How can coworking spaces benefit your current office needs? Check out these interesting coworking statistics for 2022.
When the COVID-19 outbreak first hit, many people thought that coworking spaces would fold and become obsolete. However, just the opposite happened. The pandemic became an opportunity for these shared office spaces to grow even more. As businesses turn to remote and hybrid setups, they need a place for their teams to continue working productively.
Coworking spaces fill this gap by providing a flexible office for remote teams, freelancers, and new entrepreneurs to stay motivated and productive. While the coworking industry, like many others, took a dip at the height of the pandemic, statistics show that they have now rebounded. In fact, as workplace culture shifts more towards flexibility, coworking offices are expected to become even more popular in the future.
With that, here are ten interesting coworking statistics you should know about for 2022.
Remote Work from COVID-19 Pandemic
Remote work was one of the biggest things to come out of the COVID-19 pandemic, and this had a significant impact on coworking statistics. A study from PwC showed that less than one out of five executives planned to return to the office after our society shifted to remote work. However, 87% of employees noted that the office would be important for collaboration and relationship-building.
Observably, these can all be achieved in a coworking office. Thus, it will be interesting to see how office culture evolves in the coming years, now that more companies have seen the benefits of remote work. Even major companies like Google and Uber have already announced plans to maintain a remote work setup, showing more potential for coworking spaces to grow.
Industry Size and Forecast
The global coworking market is forecast to grow by over $13 billion from 2021 to 2025, registering an 11% compound annual growth rate. The main industry driver will be the increase in startups, especially in developing countries. With more governments supporting small and medium businesses for the economy, coworking spaces will play a big role in the working world.
Number of Coworking Spaces
There were over 20,000 coworking spaces globally in 2021. Forecasts show that this number will grow to over 41,000 by the end of 2024. Asia-Pacific currently has the largest coworking market among all the regions, having more than 11,000 spaces. However, on a per-country basis, the United States has the most coworking spaces worldwide.
With more coworking offices opening up, it only makes sense that the number of coworking space members is also increasing. There were around 2.4 million coworkers in 2021, and projections show that this number will grow to 3.1 million, 3.9 million, and 5 million in the next three years, respectively.
Historically, coworking appealed mainly to freelancers and independent workers. Today, freelancers, startups, and small businesses remain the largest coworking demographics. That said, these flexible workspaces are starting to gain traction among remote workers, corporate employees, and entrepreneurs.
Other coworking statistics of note include age and industry. Sixty-five percent of people who use shared offices are under the age of 40, though the median age increases every year. As for the industry, IT has the largest number of people joining a coworking space. Other popular industries include marketing and public relations.
Coworking Space Size
Co-working spaces vary in size based on region, but the average is 7,308 square feet. North America usually has the largest spaces with an average of 9,799 square feet in size. It is followed by Asia with 8,101 square feet. On the other hand, the smallest spaces are usually in South America, where the average size is 3,955 square feet.
Cost is one of the most significant benefits of working in coworking spaces. On average, you can reduce your operational costs by up to 30% by renting a coworking space instead of leasing a traditional office.
The cost benefits come from the flexible leasing terms that coworking spaces offer. Essentially, you need not be tied to a long contract, and you have the freedom to adjust your terms as required. Likewise, shared offices already come with furniture and supplies, which also helps your business save money.
Happiness from Coworking Spaces
One of the more interesting coworking statistics talks about the effects that shared offices have on workers’ happiness. They have proven to be helpful in reducing feelings of loneliness and isolation, which became more prevalent with the onset of remote work. According to a survey by Harvard Business Review, 89% of respondents noted being happier since they first joined a coworking space.
Expansion of Professional Networks
Co-working spaces allow members to interact with other professionals, giving them plenty of networking opportunities. Based on a survey by Small Business Labs, 82% of respondents agreed that coworking has helped them widen their professional networks. Similarly, 80% said that they ask for help or guidance from fellow coworking members.
Engagement and Productivity
Working in a coworking space has been observed to affect employee engagement and productivity positively. Statistics show that 84% of employees are more motivated to work in a coworking office, resulting in higher productivity.
This benefit likely comes from the creative working environment that coworking spaces provide. They are less rigid than traditional offices, so the atmosphere cultivates fresh and innovative ideas among workers.
Rent Coworking Spaces for Your Team Today
Given the coworking statistics above, it should be no surprise that more businesses are renting coworking spaces for their teams. Whether to accommodate the remote work setup or utilize your funds efficiently, a coworking space will help you achieve business success.
If you are interested in joining a coworking space for your team, contact 4 & Co. today at (727) 725-2745. We have various desks and offices for you to choose from, and we can help you find the best fit for your business. Plan your tour today!