are going to see how corona impacts the coworking industry worldwide.

Giants in this industry like OYO workspace WEWORK and Awfis started taking preventive measures to keep the deadly virus away from their centers across worldwise.

In order to do that they are taking prevention like “All our workspaces have been disinfected thoroughly and this process will continue every week to maintain utmost hygiene standards,” said Prashant Garg,

country manager at Garage Society. “Full-size sanitizer bottles have been placed almost at every corner… Our community desk is always open in case anyone wants any support or help from our end,” he said.

In spite of taking prevention, their number of people are dropping and footfall come down to 30 to 40%

and that is the reason many coworking spaces and social clubs shut down and begin rethinking their entire business strategies—including how they will handle member fees,

event programming, and staff compensation—some are opting to stay open, even as local governments have asked all nonessential businesses to close.

“As we all continue to navigate COVID-19 and the uncertainty surrounding our everyday lives, the need for us as a community to look out for and support each other becomes even more important,”

noting that safety is an absolute priority and that the company has followed local government guidelines in each of its territories and has thus closed all houses for the foreseeable future.

During the closure, members will not be billed, and The Wing will continue to compensate its staff, including paying all hourly employees for their scheduled shifts.

But not all the coworking places applying the same approach. Impact Hub, a global entrepreneurial network with more than 100 workspace locations worldwide,
is approaching its response to COVID-19 on a different approach which is the case by case basis.

“All Impact Hubs are following their local governments’ guidelines regarding closings, people’s safety, and hygiene,”

“And in geographies where governments have been slow to respond, Impact Hubs have taken a strong stance and decided on preventive measures ahead of these restrictions being imposed,
in support of the health and safety of their communities.”

All Impact Hub employees still have their jobs, with most now working from home, and all continue to be compensated,
and the company has applied for local government benefits to guarantee appropriate support for staff members during this time.

Impact of CORONA on small coworking

As we know coworking industry growth was incredible in the past and at that fast growth rate, there was an opportunity for cash-in for everyone.
and who doesn’t want to cash-in for the growing trend but in the result of that increase the competition eventually?

But after COVID 19 hits the growing graph for coworking become stagnant that was the 1st indicator that the coworking industry at risk and now its inevitable.

now after lockdown, there is hard for small owners to make living out of it but all other expenses are there.

that is a clear indication of small business owners are not going to continue if they don’t have enough funds.


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