The Latest Coworking Space Industry Statistics Explained
In 2020, there were approximately 1,687 coworking spaces in the U.S, up from 1,219 in 2017.
The statistic indicates that there has been a significant increase in the number of coworking spaces in the U.S from 2017 to 2020. Specifically, there were approximately 1,687 coworking spaces in 2020, which represents an increase from 1,219 spaces in 2017. This upward trend suggests a growing popularity of coworking spaces as an alternative work environment. The rise in coworking spaces could be driven by various factors such as the increasing number of freelancers, entrepreneurs, and remote workers seeking flexible and collaborative workspaces. Additionally, the growth in coworking spaces may also reflect the changing preferences of individuals and businesses towards more dynamic and interactive work settings.
The number of coworking spaces worldwide is projected to reach over 40,000 by 2024.
The statistic indicates that there is a growing trend in the popularity of coworking spaces globally, with projections suggesting that the total number of such spaces will surpass 40,000 by the year 2024. This suggests an increasing demand for flexible and collaborative work environments, driven by factors such as remote work trends, entrepreneurship, and the desire for networking opportunities among professionals. The rapid growth in coworking spaces reflects a shift in traditional work practices towards more flexible and dynamic workplace solutions that cater to the evolving needs of modern workers and businesses.
As of 2019, about 2.2 million people were members of coworking spaces.
The statistic stating that as of 2019, about 2.2 million people were members of coworking spaces provides insight into the popularity and growth of this workspace trend. Coworking spaces are shared work environments where individuals from different backgrounds and professions work alongside each other. The fact that 2.2 million people were utilizing such spaces in 2019 suggests a significant shift in how individuals choose to work, moving away from traditional office settings in favor of more flexible and collaborative environments. This statistic highlights the increasing appeal of coworking spaces as a viable option for professionals seeking a dynamic and community-oriented workspace experience.
By 2022, 6.9% of all office space in the U.S. is predicted to be flexible workspace.
This statistic suggests that by the year 2022, approximately 6.9% of all office space in the United States is expected to be designated as flexible workspace. Flexible workspaces are generally characterized by their adaptable layout and amenities in comparison to traditional office setups, catering to the evolving needs of modern businesses and workers. The predicted increase in the proportion of flexible workspace reflects a growing trend towards a more agile and dynamic work environment, allowing organizations to better accommodate remote work, collaborate more effectively, and enhance productivity. This statistic underscores the shift in how office spaces are utilized and highlights the importance of flexibility and innovation in the workplace to meet the changing demands of the workforce.
The coworking industry experienced a 21.3% compound annual growth rate (CAGR) between 2010 and 2020.
The statistic indicates that the coworking industry underwent a substantial expansion over the decade spanning from 2010 to 2020, with a Compound Annual Growth Rate (CAGR) of 21.3%. This means that on average, the industry’s annual revenue, membership, or other relevant metrics increased by 21.3% each year over the specified period. The high CAGR percentage suggests a rapid and consistent growth trend within the industry, showcasing a strong demand for flexible workspace solutions and a shift towards more collaborative and innovative work environments during the timeframe analyzed.
After a dip in 2020, the global market size of flexible workspace is expected to reach $138 billion by 2027.
The statistic indicates that the global market size of flexible workspace experienced a decrease in 2020, likely due to the impact of the COVID-19 pandemic on workplace dynamics. However, it is forecasted to rebound and grow substantially, reaching $138 billion by 2027. This growth projection suggests a strong recovery and expansion of the flexible workspace industry, potentially driven by factors such as evolving work preferences, increased adoption of remote and hybrid work models, and the ongoing demand for workspace flexibility among businesses and individuals.Overall, the statistic reflects the resilience and future prospects of the flexible workspace market on a global scale.
In 2021, Asia Pacific has over 11,500 coworking spaces, leading the global coworking market.
The statistic that in 2021, Asia Pacific has over 11,500 coworking spaces, leading the global coworking market indicates that the region has experienced significant growth and adoption of coworking spaces as a popular workspace solution. This data suggests Asia Pacific’s strong presence in the global coworking industry, surpassing other regions in terms of the number of coworking spaces available. The high number of coworking spaces in Asia Pacific signifies the growing trend towards flexible work environments, collaboration, and entrepreneurship in the region. This statistic also highlights the vibrant and dynamic nature of the Asia Pacific workspace market, showcasing its appeal and relevance to businesses and professionals seeking innovative and modern workspaces.
In 2020, 72% of coworking spaces reported a negative impact due to the Covid-19 pandemic.
In 2020, a significant proportion of coworking spaces, specifically 72%, experienced a negative impact as a result of the Covid-19 pandemic. This statistic suggests that the pandemic had a substantial adverse effect on the operations and financial health of these shared workspaces, likely due to factors such as reduced demand for office spaces, restrictions on in-person gatherings, and economic uncertainties stemming from the crisis. The high percentage of coworking spaces reporting negative impacts underscores the widespread challenges faced by this industry during the pandemic, highlighting the need for adaptation and resilience in the face of such disruptive events.
82% of coworking spaces are profitable if they have been open for more than one year.
The statistic that 82% of coworking spaces are profitable if they have been open for more than one year suggests that the majority of coworking spaces tend to become profitable once they have established themselves and passed the initial stages of operation. This statistic implies that there may be challenges or obstacles for newer coworking spaces to overcome before they can achieve profitability. It also highlights the importance of sustained operations and longevity in the coworking industry, where profitability seems to increase with the passage of time. Overall, this statistic indicates a positive trend for the profitability of coworking spaces that have been able to endure the challenges of the initial year of operation.
Approximately 40% of coworking space members are freelancers.
The statistic that approximately 40% of coworking space members are freelancers suggests that a significant portion of individuals utilizing shared workspaces for their professional activities are self-employed individuals who work independently. This statistic highlights the appeal of coworking spaces as a flexible and collaborative environment that attracts freelancers seeking a community and resources to support their work. With the rise of freelance and remote work opportunities, coworking spaces have become popular hubs for this demographic, providing them with a dedicated workspace, networking opportunities, and a sense of belonging within a larger professional community.
Approximately 1 in 5 coworking spaces have more than 150 members.
This statistic suggests that out of the population of coworking spaces studied, around 20% of them contain more than 150 members. This information is important as it provides insight into the distribution of membership sizes within coworking spaces, highlighting that a significant portion of these spaces cater to a relatively large number of members. Understanding this statistic can be beneficial for individuals seeking to join coworking spaces, as they may prefer spaces with larger communities and more networking opportunities. Additionally, for coworking space operators, this statistic can inform decisions regarding space management, resource allocation, and community-building strategies to accommodate and engage larger memberships.
48% of all coworking spaces are profitable.
The statistic ‘48% of all coworking spaces are profitable’ indicates that nearly half of all coworking spaces are generating more revenue than their expenses, resulting in a profit. This suggests that a significant portion of coworking spaces are successful businesses, able to cover their operational costs and potentially generate additional income. This information can be valuable for entrepreneurs and investors looking to enter the coworking industry, as it provides insight into the overall financial viability of such ventures. Additionally, understanding the proportion of profitable coworking spaces can help stakeholders assess market dynamics and make informed decisions regarding investment and strategic planning.
The average monthly cost for a dedicated desk in a coworking space in London is around £350.
The statistic “The average monthly cost for a dedicated desk in a coworking space in London is around £350” represents the mean amount that individuals pay per month for a dedicated desk within a shared office environment in the city of London. This figure, £350, is derived from collecting data on the monthly costs of dedicated desks across various coworking spaces in London and calculating the average value. It provides a general indication of the typical amount that individuals can expect to pay for a designated workspace in these communal office settings, serving as a useful reference point for those seeking such accommodations in London.
78% of flexible workspace providers reported an increase in enquiries in 2021.
This statistic indicates that 78% of flexible workspace providers experienced a surge in enquiries during the year 2021. This implies a strong and notable upward trend in demand for flexible workspace solutions, possibly driven by shifts in working patterns due to the COVID-19 pandemic. The increase in enquiries suggests a growing interest among businesses and individuals in flexible work arrangements, such as co-working spaces, virtual offices, and hot-desking options. This data underscores the rising popularity and relevance of flexible workspace offerings in response to the evolving needs and preferences of modern workers and businesses seeking more adaptable and cost-effective office solutions.
By 2030, coworking spaces are expected to represent 30% of all office space.
The statistic ‘By 2030, coworking spaces are expected to represent 30% of all office space’ indicates a significant trend towards the increasing popularity and prevalence of shared working environments. This projection suggests that traditional office spaces are being gradually complemented or even replaced by collaborative and flexible coworking spaces. Factors such as the rise of remote work, the gig economy, and the appeal of cost-effective and dynamic work environments are driving this shift. The forecast highlights a fundamental transformation in how people work and the changing landscape of office space utilization, underscoring the need for businesses and real estate professionals to adapt to these evolving workplace dynamics.
Conclusion
The statistics highlighted in this blog post underscore the rapid growth and promising future of the coworking space industry. As the demand for flexible workspaces continues to rise, it is clear that coworking spaces are here to stay as a popular choice for businesses and professionals seeking modern, collaborative work environments. The data presented provide valuable insights for investors, entrepreneurs, and industry professionals looking to capitalize on this thriving market.
References
0. – https://www.www.coworkingresources.org
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3. – https://www.www.cresa.com
4. – https://www.propertyeu.info
5. – https://www.www.officernd.com
6. – https://www.allwork.space
7. – https://www.www.instantoffices.com
8. – https://www.www.globenewswire.com
