Coworking is a certain form of arrangement where workers of multiple companies share their office space. This helps in cost savings and allows for convenience via the utilization of common infrastructures like parcel acceptance services, refreshments, custodial and receptionist services, utilities, and equipment.
The number of worldwide coworking spaces has been suggested to surpass 40,000 by 2024. The industry experts expect it to adopt a 21.3% of annual growth rate. It has been estimated that at least five million people would be opting to work for coworking spaces by the end of 2024, a growth of 158% than in 2020.
In light of that, today, we are going to learn about specific trends and statistics that we can expect the coworking space industry to witness in 2021. Thereby offering you the bird's-eye vision on the development of the industry across the world.
#1 - Total Number of Coworking StatisticsCoworking Statis In 2019, there were over 19,000 coworking spaces globally.
The global coworking space statistics published by Statista had stated that currently, there are 19,700 coworking spaces across the globe. With the steady increase in the number of new coworking spaces daily, the figure is expected to cross 26,000 by the end of 2025.
#2 - Flexible workspaces StatisticsIn 2019, there were over 30,000 flexible workspaces across the world.
Both among enterprise companies and freelancers, flexible workspaces have been rapidly gaining popularity. Experts have forecasted flexible workspaces to double up to 49,500 by 2022 compared to their 2017 count, which was only 26,000. This trend primarily has its roots in the surge of all-new coworking spaces worldwide.
#3 - Global Valuation of Workspaces StatisticsThe global valuation of flexible workspaces is $26 billion.
With every passing day, the world is witnessing more shared office space enterprises and companies. It has become a significantly major industry pooling the big plays of the corporate world.2019 recorded the working of over three million coworkers.
Currently, there are 3.1 million coworkers worldwide, according to the global coworking report of GCUC.
They have also suggested that the number would double by the end of 2022. The Asia-Pacific region is expected to experience enormous growth.
#4 - Global Coworkers Age StatisticsAlmost 65% of the global coworkers are aged below 40.
As of 2017, the average age of coworkers is 35 years compared to 33.5 years in 2012. Many people working in a flexible workspace have an age range of 30 to 39 years, with only 12% of the workforce ageing over 50. Nevertheless, the average age of coworkers has been slightly increasing each year.
#5 - Largest Coworking Space Region StatisticsThe Asia-Pacific region is the largest coworking space in the world, homing over 11,000 coworking spaces.
The Asia-Pacific region has 11,592 flexible workspaces, as stated in the global coworking statistics. Six thousand eight hundred fifty workspaces now follow this in Europe, Africa, and the Middle East. However, there are only 6,293 flexible workspaces in the United States.Every coworking space has 185 members on average across the world, according to 2019 reports.
The consistent rise of coworking office spaces across the world does showcase numerical expansion and expansion in size. From 2012-2019, the world of coworking office spaces had witnessed a 500% growth rate. Such behaviour further assures that coworking spaces would continue attracting more workers and expanding more soon.When it comes to coworking real estate, the US has a flexible workspace area of eighty million square feet.
The US is the world leader in the coworking real estate, as stated by the coworking space statistics. In comparison, the UK has sixty million square feet less than the US. New York, especially in Manhattan, there are multiple industrial coworking space areas spread across the country.
#6 - Freelance Coworkers StatisticsThe Freelancers still dominate the global coworking demographic.
According to research conducted by Deskmag, most coworking hubs are still populated by freelancers. They account for almost 41% of the average workforce. In contrast, only 36% of the workforce in coworking hubs are accounted for by corporate workers. Therefore, it can be easily inferred that big corporate companies are too enjoying the benefits offered by shared working spaces.Coworkers are mostly found in the IT industry, followed by Public Relations, Marketing Industry, and Sales.
The IT professionals have dominated the coworking workspace with a workforce of 22%, which is closely followed by the public relations industry, marketing industry, and sales industry at 14%. Consultants only constitute 6% of the workforce. Besides, the IT industry has also been strengthening its position to take the lead in the shared workspaces. In contrast, there is a considerable decline in the presence of consultants in the same compared to the previous years.
#7 - Largest Coworking Space Operator StatisticsRegus is the largest coworking space operator in the world, with a market share of 11%.
The coworking infographic of GCUC forecasts two exciting trends. Firstly, Regus is now dominating the coworking space as the leading operator. Secondly, the top 5 companies in the worldwide shared office space segment have an overall market coverage of only 14%. Therefore, it can be inferred that a large number of coworking spaces still operate independently.
#8 - The global coworking workforce is 40% comprised of women.
More and more women have been participating in the industry coworking spaces. Earlier, this industry was male-dominated, which has now eventually transitioned to an equal representation to both men and women.
Almost 46% of the freelance coworking workforce is comprised of women. Moreover, considering the global coworking survey reports, the statistics show that women account for almost 44% of the overall coworking workforce irrespective of the fields.
Besides startups and freelancers, coworking is also gaining popularity in other fields.
Numerically, enterprise companies have increased by 90%, and enterprise members have increased by 360% by adopting the services of WeWork in 2017.
Some of these include major companies like HSBC, Pinterest, Spotify, and Microsoft. Nowadays, more corporate employees are in favour of sharing their office with their coworkers.
Most newly opened coworking office hubs have been working like this.
Employees also significantly consider the social aspects of their company that features a coworking space.
The coworking survey by Deskmag states that 59% of the employees consider the enjoyable atmosphere of the company when opting for a coworking space. Other than that, 56% of the employees consider human interaction, and 55% consider the employee community when applying for coworking space.
While working, coworkers usually look for 24/7 access to their space.
As suggested by the research conducted by Deskmag, more than 59% of the potential employees tend to prefer having access to their spaces. When employees are not limited by the typical hours and pressure of a smart read standard office, most people miss the comfort of their space.
These projections reflect both industry's growth that it has experienced in the past and the significant increase in shared coworking spaces as a business model worldwide. Offices will turn into on-demand flexible spaces with little to no challenges faced by the operators. Thereby allowing the coworking space industry to grow.