It is said that co-working spaces are the future of the working world since it has multiple benefits and advantages and offers a lot more than conventional office spaces to working professionals.
Every country is now tempted to increase the number of co-working spaces so that the overall efficiency of corporate agents increases in the long run.
These spaces have been preferred by a large number of people in recent times as it is cost-effective and helps you build great connections, in turn enhancing the skills of working individuals.
As part of our research study, we decided to discover and do the complete analysis of the industry. To achieve that, we have used the secondary data mining method.
Here Is A Summary Of Our Key Findings:
- 183% report that they are less lonely since joining a coworking space.
- 2In 2020, Asia was ranked number one in terms of having the Most Number of coworking spaces (5889)
- 3In 2020, America was having the highest number of coworking spaces (2330)
- 4In 2020, the total number of coworking worldwide was counted as 26300
- 5As of 2020, The average coworking space size is 7308 sq. ft.
- 682% of the people have responded that the networking in coworking spaces have increased drastically
We have detailed data and information of our findings below.
What Is Coworking ?
Co-working spaces have been the priority for any individual since these spaces help them to work in a peaceful and a productive manner.
The ambiance offered by these shared offices motivate employees and help them to focus on their daily professional goals without external distractions.
Moreover, being surrounded by thorough professionals originating from diverse industries acts as a driving force for such aspiring corporate candidates.
This is a cost-effective measure since it is more affordable than a traditional office. There are multiple facilities as well such as a personal space, conference rooms, coffee machines, printers, and any other accessory which is required.
There are mainly four types of co-working spaces available in the market. The major four types are mentioned below:
- Hot Desk- Hot desk basically is a flexible working spot in any co-working environment which allows you to sit at any random seat and work comfortably according to your requirements. There is no fixed space allotted to anyone, and the seats can be easily changed.
- Dedicated Desk- This seat in a co-working space is dedicated to a certain person. Here, no switching of seats is allowed, and you are supposed to work on a specific desk that has been assigned to you. Nobody else can sit on your seat as well.
- Private Cabin- A private cabin is a space that is only dedicated to you and your team only. This space cannot be used by anybody else and allows you to work peacefully and privately with your team on your projects and strategies.
- Meeting Room- Meeting room is a room in a co-working space that allows you to have a professional and important meeting with your entire team about your projects. It can either be booked within the co-working space or one can specifically book the meeting rooms for conducting seminars and other corporate meetings.
Facilities Of Coworking
Coworking Spaces conveniently fulfil the various facilities you desire while working since you do not charge for any external facilities.
From coffee machines to printers, coworking provide all the necessary equipment for their customers in order to make their working experience smoother.
People are very pleased with this feature since they do not need to pay for these services and neither are they responsible for the maintenance of the same.
Furthermore, these spaces themselves efficiently maintain the management of these facilities. This saves quite a lot of money for the people and keeps their budget smoother.
Evolution Of Coworking
Coworking spaces over time have become extremely famous and are now used by many start-ups and individuals alike to work on their goals and dreams in a very cost-effective manner. The growth and evolution of these spaces over the past few years is mentioned below:
- In the year 1990, co-working was considered to be a hacker’s space and a group of people who were into hacking came up with this idea.
- Then in the year 1995, many computer engineers made their first-ever hacking space where all of these people would come together and work on a particular hacking task.
- The term Co-working was given in the year 1999 by a game designer named Brian Dekoven.
- After the year 2000, these spaces have been able to meet the needs of small tenants.
- The number of co-working spaces has doubled ever since the year 2006, and statistics say that it will continue doubling for the next seven years.
- 2008 has also launched a system of membership that allows people to be able to visit different spaces free of cost.
Coworking Growth By Business Type
An effective space like this is very beneficial for people who wish to work on their projects in a cost-efficient manner. The main three types of coworking growths are mentioned below:
- Plan To Expand:- According to a survey, 77% of workplace operators say they are planning to expand their business by opening more locations.
- New Locations:- In a recent survey, 32% of responder said they will have one location only, 38% said they plan to have from 2 to 3 new locations and 9% of the responders said they plan on having 8 or more coworkings
- Operating Locations:- In a recently placed survey, 52% of respondents said that they currently operate at least one coworking space. Additionally, 29% of respondents said that they run two-three coworking spaces located throughout different areas and 13% of respondents stated that there are a total of 8 or more coworking facilities managed by them.
Coworking and Your Well being
A co-working space is a space that allows you to form connections that would help you in your future. On average, one person meets 1-4 new people every day at work.
This keeps you motivated and happy. 83% of reports also state that by working here, one can never feel lonely. The operational cost of various companies can be saved by up to 30% by working in these spaces.
84% believe in the fact that they feel more motivated by working here since they are always around people who inspire them to finish their own tasks as well.
Here there are about 55% of co-workers who feel like they are a part of a whole community since they are working in such a space that makes them motivated by being around so many people.
About 31% of people feel the same way as well. This really helps in effectively working on your start-ups.
The people who choose to work here are of different personality traits as well. Some of them consider themselves to be extroverts.
The extroverts in this community are around 30% of the entire strength of the people. A percentage of 22% are the ones that are introverts. This place helps them form connections with the extroverts and the remaining ambiverts.
Coworking and Networking
According to the statistics, a percentage of 82% of the people have responded that the networking in these spaces have increased drastically.
The professional networking scopes in these spaces have grown drastically. 64% of the people agree to the fact that working in these spaces helps you a lot in the future work and business.
79% of people have accepted that their social networking drastically increased by working here since they meet multiple new people and form connections that can be very helpful.
This keeps them motivated and happy at work and does not make them feel lonely or tired.
Average Spaces Size And Capacity
The average size of these co-working spaces is about 7308 square feet. This is huge and needed since there are multiple businesses that have most of their work and projects done here.
In addition, a majority of people choose a co-working space for their services since it is the most effective option. This is why the average capacity of these spaces is about 83 people.
Companies Started From Coworking space
Co-working spaces are used by many major companies as well which is why their fame is increasing majorly in many parts of the world. Moreover, these spaces are affordable and make everybody feel motivated and encouraged to finish all of their tasks.
Some of the big companies that prefer using these spaces for their projects and work are mentioned below:
- Indiegogo- This is considered to be the biggest crowdfunding company in the world, due to which it has been able to raise up to 1.5 billion.
- Instagram- This is also a great start-up that was eventually bought by Facebook for about 1 billion dollars. This start-up was also started in a co-working space, because of which it has grown a lot of recognition and worked hard and efficiently.
- Uber- Uber is an extremely successful company that has now effectively started its business in around 80 different countries and about 800 metropolitan areas. This company also started its journey through co-working spaces and have followed that ever since.
- Ofo- Ofo is the Chinese bike-sharing startup which is based in London Coworking, Started in 2014, this startup has managed to launch its service in 21 countries. currently Ofo is largest bike-sharing company
- Spotify- Spotify is another amazing tech start-up that first began its journey in a co-working space. This company has become very famous and successful. The motivation and positive energy that these co-working spaces have is what makes a company successful.
Many of the big co-working spaces like the shared office space have incredible features that can help your start-up a lot. They can provide you with a staff of people to work under you and help you grow your business.
They also provide potential start-ups with services like HR, Accounts, IT, etc, at a minimum rate to help your company grow.
In such working spaces, the expansion of the area is done very conveniently. All you have to do is pay for the additional seats or spots you require, and according to you, they can expand your services.
This process is way more efficient than the expansion done in traditional offices. Apart from money, this saves you a lot of time, effort, and responsibilities. This is why people often prefer these working environments if they know they will need a larger space in the long run.
A company can efficiently flourish and grow if they choose a co-working space for themselves since this allows them to save enough money that is needed for a jump in their business or to expand their services
Moreover, they do not face the issues of stuck fixed assets since they do not have to worry about recurring bills or maintenance costs. This is why people prefer these spaces to grow their business scale and allow them to save enough money.
Choosing a correct workplace for your company is crucial since the efficiency and functioning of your services are highly affected.
Therefore, it is considered that the environment and surroundings have a significant impact on your working patterns, efficiency, focus, dedication, etc.
Many times in co-working spaces, if you look around and see people working passionately, this makes you want to work as well. This helps in giving your dedication a push and does not make you feel lonely.
When you see people around you working patiently, it inculcates these qualities in you as well and helps you complete your tasks when you feel like procrastinating.
However, make sure you choose the correct place for yourself on the basis of your personal decisions and requirements. In the end, all that matters is that you are enjoying working on your unique business.
Sources & References
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 email@example.com