I’m not talking about “work from home”.
A ‘work from anywhere’ model, and our definition of what that means, is taking new shape.
Firstly, sorry “Prof G”, WeWork isn’t dead and has, in fact, reemerged from the rubble and gone public. The company is likely to hold pole position as the default co-working option going forward.
WeWork’s competition still exists, and there continues to be plenty of shared-space alternatives in major cities globally.
But, what’s intriguing, is the other emerging sectors putting newfound pressure on the co-working industry, namely hospitality.
InterContinental Hotels & Resorts, Marriott Hotels, and Accor have launched (or are considering) subscriptions/memberships as part of their strategic plans.
For example, InterContinental guests can get access to their workspaces, rooms, and facilities as part of the VIP access “work from the hotel” offering for a monthly fee.
Others like Marriott, are repurposing rooms into private gyms, private workspaces, and recording studios for monthly paying members.
Boutique hotel brand citizenM hotels has already launched subscription services for its properties.
What’s next?
Beyond the ‘work from home’ movement, more companies will innovate around low occupancy (i/e: “under-utilized”) spaces – in other words, if they can find ways to repurpose (and monetize) them as productive workspace, they’ll do so.
While hotel chains are leading the way here, I assume coffee and restaurant chains will follow suit, whereby tables and chairs become better, more functional workplace options for paying ”members”.
Will more private corporations sitting on pre-pandemic lease obligations be forced to share their spaces with start-ups, or SMEs looking for a low friction way to access office space? We think that’s coming too.