Remember coworking? When independent workers and start-up entrepreneurs would pile into communal offices, sharing overhead and necessities like printers, bathrooms and ventilation systems? A fantastic idea for saving money on real estate and office infrastructure. Not so hot when you’re trying to prevent the spread of mortal communicable diseases.
The COVID-19 pandemic has been rough on the office business. In the second quarter of 2020, office leasing in Los Angeles County fell to its lowest point since the Great Recession, with transactions at 60% to 70% below normal. It’s been especially devastating for coworking spaces, which operate on the principle of high turnover and a changing client base with short-term leases.
Read more at the Los Angeles Times.