WSJ: Flexible Offices Will Be Crowded After Covid-19

In an article published in The Wall Street Journal, the impact of COVID-19 on the remote workplace industry is outlined through the trajectory of major hybrid work companies like IWG and WeWork. The beginning of the pandemic proved difficult for these flexible workspace giants as companies were quick to terminate their short-term contracts, but WSJ notes that the future may be turning in their favor as companies reevaluate their working model.

“As long as work patterns remain up in the air, the kind of service the likes of IWG provide may be more in demand,” the Wall Street Journal writes. “Few companies will be in a rush to sign a 10-year lease until they understand how employees will divide their time between home and the office in the future. Some may turn to looser office arrangements longer term, accelerating a trend already building before the pandemic. Real-estate analytics firm Green Street estimates that flexible leases will grow from around 2% of total U.S. office space today to one-tenth by the end of the decade.”

The article points out that companies such as Google have chosen to invest in the “hub-and-spoke model” by keeping a central office as well as smaller satellite locations. This aligns well with IWG, the worldwide leader in providing flexible workspaces for employees and employers.