Essential Insights for Coworking in 2024: 10 Key Findings from Digital52 Coworking Series

For the past year, we've released a coworking-focused article every week and hosted a monthly learning event for our community. To mark this milestone and celebrate the conclusion of our Digital52 coworking series, we hosted an online event: "19 Essential Insights for Coworking in 2024: Digital52's Key Findings" for Coworkies Readers Club. During the event, we summarized the key insights we've learned from writing those stories and hosting the events.

With the Digital52 series, we've explored coworking spaces from around the world, highlighting and expanding on 52 of the stories that are featured in our book. We spent 1,820 minutes in follow-up conversations, asking 624 questions to founders and teams from 41 cities. From those discussions, we've crafted 52 articles for everyone to read about the challenges and successes of coworking spaces globally. In total, our team has dedicated over 1,066 hours to this project.

This article, the first of two, shares the top 10 timeless(as in valid even beyond 2024) insights collected from all 52 articles covered in our live event. Below we'll cover current topics in coworking, technological advances, sustainability efforts, and best practices for creating member-focused spaces.

These insights are intended to help coworking spaces plan for 2024 and the future. We hope they provide useful guidance to coworking founders and team planning for the coming year.

Under each topic, you can find 3 stories that highlight each insight.

KEY INSIGHT #1: The Pandemic Became an Opportunity

An Opportunity to Reflect

The Digital52 series provided an in-depth insight into the impact and responses to the pandemic across various coworking spaces. It became evident how the pandemic period was not merely a challenging time but a reflective one. The discussions shed light on the decisions triggered by the pandemic, promoting a deeper understanding of the evolving needs and preferences in coworking by the variety of new members.

An Opportunity to Reassess

The series further revealed that this reflective period led to a reassessment of operational and strategic approaches within coworking spaces. The process of reassessment was evident from the responses and strategies employed by coworking spaces to navigate through difficult times. It was a period of re-evaluating the existing models, services, and member engagement strategies to align with the emerging realities. Although the pandemic is over now, the effects of it are proving to be still here and forming long-term habits for many workers.

An Opportunity to Unlearn and Learn Again

Building better became a focal point in the conversations, highlighting the necessity and willingness to unlearn outdated practices and learn anew. The pandemic acted as a catalyst for this process, promoting a culture of continuous learning and adaptation. The conversations revealed a consensus on the importance of staying updated with the latest trends, technologies, and member preferences to remain relevant and competitive in the coworking market. In 2024 we'll see a continuation of the decisions and trends made by the pandemic times.

An Opportunity to Reconnect

Lastly, many stories highlighted an enhanced desire to reconnect. Despite the physical distancing necessitated by the pandemic, the period fostered a sense of community and the importance of staying connected. Coworking spaces played a crucial role in facilitating these connections, providing an environment for collaboration, networking, and mutual support among members. For the upcoming year, many coworking spaces will welcome new members who will look to reconnect to a workplace environment.

KEY INSIGHT #2: A New Relationship to Flexibility

More Flexibility in the Overall Interior of the Space

Many of the stories pointed to a noticeable shift towards more flexible interior designs within coworking spaces. This flexibility is manifested in the adaptability of the space to cater to various needs and preferences. The conversations revealed that many coworking spaces are now embracing interior designs that allow for easy reconfiguration, thereby accommodating different events, work setups, and member requirements. This newfound flexibility in interior design not only enhances the aesthetic appeal but also significantly contributes to the functionality and user experience within the coworking spaces. For many spaces, this drove new types of members who were unfamiliar with coworking up to the pandemic.

More Flexibility in the Memberships Offered

With the pandemic ushering in a new era of work, flexibility in memberships has become paramount. The Digital52 series brought to light how coworking spaces are now offering a wider range of membership options. This includes varied pricing models, terms, and conditions, to cater to the varied needs of members. The flexibility in memberships is a reflection of the evolving work culture, where the one-size-fits-all approach is gradually being phased out in favor of more personalized and flexible membership offerings. We can see that many spaces will adopt flexible and innovative membership plans in the coming year, tailoring offers to precisely meet their target customers' needs.

More Flexibility in the Way the Space is Used by Members

The usage of coworking spaces is also evolving, with more flexibility in how members can utilize the space. Whether it's the hours of access, the areas they can use, or the availability of resources, the increased flexibility significantly enhances the overall coworking experience. The discussions highlighted how this flexibility is not just about meeting the current needs, but also about anticipating and adapting to future trends in coworking and flexible office spaces, triggered by global events and shifts in work culture.

KEY INSIGHT #3: Sustainable Growth

Growth in Number of Openings

The Digital52 coworking series documented a notable growth in the number of coworking space openings. Despite the challenges posed by the pandemic, the coworking industry continues to expand, predicting a positive general outlook. The series captured the optimism and resilience within the coworking community, with many spaces not only sustaining their operations but also continuing to expand to new locations.

Growing with Financial Data in Mind

Financial stability is a critical aspect of the growth narrative. The conversations revealed a growing emphasis on leveraging financial data to drive decision-making and strategy within coworking spaces. This data-driven approach fosters a culture of financial prudence, ensuring that the growth is not just rapid, but sustainable in the long run.

25 Spaces Featured Opened New Locations Since the Book Came Out

Among the 52 featured coworking spaces, 25 opened new locations post the publication of our book, indicating a positive growth trajectory. This expansion is a testament to the resilience and potential within the coworking industry to answer the needs of the current times of rapid social changes. It also underscores the importance of adapting to the changing landscape to not just survive, but thrive and grow. For 2024 all forecasts show that the coworking sector will continue to grow in userbase. How brands will manage that will be crucial for their success.

KEY INSIGHT #4: Focus on Experience

Home Became the Biggest Competitor of Coworking Spaces, Great Experiences are What Will Make People Come

The stories featured in the Digital52 coworking series underscored a new competitive landscape where home emerged as a significant competitor to coworking. However, the conversations revealed that creating exceptional experiences is the key to attracting people to coworking spaces. The emphasis is on curating an environment that not only meets the functional needs but also provides a unique, engaging, and enjoyable experience that sets coworking spaces apart from the home-working setup.

Working on Flawless Experiences Inspired by the Hospitality World

Drawing inspiration from the hospitality industry, coworking spaces are now focusing on delivering flawless experiences. The series highlighted the shift towards a more hospitality-centric approach, where the emphasis is on providing excellent service, creating a welcoming atmosphere, and ensuring member satisfaction. This approach significantly enhances the appeal and value proposition of coworking spaces, making them a preferred choice for many who compare them to working from home or commuting to an office.

Working on a Feedback Basis to Improve What Matters to Members

Feedback is an invaluable resource for continuous improvement. The discussions we had emphasized the importance of collecting and acting on member feedback to enhance the coworking experience. By understanding what matters most to members and making data-driven decisions, coworking spaces can tailor their offerings and environment to meet and exceed member expectations. For 2024 many spaces have to create plans on how to gather, analyze, and act on feedback.

Developing Guidelines Around Experience

The development of guidelines around creating and enhancing the coworking experience is also a noteworthy point mentioned by many operators. These guidelines serve as a roadmap for their teams to deliver consistent, high-quality experiences. By standardizing certain aspects of the experience while allowing for customization and flexibility, coworking spaces can achieve a balance between consistency and personalization, thereby ensuring a satisfying coworking experience for all members.

KEY INSIGHT #5: Team is Everything

Great Teams are What Make Great Coworking Spaces

By now it should be no secret that the essence of a great coworking space lies in its team. The conversations revealed that having a dedicated, competent, and passionate team is the cornerstone of creating a thriving coworking community. The team's ability to foster a supportive and engaging environment significantly contributes to the overall success and appeal of coworking spaces.

Better Team Onboarding for Better Member Experiences

Effective team onboarding is crucial for ensuring better member experiences. The series puts a big emphasis on the importance of thorough team onboarding that equips the team with the necessary knowledge, skills, and ethos to deliver exceptional service to the members. Well-onboarded teams are better positioned to understand and meet the needs of the members, thereby enhancing the overall coworking experience.

Using Teams as ‘Educators’ of What Coworking is Towards Their Friends and Family

The role of teams extends beyond the confines of the coworking spaces. The series highlighted how teams serve as 'educators' of the coworking concept to their friends and family. By sharing their experiences and the benefits of coworking, teams play a pivotal role in promoting the coworking culture and attracting more individuals to explore the coworking ecosystems around them.

KEY INSIGHT #6: Community with Intent and Purpose

Members are More Eager to Connect Than Before but They Seek Meaning

Notable shifts were noticed in member attitudes towards community engagement within coworking spaces. Members are now more eager to connect, albeit with a deeper intent and purpose. The discussions revealed a desire for meaningful interactions and engagements that go beyond superficial networking. This shift underscores a growing appreciation for communities that foster genuine connections and shared values. This should not be mistaken with members attending events! Not the same.

Passion of the Team Fuels Community Engagement

The passion and commitment of the coworking space teams are instrumental in fueling community engagement. The series included numerous examples of how enthusiastic teams create a positive and inviting atmosphere that encourages members to connect, collaborate, and contribute to the community. The effect of this passion significantly enhances the community dynamics, making the coworking spaces a more vibrant and meaningful experience for people.

KEY INSIGHT #7: Wider Awareness About Coworking

Brokers Seem to Understand (and Sell) Coworking Better

The evolving understanding and perception of coworking among brokers is a positive indicator of wider acceptance, as discussed in a few of the conversations in the Digital52 series. Brokers are now better positioned to understand and sell coworking spaces, reflecting a broader awareness and appreciation of the coworking model in the commercial real estate market. 2024 would not be different and we can only expect this broader awareness to widen and to bring more new clients to the doors of coworking spaces globally.

Larger Companies are Now Members of Coworking Spaces

The entrance of larger companies into the coworking domain marks a significant milestone. The series noted how larger companies are now exploring coworking spaces, drawn by the flexibility, community, and collaborative opportunities they offer. This trend not only validates the coworking model but also expands the potential clientele, opening doors for further growth and diversification within the coworking industry. How coworking spaces accommodate the new wave of professionals and companies will be vital in the upcoming year.

Utilizing the Event Space as a Way to Grow Awareness About Coworking

Event spaces within coworking environments serve as a powerful tool for growing awareness about them. The discussions in the series emphasized the strategic use of event spaces to host various events, workshops, and meetups, thereby promoting the coworking concept to a wider audience. These events provide a glimpse into the collaborative and dynamic nature of coworking spaces, attracting more individuals and organizations to explore the coworking concept. As the pandemic significantly reduced the number of events, coworking spaces now need to continue to revive their offline initiatives, using them as opportunities to attract potential members.

KEY INSIGHT #8: We Must Collectively Do Better for the Planet

Getting Their Sustainability Efforts Recognized Through Certifications

Significant efforts are also put into the importance of sustainability certifications in recognizing and validating the environmental efforts of coworking spaces. Achieving certifications not only demonstrates a commitment to sustainability but also enhances the appeal of the coworking space to eco-conscious members and partners.

Revitalizing Old Buildings Instead of Building New Ones

Revitalizing old buildings emerged as a sustainable practice within the coworking community, as discussed in many Digital52 stories. By repurposing existing structures instead of constructing new ones, coworking spaces are significantly reducing their environmental footprint. This practice aligns with the broader sustainability goals and showcases how coworking spaces can be responsible and eco-friendly businesses.

Positioning the Shared Work Space as the Place for Sustainable Actions in the Wider Community

Positioning coworking spaces as hubs for sustainable actions is an important initiative. The series showcased how coworking spaces are serving as platforms for promoting sustainable practices, education, and community engagement around environmental issues. This positioning not only solidifies the social impact of coworking spaces but also fosters a culture of environmental responsibility within the wider community. As consumers become increasingly conscious of their ecological footprint, finding work environments that foster and enhance their efforts in this direction will be a major factor in deciding whether to accept or reject a membership.

KEY INSIGHT #9: Not Just a Physical Space

Launching Digital Memberships Allows People Interested in Joining the Community to Access it Wherever They are Based

The concept and implementation of digital memberships marks a significant evolution in the coworking world. Digital memberships enable individuals and organizations to become part of the coworking work model, irrespective of their geographical location. This initiative broadens the scope and reach of coworking spaces, allowing them to build and nurture a more diverse and far-reaching community.

Exploring the World of NFTs and Web3 in Coworking Spaces, ‘Tokenizing’ Part of the Experience Offered to Members

The exploration of blockchain technologies like NFTs and Web3 in coworking spaces is an exciting frontier. The series shed light on how these technologies are being leveraged to 'tokenize' part of the experience offered to members. This initiative not only showcases the innovative spirit within the coworking community but also opens up new possibilities for value creation, member engagement, and community building.

Promoting Members’ Products and Services on Their Website, Adding Even More Value to Their Memberships

Promoting members' products and services is a value-added initiative that brings value to the overall membership experience. Some Digital52 stories highlighted how coworking spaces are utilizing their platforms to showcase and promote the offerings of their members. This support not only fosters a culture of collaboration and mutual growth but also enriches the membership perception, making the coworking spaces more appealing and beneficial to the members. Considering how to promote members' products and services is a key question for coworking spaces in 2024.

KEY INSIGHT #10: The Quintessential ‘WHY’ in Coworking Spaces

In the ever-changing world of coworking, understanding and anchoring in your ‘WHY’ has emerged as a pivotal insight, emphasized in many of the stories shared throughout the Digital52 coworking series. This encompasses not only the reasons behind operating a coworking space but also the unique value and authentic proposition it brings to people and communities.

“Why do you run a coworking space?”

This question, while simple, is deeply intrinsic to the functioning and resilience of coworking spaces. It is not merely an ask into the operational reasoning but a reflection into the soul and purpose of spaces and their founders. Manes, the co-founder of La Permanence in Paris, highlighted in Digital52 number 15, that the most critical element for someone aspiring to open a coworking space is to discover their unique difference, to put forth a sincere and distinctive proposal.

Clear Mission and Vision

Having a clear mission and vision is pivotal, serving as a grounding pillar in moments of crisis or doubt. The ‘WHY’ isn’t just a guide but also a shield, safeguarding against diverging into numerous paths and places that might dilute the essence and strength of the coworking space proposition to its core customers. A clear mission and vision roots the team, providing a stable foundation upon which every decision, strategy, and initiative is based, ensuring alignment with the core purpose and values.

No value in copying others’ work

Moreover, copying or mimicking the work of other spaces yields no true value. The real treasure lies in uncovering what makes your space unique, and what distinct flavor it brings to the coworking community. This is not just about being different but about being authentically you, offering something genuine and unparalleled.

This insight, while crucial, is also deeply interwoven with the stories and experiences shared by various coworking spaces.

In essence, the tenth insight underscores the paramount importance of understanding and embracing your ‘WHY’ in the coworking journey. It's about finding your voice, carving your path, and navigating through the multifaceted world of coworking with clarity, purpose, and authenticity. In 2024 many spaces have to find their "WHY" before they can continue on a path of growth.

And that's it, the 10 key coworking insights for 2024 derived from the Digital52 coworking series provide a comprehensive understanding of the evolving landscape of coworking spaces. Those are not trends, but insights into coworking itself, its evolution, and key elements that make it work. Discuss them with your team, bring the most valuable aspects for your space and team, and make a concrete plan on how to execute them.

As we wrap up, we invite you to continue the journey with us. Next, delve into the insights we've gathered over the past year from running our Digital52 Coworking Events Series. Be sure to read Part 2, titled 'A Year of Organizing Coworking Events' In this upcoming installment, we shift our focus to share our key takeaways from organizing 9 coworking events with industry experts.