Quick Summary:
In the ever-evolving climate of the twenty-first century, the proliferation of start-ups and the increasing shift towards flexible and remote work patterns have significantly influenced the demand for adaptable workplace solutions. A rising contributor to this trend is the global coworking space market, showcasing promising growth and abundant opportunities for a diverse set of industries.
Our new comprehensive market research report delves into the intricate dynamics shaping this prospering market. It offers invaluable insights into key market segments, industry trends, regional analysis and competition landscape. The report also outlines the impact of the recent global events, such as the COVID-19 pandemic, and their significant role in the shift towards flexible workspace arrangements.
Understanding the coworking space market not only provides a snapshot of the current global working environment, but also signals the future trajectory of work spaces. By purchasing our detailed report, you will gain an exclusive, in-depth perspective of the industry across a wide spectrum of parameters, aiding in forward-thinking, strategic decision-making for your business.
The global coworking space market will grow from $16.17 billion in 2022 to $19.05 billion in 2023 at a compound annual growth rate (CAGR) of 17.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The coworking space market is expected to grow to $34.99 billion in 2027 at a CAGR of 16.4%.
The coworking spaces market consists of revenues earned by entities that provide coworking space on rent or lease. Unlike traditional office rental, the cost of renting coworking workspaces usually covers the use of related services/equipment such as office chairs and desks, internet/Wi-Fi connection, hardware, software, and others. The industry includes businesses that offer non-residential structures with amenities and facilities on a flexible rental basis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A coworking space is a shared or collaborative office space between many individuals or companies located in the same buildings, provided on rent by the property owners, and helps employees replicate that sense of community they may be missing in the virtual workplace.
Asia Pacific was the largest region in the coworking space market in 2022. North America was the second largest region in the coworking space market. The regions covered in the coworking spaces market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of business in coworking spaces are open/ conventional coworking spaces, corporate/ professional coworking spaces, and others. The corporate/professional coworking space caters to tenants who are more corporate or professional. It will be more cost-effective than a high-end location, with a peaceful, personal, and professional ambiance, softer lighting, and less energy consumption than other types of rooms. The different users include enterprises, freelancers, and others, and are used by various sectors such as finance, legal services, marketing, technology, real estate, consulting services, and others.
The coworking spaces market is majorly determined by the increase in the number of start-ups globally. According to the Global Startup Ecosystem Report 2021, by Startup Genome, the global start-up economy was worth $ 3.8 trillion. The growth is backed by the expansion of internet space, exposure to the knowledge of entrepreneurship outside the boundaries of the country, and improved literacy rates. Besides, advanced manufacturing and robotics, agriculture technology and new food, blockchain, artificial intelligence, big data, and analytics were the fastest-growing start-up sub-sectors globally. Therefore, the rise in the number of startups across various industries globally increased the demand for coworking spaces, driving the market during the forecast period.
The increase in the number of people working from home or remotely owing to the COVID-19 lockdown limits the growth of the market. For instance, in March 2020, many companies working from home owing to the COVID-19 pandemic, and operators of coworking spaces have seen an almost 50% decline in footfalls. Furthermore, according to the Business 2 Community publication in April 2020, the number of people working remotely has grown by 44% in the last five years, with 7 million people (3.4% of the population) working remotely in the USA before their arrival of COVID-19. Nevertheless, the number of people working remotely is tremendously increased owing to the coronavirus outbreak over the last few months. Consequently, declining the revenues generated by the coworking spaces market during 2020.
The development of sustainable coworking spaces is a major trend shaping the coworking spaces market. Coworking spaces are implementing eco-friendly measures in the workplace to attract entrepreneurs concerned with environmental issues such as global warming. Sustainable practices adopted by coworking space providers offer substantial benefits and are economically feasible. For instance, CoCoon in Hong Kong has a floor made of natural bamboo and uses non-toxic paints and LED lights. In addition to this, drought-resistant plants are part of the interior and exterior. Another such example is Green Spaces in Denver uses about 160 solar panels on the roofs of its offices. These allow significant cost savings at Green Spaces. Thus, sustainable coworking space is a key trend in the coworking spaces market.
In January 2022, WeWork Inc a US-based company providing coworking spaces, including physical and virtual spaces acquired Common Desk for an undisclosed amount. This acquisition helps WeWork Inc to execute a path towards cost-efficient, strategic growth. Common Desk is committed to creating experiential coworking and office spaces that boast flexible memberships for all types of professionals across the USA.
The countries covered in the coworking space market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The coworking spaces market research report is one of a series of new reports that provides coworking spaces market statistics, including coworking spaces industry global market size, regional shares, competitors with a coworking spaces market share, detailed coworking spaces market segments, market trends and opportunities, and any further data you may need to thrive in the coworking spaces industry. This coworking spaces market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Major players in the coworking spaces market are Wework, Regus Corporation (IWG Plc), Mix Pace, Knotel Inc., SimplyWork, District Cowork, Premier Workspaces, Krspace, Convene, Servcorp Limited, Novel Coworking, TechSpace Inc., SOMAcentral, HackerLab, Industrious, UCOMMUNE, Your Alley, Impact Hub, Serendipity Labs, Make Office, Green Desk, Venture X, Office Evolution, CommonGrounds Workplace, and Intelligent Office and Studio.
This product will be delivered within 1-3 business days.
The coworking spaces market consists of revenues earned by entities that provide coworking space on rent or lease. Unlike traditional office rental, the cost of renting coworking workspaces usually covers the use of related services/equipment such as office chairs and desks, internet/Wi-Fi connection, hardware, software, and others. The industry includes businesses that offer non-residential structures with amenities and facilities on a flexible rental basis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A coworking space is a shared or collaborative office space between many individuals or companies located in the same buildings, provided on rent by the property owners, and helps employees replicate that sense of community they may be missing in the virtual workplace.
Asia Pacific was the largest region in the coworking space market in 2022. North America was the second largest region in the coworking space market. The regions covered in the coworking spaces market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of business in coworking spaces are open/ conventional coworking spaces, corporate/ professional coworking spaces, and others. The corporate/professional coworking space caters to tenants who are more corporate or professional. It will be more cost-effective than a high-end location, with a peaceful, personal, and professional ambiance, softer lighting, and less energy consumption than other types of rooms. The different users include enterprises, freelancers, and others, and are used by various sectors such as finance, legal services, marketing, technology, real estate, consulting services, and others.
The coworking spaces market is majorly determined by the increase in the number of start-ups globally. According to the Global Startup Ecosystem Report 2021, by Startup Genome, the global start-up economy was worth $ 3.8 trillion. The growth is backed by the expansion of internet space, exposure to the knowledge of entrepreneurship outside the boundaries of the country, and improved literacy rates. Besides, advanced manufacturing and robotics, agriculture technology and new food, blockchain, artificial intelligence, big data, and analytics were the fastest-growing start-up sub-sectors globally. Therefore, the rise in the number of startups across various industries globally increased the demand for coworking spaces, driving the market during the forecast period.
The increase in the number of people working from home or remotely owing to the COVID-19 lockdown limits the growth of the market. For instance, in March 2020, many companies working from home owing to the COVID-19 pandemic, and operators of coworking spaces have seen an almost 50% decline in footfalls. Furthermore, according to the Business 2 Community publication in April 2020, the number of people working remotely has grown by 44% in the last five years, with 7 million people (3.4% of the population) working remotely in the USA before their arrival of COVID-19. Nevertheless, the number of people working remotely is tremendously increased owing to the coronavirus outbreak over the last few months. Consequently, declining the revenues generated by the coworking spaces market during 2020.
The development of sustainable coworking spaces is a major trend shaping the coworking spaces market. Coworking spaces are implementing eco-friendly measures in the workplace to attract entrepreneurs concerned with environmental issues such as global warming. Sustainable practices adopted by coworking space providers offer substantial benefits and are economically feasible. For instance, CoCoon in Hong Kong has a floor made of natural bamboo and uses non-toxic paints and LED lights. In addition to this, drought-resistant plants are part of the interior and exterior. Another such example is Green Spaces in Denver uses about 160 solar panels on the roofs of its offices. These allow significant cost savings at Green Spaces. Thus, sustainable coworking space is a key trend in the coworking spaces market.
In January 2022, WeWork Inc a US-based company providing coworking spaces, including physical and virtual spaces acquired Common Desk for an undisclosed amount. This acquisition helps WeWork Inc to execute a path towards cost-efficient, strategic growth. Common Desk is committed to creating experiential coworking and office spaces that boast flexible memberships for all types of professionals across the USA.
The countries covered in the coworking space market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The coworking spaces market research report is one of a series of new reports that provides coworking spaces market statistics, including coworking spaces industry global market size, regional shares, competitors with a coworking spaces market share, detailed coworking spaces market segments, market trends and opportunities, and any further data you may need to thrive in the coworking spaces industry. This coworking spaces market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Major players in the coworking spaces market are Wework, Regus Corporation (IWG Plc), Mix Pace, Knotel Inc., SimplyWork, District Cowork, Premier Workspaces, Krspace, Convene, Servcorp Limited, Novel Coworking, TechSpace Inc., SOMAcentral, HackerLab, Industrious, UCOMMUNE, Your Alley, Impact Hub, Serendipity Labs, Make Office, Green Desk, Venture X, Office Evolution, CommonGrounds Workplace, and Intelligent Office and Studio.
This product will be delivered within 1-3 business days.
Frequently Asked Questions about the Global Coworking Space Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2023 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value ( USD | $ 19.05 billion |
| Forecasted Market Value ( USD | $ 34.99 billion |
| Compound Annual Growth Rate | 16.4% |
| Regions Covered | Global |
Table of Contents
1. Executive Summary2. Coworking Spaces Market Characteristics
3. Coworking Spaces Market Trends And Strategies
4. Coworking Spaces Market - Macro Economic Scenario
4.1 COVID-19 Impact On Coworking Spaces Market
4.2 Ukraine-Russia War Impact On Coworking Spaces Market
4.3 Impact Of High Inflation On Coworking Spaces Market
5. Coworking Spaces Market Size And Growth
5.1. Global Coworking Spaces Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Coworking Spaces Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Coworking Spaces Market Segmentation
6.1. Global Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Open/ Conventional Coworking Spaces
- Corporate/ Professional Coworking Spaces
- Other Types
- Finance
- Legal Services
- Marketing
- Technology
- Real Estate
- Consulting Services
- Other End Uses
- Enterprises
- Freelancer
- Other Users
7.1. Global Coworking Spaces Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Coworking Spaces Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Coworking Spaces Market
8.1. Asia-Pacific Coworking Spaces Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.3. Asia-Pacific Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Coworking Spaces Market
9.1. China Coworking Spaces Market Overview
9.2. China Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
9.3. China Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Coworking Spaces Market
10.1. India Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
10.2. India Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Coworking Spaces Market
11.1. Japan Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.2. Japan Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Coworking Spaces Market
12.1. Australia Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12.2. Australia Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Coworking Spaces Market
13.1. Indonesia Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13.2. Indonesia Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Coworking Spaces Market
14.1. South Korea Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14.2. South Korea Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Coworking Spaces Market
15.1. Western Europe Coworking Spaces Market Overview
15.2. Western Europe Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15.3. Western Europe Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Coworking Spaces Market
16.1. UK Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16.2. UK Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Coworking Spaces Market
17.1. Germany Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17.2. Germany Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Coworking Spaces Market
18.1. France Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18.2. France Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Coworking Spaces Market
19.1. Eastern Europe Coworking Spaces Market Overview
19.2. Eastern Europe Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19.3. Eastern Europe Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Coworking Spaces Market
20.1. Russia Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20.2. Russia Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Coworking Spaces Market
21.1. North America Coworking Spaces Market Overview
21.2. North America Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21.3. North America Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Coworking Spaces Market
22.1. USA Coworking Spaces Market Overview
22.2. USA Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22.3. USA Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Coworking Spaces Market
23.1. South America Coworking Spaces Market Overview
23.2. South America Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23.3. South America Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Coworking Spaces Market
24.1. Brazil Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24.2. Brazil Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Coworking Spaces Market
25.1. Middle East Coworking Spaces Market Overview
25.2. Middle East Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25.3. Middle East Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Coworking Spaces Market
26.1. Africa Coworking Spaces Market Overview
26.2. Africa Coworking Spaces Market, Segmentation By Business Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26.3. Africa Coworking Spaces Market, Segmentation By End Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Coworking Spaces Market Competitive Landscape And Company Profiles
27.1. Coworking Spaces Market Competitive Landscape
27.2. Coworking Spaces Market Company Profiles
27.2.1. Wework
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. Regus Corporation (IWG Plc)
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Mix Pace
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Knotel, Inc.
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. SimplyWork
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Coworking Spaces Market
29. Coworking Spaces Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. About the Publisher
30.6. Copyright And Disclaimer
Executive Summary
Coworking Space Global Market Report 2023 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on coworking space market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered
1) By Business Type: Open/ Conventional Coworking Spaces; Corporate/ Professional Coworking Spaces; Other Business Types2) By End Use: Finance; Legal Services; Marketing; Technology; Real Estate; Consulting Services; Other End Uses
3) By User: Enterprises; Freelancer; Other Users
Companies Mentioned: Wework; Regus Corporation (IWG Plc); Mix Pace; Knotel Inc.; SimplyWork
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Wework
- Regus Corporation (IWG Plc)
- Mix Pace
- Knotel Inc.
- SimplyWork
- District Cowork
- Premier Workspaces
- Krspace
- Convene
- Servcorp Limited
- Novel Coworking
- TechSpace Inc.
- SOMAcentral
- HackerLab
- Industrious
- UCOMMUNE
- Your Alley
- Impact Hub
- Serendipity Labs
- Make Office
- Green Desk
- Venture X
- Office Evolution
- CommonGrounds Workplace and Intelligent Office
- Studio
Methodology
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