Many studies have shown that companies are struggling with a lack of necessary human capital, which is mainly found in knowledge workers. In this contribution we have dealt with the localization of human capital of knowledge workers in today's world. The goal of this contribution is to prove that a part of human capital is moving from the traditional labor market to new places (to the virtual labor market, to coworking centers, often as freelancers), and employers must be able to use this human capital. Firms which are not able to adapt their management of human capital to the current trends will have an increasingly hard time acquiring talented employees. On the other hand, companies which are able to use human capital present on the virtual labor market have a competitive advantage. Technological development enables totally new ways of knowledge work, which satisfy the needs of mainly young knowledge workers better than traditional forms of employment. A significant part of knowledge work can be done using information and communication technologies, i.e. virtually. The virtual labor market is being developed and a lot of knowledge workers have made the decision to enter this market as freelancers. A special phenomenon of this time is a dynamic development of coworking centers worldwide (namely in those parts of the world where access to the Internet and other necessary infrastructure is available). At the same time, both dependent and independent virtual workers start concentrating in coworking centers, once the boom of home offices has faded away. In these centers they continue doing their normal work, but at the same time they can establish social contacts, which results in further development of social capital. In this contribution we have analyzed both trends: the development of the virtual labor market and coworking centers on the one hand, and opinions of Generation Z regarding their professional careers on the other. At this time Generation Z members are either entering the labor market once they have graduated from high school, or are starting their university studies. Data sources are both international studies performed earlier, and our own research dealing with the development of coworking and work needs of Generation Z in the Czech Republic. At the end of this contribution we have synthesized all the acquired information based on which we can assume that coworking centers will concentrate a significant amount of human capital. The total amount of available human capital might even grow since new ways of traditional knowledge work enable the engagement of even those, for whom it would be impossible to find traditional jobs due to various reasons. These findings are valuable both for companies employing such workers, and for knowledge workers themselves, since they may not be aware of the usefulness of their human capital, and also for universities preparing future employers as well as future knowledge workers.
