In an effort to explore the projected growth of the coworking and flexible office industry in 2020 and beyond, CoworkingResources published new research based on data from 14,500 coworking spaces worldwide and today released the findings in a new study.
The study, titled Global Coworking Growth Study 2020, is the result of a partnership between CoworkingResources and Coworker, the largest platform for flexible office listings.
The study illustrates several key insights about the current market for coworking and the industry’s future growth trends, including:
- The number of coworking spaces worldwide is set to grow by 116% by 2024 and reach a projected 41,975 spaces.
- Around 5 million people will work from coworking spaces by 2024.
- The industry is already recovering from the impact of Covid-19, and some regions have reached pre-crisis levels.
In terms of yearly growth in the largest coworking markets, Germany and India are the two fastest-growing markets in 2020, followed by the United States and Canada.
For coworking spaces, the pandemic has caused operators to readjust their policies and business models, though in recent months, the industry has indicated that widespread recovery is ahead. Comparing data from February 2020 to May 2020, Coworker has witnessed a 76% higher share of requests for private offices compared to individual seats.
“Before the coronavirus pandemic impacted the world economy, around 77 percent of the coworking operators in our network said they planned to expand by opening new locations,” said Madison Maidment, Chief Operating Officer of Coworker. “We are confident that these expansion plans will get back on track and the industry’s progression will fortify, especially with the unprecedented number of companies seeking flexible solutions for their workers.”
The report also highlights the global averages for hot desk pricing, square footage, and space capacities, among other insights. To uncover additional statistics about the future growth of the flexible office industry, you can read the full report on CoworkingResources here.