A coworking space is a place where several shared office spaces are provided to individuals and workers of different companies for a small fee. Coworking spaces are getting popular across the globe. Before Covid, the coworkers were mostly freelancers and professionals who worked from home or did not have a permanent office or worked from different places but in today’s world, many large corporations have come to realize that they need to make the switch from the traditional office buildings to a modern-day coworking space. The increase in the coworking space market is primarily due to the companies recommencing their operations and altering to the new normal while recovering from the COVID-19 impact, which had before led to restrictive containment measures implying social distancing, remote working, and the closure of commercial proceedings that resulted in operational challenges.
General Coworking Statistics
Coworking began as a movement motivated by digital nomads and close to instantly changing into a model for providing business services. This gave start to coworking spaces of different styles and sizes, alms cooperation possibilities, and much more. By 2021 the number of coworking spaces worldwide is almost 23,550 and which is expected to more than double by 2024 and surpass 41,000. If you are surprised how many people use coworking worldwide, the answer is 3.1 plus million and it should not come as a surprise that there will be 5 million by 2024. These historical and flexible workspaces offering freelancers the liberty to follow their passion are causing a spatter on the real estate market, too. And the global value of the coworking market is unlikely to start going down any time soon. The market size of the total coworking space is $30.36 by 2021 and surpass $30.36 billion by 2026 at a CAGR of 17.4%.
The size and capacity of any workspace matter hugely and should be chosen based on the needs of freelancers. Shared office facilities perfectly must offer desks, meeting rooms, and other labeled areas and resources for individuals that do now love to depend on location. In today’s world, there are on average 83 independent employees working in shared offices. The average flexible workspace around the world is 7,308 square feet.
Since we’ve mentioned size and capacity, next on our list is cost. The fact is that during two years from their launch, almost three quarters become gainful. 87% of shared office facilities become profitable within two years from their opening.
Read also: “The Rise of Business Centers and Coworking Space in Chennai”
In a coworking space, you get to be in contact with one to four members a day, or none, depending on how your mood is. Coworking facts show that 89% of independently employed people feel happier since they’ve joined coworking with utter flexibility. Coworking spaces are set as a productive and conducive working environment-productivity statistics show. Plus, everyone around you is truly there to work. 84% of coworkers feel motivated and engaged.
The coworking space business model is based on an aura of purpose blended with competitiveness. And the results are extraordinary. Shared offices make 70% of their members healthier, according to coworking productivity statistics. 64% of people sharing an office with a coworker have improved on completing their tasks on time, and 68% say they are better focused. More than half of coworkers feel they are part of something better. Their social lives are glowing, and their social networks have expanded by 79%. What makes these coworking hubs so worthwhile is that a staggering 80% of their members say they are happy to have someone to interact with, while 54% socialize on weekends with other coworkers.
The coworking space business model has proven quite successful and has found target users such as SMEs and startup teams. SMEs are today the primary lessees of coworking spaces. Startup teams come secondary with 27.12%, followed by freelancers with 16.61% and digital remote employees are a minority with 2.82%.
Other Top Coworking Statistics
- The current market share of flexible workspaces against the total office space market holds 3 percent and this is expected to go up to 4.2 percent by 2023. It would grow at an average of 15-20 percent year on year.
- Coworking operators produce 61% of their revenues from renting desks.
- 76% of people who cowork intend on using coworking spaces for a long period.
- The average age of members in coworking spaces is between 30 and 39.
TOP 5 COUNTRIES WITH THE GREATEST Number OF WORLD’S COWORKING SPACES (2021)
In terms of region, Asia Pacific remains on top with the greatest number of total coworking spaces in 2021 (5,889), followed by Europe (5,858) and North America (4,698). The United States holds 1st rank for the greatest number of coworking spaces around the globe (3,762), followed by India (2,197) and the UK (1,044).
Flexibility, affordability, and productivity are the underlying principles of the coworking industry. Roamers, freelancers, and enterprises with far-reaching dreams and even bigger ideas are beginning to see coworking spaces as their offices of tomorrow. Shared workspaces give them the mend they need to lead a healthier and more harmonious life. The coworking statistics mentioned above show that coworking is a fantastic way to make a favorable work environment and growth in employee productivity.