IMPACT OF PANDEMICS ON CO-WORKING SPACE DEMAND.

Abstract

The economic sphere’s dynamic nature requires that organizations develop swift strategies that will sustain them through the changes. Following the challenges imposed on the economic sphere by the pandemic, various organizations have transitioned from the conventional co-office space setup to the remote working strategies. This paper aims to establish the impact of this pandemic on the co-office space and the benefits that this transition offers over the conventional co-office space system. A survey was conducted to establish an understanding of the changes within the economic sphere and what these changes mean for the future outlook of the corporate world by leveraging on snowball sampling. The research consists of a four-section questionnaire to comprehensively understand the transition from the co-office space set up to the remote working strategy. The data was analysed through a comparative analysis and reviewed against secondary studies conducted on the topic. To further understand the impact that covid-19 has on co-office spaces, Interviews with HR professionals across different industries were also conducted. The results showed that the pandemic has a negative impact on co-office space. While there are significant benefits that have been associated with co-office spaces, the remote working strategies present better opportunities for the organization in terms of cost benefits and employee satisfaction, making it an ideal model despite some of its challenges. The study concluded that more organizations are likely to make a permanent transition to the remote working model, making significant changes in the HR functions.