Traditional coworking is not succeeding in its goals: boosting worker productivity and connection. There are several reasons for this. For starters, traditional coworking is expensive and runs on an unsustainable business model, often entering high risk real estate investment deals that don’t always pan out. It is also boring and lonely. It has little differentiation and vertical integration, while also over-emphasizing work. This leaves members unable to make meaningful relationships.
With these factors in mind, the collapse of traditional coworking is not surprising. 58% of coworking space operators report that fluctuations in membership are a major challenge, and only 7% of workers prefer traditional coworking to traditional offices.
However, there are other coworking models that may have more success. One example is community coworking. This model prioritizes social experiences alongside work, providing niche communities, partnerships with community organizers, and a social schedule of communal lunches, coworking, and happy hours.
Community coworking is an affordable alternative to traditional coworking, with a real emphasis on connection. It may be the key to growing community amongst workers, which is increasingly important as more workers move into remote positions.
Infographic Source: https://www.taverncommunity.com/coworking-spaces-in-nyc