Pricing Innovation in the Coworking IndustryIn the context of the Covid-19 pandemic, yesterday’s coworking models are in need of strategic shifts in order to accommodate the broader corporate transition to flexible and hybrid working.”— Drew Jones, PhD - Founding Partner OpenWork AgencyAUSTIN, TEXAS, USA, December 1, 2020 /EINPresswire.com/ -- A recent whitepaper from OpenWork Agency outlines a new approach to pricing for coworking businesses.
Companies and employees are beginning to plan their return to working outside of the home. Coworking operators will be challenged in new ways. OpenWork predicts that significant changes in both access and pricing are on the horizon.
Post-covid, many workers will split their time between the company office, their home office, and their local coworking space or coffee shop. There will be less need to have ‘permanent’ access to a single workspace in such a hybrid and distributed working environment.
In the whitepaper- Pricing Innovation in the Coworking Industry- OpenWork offers a new pricing model borrowed from the hotel and airline industries- yield management pricing.
The paper suggests that we will soon enter a period of hyper-commoditization of space, where users will access spaces on a just-in-time basis with just-in-time pricing.
Monthly and annual contracts require coworking members to buy more than they often use, which prevents inventory from being utilized efficiently. Hourly and daily bookings, priced according to availability, peak periods, and other demand factors, offer greater flexibility in pricing and will benefit buyers and sellers.
Yield management in coworking is the next logical step in the long-term shift from long-term leases to just-in-time access. Emerging from the pandemic offers the coworking industry an opportunity to reposition for a new phase of innovative growth.
OpenWork is a workplace consultancy with seven years of experience working with asset owners and real estate developers around the world.