As the coworking industry rapidly grows, it's important to keep track of the latest statistics. This will help you find opportunities you may not have considered before or set more accurate and achievable goals for your business. This is why, in this post, we'll cover 11 of the most important statistics coworking businesses can use to improve their marketing efforts, operations, and bottom line in 2023.
1. Anticipating a Landscape of 42,000 Coworking Spaces by 2024
Based on historical data from 2018 through 2022, the total number of coworking spaces is set to reach nearly 42,000 worldwide by the end of 2024. This means that more and more coworking businesses will appear in the next year and a half, bringing in more competition for incumbents and new market players.
2. Global Coworking Market Poised to Reach $15.5 Billion
The projected value of the global coworking market is estimated to surge to $15.5 billion by the year 2027. This anticipated growth signifies a remarkable shift towards coworking spaces, appealing to both businesses and individuals and indicating a sustained trend in the foreseeable future.
3. Projected 5.07 Million Individuals to Join Coworking Spaces
In the year 2023, it is projected that approximately 5.07 million individuals will join the ranks of coworking space members. The rising number of people embracing coworking is a testament to the numerous advantages it offers, underscoring its potential to shape the future of work significantly.
4. Freelancers Constitute 37% of Coworking Space Occupants
The utilization of coworking spaces is driven by distinct user groups, with freelancers accounting for 37% of the users, followed by entrepreneurs comprising 24%, and SMEs representing 21%.
Among these groups, freelancers emerge as the most predominant users, highlighting their strong affinity towards coworking spaces.
5. Coworking Spaces Poised to Expand at a 6% Annual Rate
The coworking industry is projected to experience an annual growth rate of 6%, reflecting a rising preference among individuals seeking flexible work solutions. This significant statistic holds great significance in assessing the present landscape of coworking, offering valuable foresight into the industry's promising future prospects. It underscores the increasing adoption of coworking as a viable choice for diverse work requirements and highlights its potential to reshape the way people approach their professional endeavors.
6. London Reigns as the Global Epicenter of Coworking Spaces
London has emerged as the global frontrunner in the total count of coworking spaces, solidifying its position at the forefront of this industry. As of 2019, the city boasted an impressive number of over 1,400 coworking spaces, surpassing its closest contender, New York City, which registered fewer than half that amount, with a count of 550 coworking spaces. Hong Kong secured the third spot with 320 spaces, further illustrating the thriving coworking ecosystem in these vibrant urban centers.
This data showcases London's remarkable dominance in offering a wide array of coworking options and reinforces its status as a hub for flexible and collaborative work environments.
7. Average Capacity of Coworking Spaces Revealed
Across the coworking landscape, the average capacity of these dynamic workspaces stands at approximately 83 individuals worldwide. Delving deeper into regional variations, coworking spaces in the United States boast an average capacity of 105 people, signaling their potential to accommodate larger communities.
While Asia takes the lead in terms of average capacity, accommodating an impressive 114 people per coworking space, South America showcases a comparatively lower average of 54 individuals, reflecting the diverse landscape of coworking trends in different continents.
8. 67% of Coworkers Attribute Remarkable Success to Coworking Spaces
The transformative impact of coworking spaces on professional trajectories is vividly evident, with an astounding 67% of individuals crediting these collaborative environments for significantly enhancing their career achievements. This compelling statistic serves as a testament to the profound effectiveness of coworking spaces in propelling individuals toward their professional aspirations.
9. 83% of Coworking Space Users Opt for Mobile Apps to Streamline Service Management
A remarkable 83% of coworking space users actively choose mobile applications as their preferred tool to seamlessly manage their coworking services. This substantial majority underscores the convenience and user-friendly nature of these apps, highlighting their pivotal role in simplifying the coworking experience.
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10. Women's Representation in the Coworking Sphere
Over the years, there has been a steady rise in the number of women engaging in coworking, gradually bridging the gender gap. While the current percentage remains below the desired 50%, the encouraging news is that the trend continues to show positive momentum, welcoming an increasing number of women to the coworking movement with each passing year.
11. Coworking Spaces Projected to Occupy 30% of Corporate Office Space by 2030
A significant transformation is on the horizon for the corporate office space landscape as we envision a future where coworking spaces take center stage. By the year 2030, these dynamic work environments have the potential to establish a prominent presence within the market, offering businesses a versatile and economically efficient approach to work. The profound implications of this shift extend beyond mere physical spaces, promising to revolutionize how organizations operate by fostering enhanced collaboration and productivity in the workplace.
The Bottom Line
Although the biggest market for coworking businesses is currently the APAC region, coworking spaces are most popular in the U.K., London in particular, and are becoming increasingly popular in regions like North America. As the industry grows, it's important to keep statistics like the ones above in mind so your business can continue to thrive. Knowing your target market is essential, as is understanding how demographics change over time. Keep an eye on these trends, and you'll stay ahead of the curve in the coworking world.
The article was written by Jordan Bishop, a personal finance expert and travel hacker who holds a degree in finance and entrepreneurship from Wilfrid Laurier University, Waterloo, Canada. He is the founder of Yore Oyster and How I Travel, two sites to help you optimize your finances while living an international life. He recently published his first book, Unperfect, an exploration of problem-solving.
