Summary
- • There are over 30,000 coworking spaces worldwide as of 2022
- • The global coworking space market size was valued at USD 8.14 billion in 2021
- • The coworking market is expected to grow at a CAGR of 17.0% from 2022 to 2030
- • The number of coworking spaces is projected to double by 2024
- • Flexible workspace now accounts for more than 5% of total office stock in many global cities
- • 40% of flexible workspace demand is expected to come from large and corporate companies
- • 77% of coworking operators plan to expand their operations
- • The average coworking space hosts 100 members
- • 50% of coworking members access their space around the clock
- • The average monthly desk price in the US is $387
- • 71% of coworking members reported a boost in creativity since joining a coworking space
- • 64% of coworkers are better able to complete tasks on time
- • 90% of coworkers report feeling more confident when coworking
- • 84% of coworkers say they are more engaged and motivated when coworking
- • 89% of coworkers report being happier since joining a coworking space
Step right up, folks, to witness the astounding world of coworking statistics! With over 30,000 coworking spaces worldwide and a market value exceeding USD 8 billion in 2021, the coworking industry is like a whirlwind, set to double in size by 2024. From boosting creativity to increasing income, these shared workspaces have become the go-to for professionals aiming to thrive in a collaborative, community-driven environment. Join us as we delve into the numbers that paint a vibrant picture of the modern, flexible workspace phenomenon.
Market Growth
- The coworking market is expected to grow at a CAGR of 17.0% from 2022 to 2030
- The number of coworking spaces is projected to double by 2024
- 77% of coworking operators plan to expand their operations
- 29% of coworking spaces were opened in the last year
- 44% of coworking spaces are planning to add more desks
- 62% of coworking spaces are considering expanding
- The global coworking spaces market is expected to reach $13.03 billion by 2025
- Asia-Pacific is expected to witness the highest growth in the coworking market from 2020 to 2025
Interpretation
The coworking industry is like a thumping party that everyone wants an invite to - with its growth trajectory resembling a well-oiled machine that just keeps churning out spaces and desks faster than you can say "collaboration." With a CAGR that spells nothing but success, it’s clear that coworking is here to stay. As operators scramble to seize the opportunity and expand their empires, it seems like every corner is destined to become a hub of shared desks and buzzing creativity. So, hold onto your seat (or desk, rather) because this global coworking extravaganza is about to reach legendary status - and Asia-Pacific is definitely leading the charge, ready to showcase the biggest growth spurt yet.
Market Leaders
- WeWork, the largest coworking company, had 527,000 members as of Q2 2019
- IWG (Regus) operates over 3,300 coworking locations worldwide
Interpretation
The coworking industry is booming with WeWork boasting a staggering 527,000 members in Q2 2019, showing how professionals are increasingly opting for flexible workspace solutions. Meanwhile, IWG (Regus) is not one to be left behind, operating over 3,300 coworking locations worldwide, proving that when it comes to coworking, they are definitely not in "Regus denial". With numbers like these, it's evident that the coworking trend is here to stay, and traditional office spaces better watch their back – the revolution is coming, one hot desk at a time.
Market Size
- There are over 30,000 coworking spaces worldwide as of 2022
- The global coworking space market size was valued at USD 8.14 billion in 2021
- Flexible workspace now accounts for more than 5% of total office stock in many global cities
- 1.2 million people worldwide worked in coworking spaces in 2017
- The US has the most coworking spaces globally, with over 3,700 locations
- London is the city with the most coworking spaces, having over 1,400 locations
- 30% of Fortune 500 companies use some form of flexible office space
Interpretation
It appears that coworking spaces have gone from being a quirky millennial trend to a global powerhouse in the world of work. With over 30,000 spaces worldwide, it seems like we have more options for where to park our laptops than coffee shop baristas have for latte art inspirations. The flexible workspace market is booming faster than a high-speed wifi connection, with its value surpassing USD 8 billion in 2021. Forget working 9 to 5 in a traditional office; nowadays, rubbing elbows with strangers in hip, open-concept spaces is the cool new way to clock in. So, whether you're a digital nomad, a Fortune 500 big shot, or just tired of your home office cat constantly judging your work ethic, there's a coworking space out there with your name on it.
Operational Metrics
- The average coworking space hosts 100 members
- The average coworking space is 7,308 square feet
- 40% of coworking spaces are profitable
- 72% of coworking operators emphasize building their community
- 33% of coworking spaces offer 24/7 access
- The average coworking space has 83 members
- 40% of coworking spaces offer some form of childcare
- 72% of coworking spaces are profitable after two years of operation
- 90% of coworking spaces host regular events for members
- 78% of coworking spaces form partnerships with other companies
- 25% of coworking spaces offer some form of accelerator or incubator program
Interpretation
Amidst the hustle and bustle of coworking spaces, where collaboration meets innovation, the numbers unveil a fascinating tapestry. With an average of 100 members occupying 7,308 square feet, it's a true melting pot of ideas. The fact that 40% of these spaces are profitable proves that creative energy can also bring economic success. A whopping 72% prioritize community-building, showing that the heart of these spaces is not just about desks and chairs but about fostering connections. And let's not forget the daring 33% offering 24/7 access, because let's face it, creativity knows no bedtime. So, whether you're there for the networking, the events, the childcare, or the accelerator programs, coworking spaces are more than just places to work—they're cauldrons of endless possibilities.
Pricing
- The average monthly desk price in the US is $387
- The average monthly hot desk price globally is $195
- The average monthly dedicated desk price globally is $387
- The average monthly private office price globally is $701
Interpretation
Coworking spaces have become the modern entrepreneur's playground, offering a variety of work settings at different price points. The statistics paint a vivid picture: for the price of a fancy dinner for two in the US, you can secure a desk in a vibrant shared workspace to fuel your creativity. Opting for a hot desk globally means you could grab a month's worth of lattes for the cost of your membership. Meanwhile, dedicated desks around the world offer a balance between flexibility and personal space, at a price tag that mirrors the average monthly desk price in the US. And for those craving the lavish corner office experience, the global average private office price promises a premium spot for less than the rent of a cramped studio apartment in some cities. The numbers speak volumes about the diversity and accessibility of coworking environments in today's dynamic work landscape.
User Behavior
- 50% of coworking members access their space around the clock
- 65% of people join coworking spaces to interact with others
- 70% of coworking members join for the community aspect
- The average coworking member stays at a space for 16 months
- 65% of people using coworking spaces are collaborating with other members
- 60% of coworking members are open to sharing knowledge and expertise
Interpretation
Coworking spaces have become the 24/7 playgrounds for the modern workforce, with half of members treating their workspace like a never-ending buffet of productivity. It seems that for many, the allure of coworking lies not just in the free coffee and trendy decor, but in the opportunity to mingle with fellow nomadic professionals. With a whopping 70% seeking a sense of belonging in the bustling coworking community, it's no wonder that the average tenure is a respectable 16 months. As it turns out, these spaces aren't just for solitary work marathons, with a majority of occupants engaging in collaborative shenanigans and knowledge swaps. So, whether you're burning the midnight oil, craving human interaction, or just looking to swipe some brainpower from your neighbor, coworking seems to have a spot for everyone.
User Benefits
- 71% of coworking members reported a boost in creativity since joining a coworking space
- 64% of coworkers are better able to complete tasks on time
- 90% of coworkers report feeling more confident when coworking
- 84% of coworkers say they are more engaged and motivated when coworking
- 89% of coworkers report being happier since joining a coworking space
- 60% of coworking members are more relaxed at home since joining a coworking space
- 70% of coworkers reported that they felt healthier than they did working in a traditional office
- 85% of coworkers say they are more motivated when coworking
- 67% of coworking members say coworking improved their professional success
- 64% of coworking members say their coworking networking was an important source of work and business referrals
- 80% of coworking members report expanding their professional networks since joining a coworking space
- 84% of coworkers say they are more motivated and engaged when coworking
- 89% of coworkers report being happier since joining a coworking space
- 70% of coworking members reported an increase in their income after joining a coworking space
Interpretation
In a world where brainstorming is the new black and productivity is the currency of the realm, coworking spaces have emerged as the holy grail for the modern professional. With a whopping 71% reporting a surge in creativity, 64% conquering deadlines with the finesse of a ninja, and 90% strutting around with newfound confidence, it's safe to say that coworking isn't just a trend - it's a lifestyle. These statistics paint a picture of a utopia where the air is laced with innovation, the coffee is a potion of productivity, and happiness is as abundant as the communal snack stash. So, if you find yourself daydreaming about crisp collabs, tight deadlines, and a healthier bank account, perhaps it's time to ditch the traditional cubicle and join the coworking revolution.
User Demographics
- 40% of flexible workspace demand is expected to come from large and corporate companies
- The average age of coworking members is 36 years old
- 41% of coworking members are freelancers
- 36% of coworking members are employees
- 14% of coworking members are employers
- 54% of coworkers are men, while 46% are women
- 79% of coworking members are under the age of 40
- 33% of coworking members have a bachelor's degree
- 26% of coworking members have a master's degree
- 50% of coworking members work in the knowledge economy
- 14% of coworking members work in creative industries
- 55% of coworking members work for different employers
Interpretation
Coworking spaces are the modern melting pots where corporate giants mingle with freelance gurus, and where knowledge economy wizards brainstorm alongside creative virtuosos. With an average age of 36, it seems the new cool kids on the block are ditching traditional offices for a more collaborative and dynamic environment. And hey, the gender balance is pretty refreshing too, with 54% men and 46% women cohabiting these hip workspaces. So, whether you're a master's degree ninja or a bachelor's degree aficionado, there's a spot for everyone in this buzzing ecosystem where innovation knows no boundaries and diversity reigns supreme.