The value of local coworking, the Wework case, and the future of the coworking model

WeWork, the global coworking giant, has filed for bankruptcy, marking a significant milestone in the history of coworking businesses. The news has sparked reflections on the sustainability of large-scale coworking models and has highlighted the importance of local coworking companies.

WeWork: From Euphoria to Bankruptcy

WeWork, at one time, was synonymous with innovation in the shared workspace or coworking model. However, its rapid expansion decisions, a questionable financial model, a business approach far removed from its operational reality, and challenging internal management accelerated its downfall. You can see a quick analysis that I did to understand the keys to the failure of WeWork’s business model.

Logically, the bankruptcy of WeWork has generated uncertainty about the long-term viability of the coworking giants. But at the same time, it has also fostered a greater appreciation for local coworking companies. The Coworking model is more current and alive than ever. What failed was a way of understanding the business.

Defending the value of Coworking and its model:

Despite WeWork’s setback, the coworking model remains a viable and attractive solution for professionals and companies of all sizes. Here are fundamental reasons to defend and support the concept of coworking:

1. Flexibility and Adaptability:

 Coworking spaces offer flexibility in terms of rental length, space size, and configuration options. This allows businesses to adjust their workspace to their changing needs without committing to long-term contracts.

2. Community and Collaboration:

   Local coworking spaces foster the creation of authentic communities. Collaboration between professionals from various industries is one of the greatest strengths of coworking. Local businesses make connecting and sharing ideas easy, which can drive innovation and business growth.

3. Competitive Costs:

 Unlike the inflated models of global giants, local coworking companies tend to offer more competitive and transparent rates. This is beneficial for both individual entrepreneurs and established companies looking to optimize their operating costs.

4. Personalization and Customer Service:

Local coworking companies often stand out for their ability to customize their services and adapt to the specific needs of their clients. More direct and personalized customer service contributes to a more satisfying coworking experience.

5. Contribution to the Local Economy:

Local coworking companies play a vital role in strengthening the local economy. By choosing local coworking services, companies directly contribute to the development of their communities. Local companies end up generating employment, supporting local businesses, promoting the real estate sector, and helping to improve urban development in a more balanced way.

6. Resilience and Financial Stability:

 Unlike global giants that can face massive financial challenges, local coworking companies often operate with a stronger and more sustainable financial structure. This improves its ability to withstand economic crises and offer uninterrupted services to its members.

Looking to the Future of Coworking:

WeWork’s bankruptcy has been a reminder of the importance of authenticity and sustainability in the world of coworking. As we reflect on this fall, we also celebrate the strength of many other local coworking companies, who continue to offer flexible, community-focused solutions.

The future of coworking lies in the diversity and adaptability that companies can offer. Cowork is synonymous with flexibility and adaptation. Those looking for shared workspaces should first consider the value that a local coworking, such as Cowork Rambla Catalunya, offers you, as they not only meet your needs but also ensure long-term security and resilience.

As we move forward, we learn from past mistakes and recognize that the sustainable success of coworking is rooted in flexibility and adaptation, mutual support, and building local communities of business and human value.