Coworking spaces are becoming increasingly popular across the globe. In today's world of information technology, working from the comfort of your home might be lucrative but it may not be ideal for your productivity.
In fact, many large corporations have come to realise that they need to make the switch from the traditional office buildings to a modern-day coworking space in order to stay in the competition.
A coworking space is a place where a number of shared office spaces are provided to individuals for a small fee.
These individuals are mostly freelancers and professionals who work from home or do not have a permanent office or work from different places.
These co-workers do not pay the entire space of the shared office but only pay for the space that they occupy on a daily basis. Coworking spaces are the new generation of office spaces.
This is a growing trend and it is expected that by 2022, there will be around 3.1 million coworking spaces in the world.
Coworking spaces are convenient and help the employees to save up by reducing cost over amenities and other miscellaneous expenses.
Here is a Summary of our Key Findings:
- 1In 2021, the United States ranked #1 for the foremost number of coworking areas globally (3,762), followed by India (2,197) and therefore the UK (1,044).
- 213% of businesses outside the US would be using shared workspaces by 2022.
- 3In Asia desk costs are the highest in Hong Kong.
- 4A company can save as much as 30% on the operational cost alone by working from a coworking space.
We have detailed data and information of our findings below.
1. Potential Market Size
Asia is at the top when compared to other continents based on the number of coworking spaces per region. North America and Europe are second and third respectively on this scale of global coworking spaces.
These regions have embraced the remote workforce and have enabled them to have human interaction instead of being isolated while working strictly from home.
Coworking is advantageous for companies and their employees because it takes up the costliest and the most essential business expense- the workplace and offers it as a service.
2. Expected Coworking Market Growth
The Oxford English Dictionary defines normal as: “the usual, typical, or expected state or condition.” As Sara King notes in this article, coworking could arguably be classed as a ‘new normal’ for workplace requirements. And we think that’s spot on.
Coworking spaces have become the expected and preferred workplace of today’s workforce. This is now truer than ever, especially as more companies shift to permanent remote work options following the coronavirus pandemic.
Ramesh Nair,JLL India Country Head and CEO
Future of co-working will be bright. Today a lot of companies and enterprises want flexibility. Lot of corporates don't want to make capital expenditure on office interiors and they are increasingly opting for co-working spaces,
3. Coworking & Pricing
While going to a traditional office, business owners have a lot of miscellaneous expenses. This includes rent, utilities, maintenance costs and others.
In addition to this, they need to pay for their own equipment and furniture. Coworking spaces on the other hand are far more cost effective.
They offer a shared work environment and amenities such as kitchen, printer, desks, and internet. Some of them even have boardrooms where entrepreneurs can meet with clients and investors.
Amy Nelson,founder and CEO, Riveter
People will always need, and will be looking for, a place to connect, find community, and to find a purpose. That’s what brought people to co-working spaces in the first place.
4. Coworking Benefits
For many years, people have been traveling to work and getting to know their colleagues and business partners in the process. Unfortunately, remote workers and freelancers did not have that opportunity.
This is one of the reasons why coworking was created. Coworking has countless benefits for individuals and businesses and networking is one of the main benefits.
It enables people to have a work-life balance and combat feelings of isolation. Moreover, the interaction in a collaborative environment enables entrepreneurs to find potential clients, business partners, investors or even suppliers.
The world is becoming increasingly connected in the digital age, and many people are choosing to work in shared offices or coworking spaces because of their innumerous advantages over traditional offices.
This is an especially popular trend in large cities, where it can be expensive to rent an office for one person.
Coworking spaces are often cheaper than renting an office for one person, and they offer a social aspect that many people enjoy.
Coworking spaces are also great for people who travel frequently for work, or for people who are self-employed or own their own business.
It allows people to work in a modern environment with other like-minded professionals. Not everyone has the funds to create a private office, and not everyone needs to.
When people are surrounded with others, they can have more meaningful conversations and they can even work on similar ideas. Saving up on amenities like the bathroom, kitchen, furniture, and transportation means that funds can be devoted to more crucial items necessary for their startup.
Perhaps the greatest benefit of working in a coworking space is the choice that it gives to the individual- if he does not like the environment, he can change it.
Whether a person plans to start a business or needs a place to work, or he wants to make more connections in his industry, coworking is an ideal choice for him.
They are an impressive way to get out of the home and meet new people. Now, more people are choosing to work in coworking spaces over the traditional office set-up.
Virtual offices are the future of the workplace- since they offer both privacy and flexibility.
About The Author
Name : Ishant Sharma
Ishant Sharma is the head content strategist and operation manager with Coworkinger. He has been working closely with co-working spaces since last few years and is the brain behind the latest research and stats on the co-working spaces round the globe. He is passionate about networking and connections and is quite driven toward understanding what brings people to such co-working spaces. You may reach him at firstname.lastname@example.org