As the coworking industry continues its evolution, it offers customers more choices from workspace amenities, flexible access options, and tailored pricing. In 2019, we have seen the global desk price average drop from $205 (Jan. 2018) to $187, driven down through price competition in mature markets and the expansion of coworking spaces across second and third-tier cities.
Large corporates like Amazon, AirBnB, and Google utilized coworking spaces last year for meetings and events, while small businesses and startups have contributed to the largest growth of the sector. Many coworking spaces have converted common space into additional small offices to support this growth. Globally, we saw spaces grow to have an average of 12.7 private offices in them. Startup teams report the greatest benefits from coworking, stating coworking spaces provide them with a flexible cost structure while allowing them to operate and network under the same roof.
There has also been a trend edging toward larger spaces, as on the whole, larger spaces are proving to be more profitable while providing customers with more amenities and creative space. In order to stay competitive, we are seeing spaces expand their own space, move to larger premises nearby, and open up additional spaces under their brand. Multiple times last year, we’ve seen coworking spaces grow from a couple of locations to more than 10 in a single year. This not only meets the demand for shared office space, but also gives members the flexibility to move between locations.
Where will you find the largest spaces in the world? North America takes Gold with an average size of 9,799 sq. ft., while Asia edges out the top spot with an average capacity of 113 people. Here is a comparison chart of data we pulled to sum up the sizes of spaces worldwide by two leading metrics.
As the industry has matured, spaces have begun to saturate downtown areas in capital cities across the globe, giving rise to new spaces, specifically tailored to niche audiences. Now we are seeing the emergence of spaces tailored to designers, artists, musicians, makers, and even chefs, enabling them to prosper off the popularity and practicality of the flexible space trend. Most recently, we have seen this with WeWork’s Food Labs.
As users, coworking has lived up to its core concept of flexibility now more than ever, with innovative utilities to give customers more efficient ways to access spaces, including remote access systems, member’s passes, and hourly based membership programs. We feel this trend is here to stay, as the average user inherently wants variety, choice, and frictionless access to workspaces.
Which country has emerged as the most expensive place in the world to cowork? Not surprisingly, Switzerland came out on top, with an average desk price of $358/mo. But seriously, who wouldn’t love to be nestled up in a converted Swiss chalet with some chocolates, lightning fast Wi-Fi, and a hot coffee while you work with an unobstructed view of the Alps? Worth every penny.