by Mark Fornasiero
Welcome to post #1 of our ACE Coworking blog! We’re excited to be sharing insights for your business and personal growth here. We are going to discuss a wide array of topics. Although we’re not sure exactly where this will take us, we look forward to giving a platform to our community so that they can share their knowledge, skills and insights. Let’s go!
Image by Sam Fornasiero
Why We’re Excited About the Future, and the Future of Work
We know there’s been a lot of hardship experienced out there since the onset of the pandemic. That pain is real. We acknowledge it, and we were not immune to it either. BUT, there is so much to be excited about for the future of business growth, especially in our industry. We are all in the midst of embracing new ways to work, figuring out how to fit it into our unique lives and situations. The future will almost certainly involve more coworking, collaboration, and community. The trends were heading this way before COVID showed up anyway; the virus just hit the accelerator pedal. And in a big way!
Coworking is on pace to grow another 15% in 2020 (lower than the 25% of the previous few years) and will continue to make its way into the suburbs and cities outside major metropolitan centres. Today there are two million people working in coworking spaces globally. That’s a tiny fraction of the working population. With the trend pointing to that number growing to more than 5 million by 2024, you can see why we’re so excited about the future.
More than three quarters of coworking operators are looking to add space and expand this year. That is pretty amazing. The average coworking space is very similar to ACE: about 7,000 square feet and 85 members. That means lots of room for independent owner-operated coworking spaces that focus on building a community and sense of belonging.
In the post-COVID world, coworking consumers will be looking for more private offices and flexibility in membership terms. We anticipate more investment and innovation in this sector from space owners and operators.
This is great news if you are a coworking space owner/operator. But, what if you’re not? No matter what field you’re in, remember this: huge shifts like the one we are experiencing always create as much opportunity as they do mayhem. The trick is to slow down, turn off the noise machine, and make balanced assessment of your situation. You may have to tweak your business or do a major overhaul. Doing nothing is probably not an option. But there are definitely opportunities out there for you to grow and change your business or career.
You know, COVID might be the perfect excuse you need to make that big change you’ve always thought about. Now there’s something to get excited about!
Mark Fornasiero is the co-founder of ACE Coworking and an independent consultant specializing in growth-and-exit strategies for privately-held enterprises. Mark also provides professional consulting to entrepreneurs looking to launch and operate their own independent coworking spaces.