A four-day work week has the potential to accelerate the demand for coworking spaces.
This article was originally published by Allwork.Space.
Although five-day work weeks have been ingrained into work culture for close to 100 years, workers have gained new insight into the flexibility that they desire over the last few years.
Over the past half decade, the concept of a four-day work week has experienced a huge transformation from an obscure idea to a leading-edge policy that corporations worldwide are considering implementing. Its popularity has skyrocketed, and it’s now one of the most sought-after benefits by employees in the modern workplace.
Something to consider is what impact the shortened work week would have on the flexible office sector.
Ary Krivopisk, CEO of The Yard, explained to Allwork.Space that although the idea of the office has been shaken up these last few years, one thing that remains certain is that office space is still needed to “interact with others, transmit culture, and make magic happen.”
In the midst of an ever-evolving workplace landscape, where cubicles are becoming extinct and lounges and flexible sitting areas are on the rise, companies are faced with the daunting task of reimagining their office space to cater to the needs of the modern workforce.
“Now with many companies successfully testing out the four-day work week, it throws even more uncertainty into the mix. Long term plans for corporations and startups could be delayed as they realize that it may make more sense to switch to a more flexible space, such as coworking spaces, to reduce capex costs associated with a traditional office lease,” Krivopisk said.
Landlords that are leasing offices are having a hard time working with financial institutions to work out flexible contracts to accommodate such low occupancies.
“This makes coworking spaces the best option for businesses and landlords right now, especially as more test out the four-day work week,” according to Krivopisk.
But some are against the shortened work week
The four-day workweek raises many questions from business leaders and employees alike. Despite many companies having success testing it out, society is still a ways away from seeing how it will play out on a larger scale.
“Success with a four-day workweek will depend on the type of company and the services it provides. Leaders who are considering the four-day work week for their company must determine how to best structure it for maximum potential. Will it be in-person, hybrid, or remote? Will it be possible to have everyone work the same amount of hours in four days or does it make sense to decrease weekly hours as a whole?” Krivopisk told Allwork.Space.
Understanding how to set a team up for success is a common and very normal challenge faced by leaders today.
“I believe that it’s up to them to determine if the four-day work week will be feasible for their company and identify how they need to rework their spaces to accommodate this.”
A four-day work week has the potential to accelerate the demand for coworking spaces due to several factors:
- Work-life balance: A shorter work week could lead to a greater emphasis on work-life balance, prompting more employees and employers to consider flexible working arrangements. Coworking spaces offer a conducive environment for such arrangements, as they provide a professional setting away from home distractions.
- Cost efficiency: Companies that adopt a four-day work week may reevaluate their office space requirements, potentially downsizing or seeking more cost-effective solutions. Coworking spaces can offer businesses a way to save on overhead costs while still providing a professional environment for their employees.
- Networking opportunities: As more professionals and businesses embrace the four-day work week, the need for networking and collaboration opportunities may increase. Coworking spaces are known for fostering connections between like-minded individuals and businesses, making them an attractive option for those looking to expand their networks.
- Remote work: The adoption of a four-day work week could lead to a rise in remote work, as employees and employers become more comfortable with flexible work arrangements. Coworking spaces can cater to remote workers who need a dedicated workspace outside of their homes.
- Gig economy: A shorter work week may encourage more people to pursue freelance or gig-based work. Coworking spaces can provide these workers with the resources and professional environment they need to be productive.
Overall, while it is not guaranteed that a four-day work week will directly lead to increased demand for coworking spaces, there are several factors that suggest a potential positive correlation between the two.
