In 2018 there were c.19,000 co-working spaces around the globe, more than twice as many as in 2015. The rate of growth has been nothing short of phenomenal and it shows no sign of slowing.
Onwards and upwards
Experts at GCUC predict that there will be more than 30,000 coworking spaces globally by 2022. This represents 72% growth since 2018. The upward trend continues at pace and it is predicted that 30% of corporate real estate will be flexible office space by 2030.
What are some of the underlying reasons for this growth trend and where are we seeing the greatest impact?
Four key drivers fuelling global co-working growth
1. Big corporations are moving into coworking space
Flexibility and agility are two important facets of modern workspaces that large corporations crave. This is leading more corporations to take co-working space. It’s expected that this trend will accelerate across the next five years with corporations looking to reduce their exposure to long term leases and employees demanding more options in the workplace.
2. Co-working space continues to attract startups
Start-ups appreciate the advantages for cost, talent and flexibility that coworking spaces provide. Co-working remains the natural, logical choice for startups.
3. Self-employed workers growing worldwide
Whilst estimates of the absolute number of self-employed workers across the globe are imprecise, observers acknowledge that their numbers are large and growing. Independent workers appreciate the value and benefits of modern coworking spaces and continue to drive demand.
4. Specialist spaces are expanding the coworking market
Workspaces with specialist appeal are also growing rapidly. Spaces with specialist appeal such as shared biolabs, industry specific, female-oriented spaces and shared commercial kitchens are fulfilling a need and increasing in number.