Coworking Space Industry Overview
The number of coworking spaces worldwide is projected to reach almost 20,000 this year and cross over 40,000 by 2024. While the industry is set to grow at a slower pace in 2020, In this analysis the expected growth to rebound and develop even more rapidly from 2021 onwards, with a yearly growth rate of 21.3%.
By 2024 5 million people will be working from coworking spaces, which is an increase of 158% compared to 2020.
These projections reflect not only the growth that the industry has experienced over the past few years but also the dramatic increase in flexible and remote work practices adopted by businesses worldwide.
Coworking Space Market Insights
While in 2020 the coworking market is forecasted to grow at around half the rate as the previous two years, the overall outlook for 2021 and onwards is extremely positive, and so were coworking operators’ sentiments before Covid-19.
Based on data from the 2019 Coworker Member’s Choice Awards, before the coronavirus hit the world economy around 77% of the coworking operators surveyed said they plan to expand by opening new locations.
What might be even more interesting is the forecasted growth of larger companies, given that almost
9% of respondents said they plan to open 8+ new locations by the end of 2020.
This signals that many multi-location spaces are turning into small chains that serve entire regions.
Of the respondents, 52.03% of respondents operate one total location under the umbrella of their brand, while 28.61% operate two-three total locations, and 12.62% operate 8 or more.
From February 2020 (pre-lockdowns) and May 2020 (post-lockdowns), Coworking market is going through ups and down, but after covid19 lockdown now its show upwords, its seems as in coming days market will show good growth.– Preetesh Anand – Founder of Oplus Cowork – Coworking Space in Patna