By Jonny Rosenblatt, chief executive and co-founder of flexible workplace operator Spacemade
The flexible workspace sector has reached an inflection point. The pandemic accelerated hybrid working, and millions of people now expect somewhere local, social and high-quality to work. Yet headlines have often been dominated by WeWork’s collapse and the idea that flexible workspaces are inherently risky. In reality, WeWork’s fall from grace was not about demand, it was about the model. Their subsequent restructure which focused on building towards sustainable business only amplified this.
At Spacemade, we believe the next decade will see a new era of flexible workspace: one that is landlord-led, asset-light and community-driven. Done right, it offers landlords a stable revenue stream, tenants more choice and businesses vibrant places that make the commute worthwhile.
Moving on from the “WeWork Model”
I have long admired WeWork in many ways. It lifted coworking into an asset class in its own right and built the single most recognisable brand in real estate history. However, it relied on long, expensive leases and a single, global brand identity. That meant huge balance sheet exposure and no room to tailor spaces to local needs. When demand shifted during the pandemic, those fixed costs became liabilities.
By contrast, Spacemade’s model is deliberately asset-light. We don’t take on long leases; we partner directly with landlords. We design, operate and market the space allowing the landlord to retain control of the asset. That approach removes the balance sheet risk that undermined WeWork and creates alignment. We earn when the space performs well, and so do our partners.
This revenue-share model spreads risk across multiple tenants and removes the threat of one large occupier defaulting on a long lease. In a market defined by uncertainty, that’s a powerful proposition.
A Decade of Localised, Community-Driven Spaces
The next 10 years will see a shift away from monolithic coworking brands toward localised, sector-specific workspaces. Great amenities are now table stakes for any premium office building. Landlords must create something unique for their building rather than replicating a global cookie-cutter formula.
Whilst the pandemic has reshaped how we think about work, it has also enhanced the desire for human connection and a sense of community. Whether through a climbing wall, an event space, a podcast studio, a café or a Peloton studio – these features are part of an intentional effort to create spaces that people will want to commute in for.
When people are given places that allow them to form meaningful connections, drive their businesses forward and enjoy being there, the commute becomes something worth making. That’s why our spaces look and feel different in Leeds than they do in Marylebone or Putney. Each is rooted in its local market, its tenants and its community.
Why Landlords Should Act Now
For landlords, this is an opportunity to reposition assets for the hybrid future without taking on new operational burdens. By partnering with a flexible workspace operator, they can:
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De-risk their portfolio: No single long lease and no single tenant to default.
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Capture more value: Earn directly from the workspace’s success through a revenue-share model.
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Increase asset value: Operate spaces under their own building or brand name while we provide operational expertise behind the scenes.
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Stay agile: Shift between coworking, managed offices and hybrid models as demand changes without re-leasing disruption.
In practice, this means opening up our expertise, from day-to-day operations to marketing and community building, so landlords can focus on their core asset while still benefiting from the growth of flexible workspace.
The Road Ahead
The next decade will also bring new expectations around technology, sustainability and design. Occupiers will want seamless booking systems, integrated event programmes, ESG credentials and more personalised experiences. Because our model is built on partnership, we can incorporate those features rapidly rather than being locked into a rigid global template.
Flexible workspace isn’t a fad; it’s the infrastructure of modern work. But it needs to be delivered in a way that shares risk and reward, reflects local markets and gives landlords real control over their assets. That’s the model we’ve built at Spacemade, and it’s the one that can turn the lessons of WeWork into a blueprint for sustainable growth.
As demand for hybrid work solidifies, landlords have a rare chance to reshape how their buildings are used, diversify their income streams and create thriving communities. In other words, flexible workspace 2.0 won’t just fill space; it will unlock value.
