75+ Coworking Statistics and Trends [2024]

October 4, 2023 0 Comments

Want to know the latest coworking statistics?

COVID-19 and the growth of technology have created an influx in the number of remote workers worldwide. While working from home has its perks, it’s natural to miss working from an office sometimes. This is where coworking comes into play.

Here are some statistics to help you understand the growth of coworking spaces:

Keep reading to learn more about each of these topics. 

The global coworking market will grow from $16.17 billion to $19.05 billion in 2023.

Is coworking just a fad, or is it here to stay?

These coworking statistics will give you some interesting insights. 

Top Coworking Statistics: Editor’s Pick

  1. By 2024, the number of coworking spaces worldwide is expected to more than double [1].
  2. There will be about 41,975 coworking spaces worldwide by 2024 [2].
  3. About 5.07 million people will become members of coworking space in 2023 [3].
  4. There were over 6,200 coworking spaces in the US in 2022 [4].
  5. There were more than 30,000 coworking workspaces worldwide in 2019 [5].
  6. About two million people are working in coworking spaces worldwide [6].
  7. Freelancers make up about 42% of coworking space members worldwide [7].
  8. Coworking spaces are expected to make up to 30% of the commercial real estate market by 2030 [8].
  9. About 37.93% of SMEs use a co-shared workspace worldwide [9].
  10. The number of people in coworking spaces is estimated to reach five million by 2024 [6].

Growth of Coworking Spaces

How has COVID-19 impacted coworking, and how much has it grown in the last few years? Check out these statistics:

During the pandemic, 71.67% of coworking spaces saw a significant decrease in people working from their spaces [10]

The pandemic hurt many industries, and the coworking market was not an exception. Here’s how the industry was affected by COVID-19.

  • In 2019, there were 19,000 coworking spaces in the world.
  • 40.8% of coworking spaces had a negative impact on the renewal of memberships and contracts in 2020.
  • 21.76% of coworking centers closed down because of the pandemic. 
  • 67% of spaces saw a decrease in new membership applications. 
  • Coworking places had about 36.47% of membership cancellations.
  • Daily users dropped from 60% in January to 40% in November 2020.

By 2024, the number of coworking spaces is expected to double from 20,000 to 41,975 [6]

Though the pandemic slowed down the coworking sector, the industry was quick to bounce back since hybrid and remote work are popular now. 

number of coworking spaces members
  • The average cost of booking a coworking workspace in the U.S. varies between $55 and $75/hour [2].
  • In 2017, the US had about 4000 coworking spaces; however, it grew to 6200 in 2022 [7].
  • In 2021, the global coworking market was estimated to be about $6.8 billion [2].
  • The forecasted value of the coworking industry will be $24 billion in 2030 [2].
  • Coworking spaces have an average of 190 members worldwide [11].
  • The number of people working remotely has increased by 44% in the last five years [12].

The largest coworking locations are in the Asia-Pacific region [6]

  • The Asia-Pacific region has about 5,889 coworking spaces, making it the region with the largest coworking locations in the world.
  • Europe comes in second with 5,858 spaces, followed by North America with 4,698.

Here is the ranking of countries by the number of coworking locations:

number of coworking spaces by country
CountryNumber of SpacesWorld Share
United States3,76218.30%
India 2,19710.69%
United Kingdom1,0445.08%
Spain9394.57%
Germany7913.85%
Canada6173.00%
Australia5902.87%
Mexico5082.47%
Japan4112.00%
Brazil3931.91%

North America is the country with the biggest coworking spaces [6]

The average size of the biggest coworking spaces in North America is 9,799 square feet per space.

The average capacity of coworking space in the US is roughly 100 sq. ft. per person [9].

The 10 largest coworking companies account for about 36% of the total market [13].

The U.S. has 18.3% of the world’s coworking areas [7].

In the US, the number of people who prefer coworking has increased from 300 in 2010 to 4,000 [7].

Benefits of Coworking

With 63% of high-growth firms employing the “productivity everywhere” model [4], the number of people who work in coworking spaces has increased.

Why are these spaces so popular? We’ve put together some of the benefits of coworking

An organization can save up to 30% on operational costs by working in a coworking space [14]

About 72% of commercial real estate owners believe coworking spaces have a positive impact on their buildings and communities [15].

94% of coworking spaces have additional resources and amenities, such as networking events, coffee, snacks, a gym, and more. [16]

Businesses with fewer than 12 employees can save up to $2,700 when using coworking spaces [16].

According to the Global Coworking Unconference, coworking spaces use 25% less electricity than traditional offices.

The average coworking space produces 25-50% less greenhouse gas emissions compared to a traditional office space [17].

90% of people who use coworking spaces say they are happier than before [18]

satisfaction from coworking work

85% of people believe that coworking space helps them separate work from personal space [16].

79% of employees say that they are more physically active after joining a coworking area [16].

57% of people claim that one of the benefits of coworking space is that their workstation is at a convenient location [16].

96.9% of people say that they are more satisfied with their job when working in a coworking area [16]. 

83% of individuals claim that they are less alone after joining a coworking space [19].

53% of individuals state flexibility is one of the major benefits of coworking [16].

82% of people state that they expanded their professional network because of coworking [20].

Coworking Demographic Statistics

By now, you would’ve understood the growth and benefits of coworking. It’s time to look into the demographics

More than half of the people working in coworking spaces are younger than 40 [21]

40% of the global workforce is made up of Millennials and Gen Z employees [22]. 

These new-age workers prefer remote and hybrid work compared to going to the office full-time. That could be one of the reasons why the majority of coworking employees are below 40.

41% of all coworking space members are freelancers [21]

There are about 1.5 billion freelancers worldwide; they make up 40% of the global workforce. [23]

As more people move from the 9-5 grind to freelancing, coworking spaces have become the go-to place for these solopreneurs. 

24% of coworkers are entrepreneurs, and 21% are SMEs.

Sales and IT are the industries with the most coworkers [21]

coworkers by industry

About 25% of the employees who prefer coworking are from the IT industry. 

13% are management and HR consultants.

Employees from PR, marketing, and sales make up 14% of coworkers.

11% are freelance designers, creatives, and artists.

3% are consultants.

40% of coworking space members are women [21]

The number of women in coworking spaces has been on the rise in recent years. 

The percentage of women freelancing has also increased to 46%.

55% of people have been using the same coworking space since they started [24]

More than half the people in coworking spaces rarely shift to a different place. This shows that employees like the sense of familiarity and comfort of their coworking areas. 

Coworking Productivity Statistics

What’s the impact of coworking on productivity? Let’s look at some stats about that.

84% of people claim they are more motivated when working in a coworking space [25]

Coworking is a refreshing change of pace for those who work from home. 

Most of these areas are designed with all the amenities a working professional would need. This acts as a motivating factor for employees.

68% of individuals say that they can focus better in a coworking space [26]

Coworking spaces enhance productivity and concentration. This might be because of the social interaction and potential for collaboration.

59% of employees prefer 24/7 access to their coworking space [27]

Most employees who prefer coworking don’t work traditional office hours. That’s why they want 24/7 access to their spaces.

70% of people have learned a new skill during coworking

80% of coworkers rely on the other employees in the coworking space for assistance [28]

Coworking spaces are catalysts for collaboration.

64% of individuals say they get additional freelance projects from the connections they make in these spaces.

69% of people state that they’ve learned a new skill thanks to coworking.

Coworking Challenges

37% of coworking facilities claim that financial constraints are their biggest challenge [28]

  • 44% of the coworking spaces find it challenging to gain new members.
  • 26% of coworking facilities don’t have enough space to accommodate employee needs.
  • 29% of coworking spaces struggle to manage workload and administrative tasks
noise and distractions in coworking

48% of coworkers feel that the lack of privacy is a huge challenge [16]

Since coworking spaces are often fully occupied, most employees face privacy issues.

Some of the other issues faced by coworkers include:

  • Noise and distractions are major drawbacks for about 51% of employees.
  • 31% of individuals feel that they can’t personalize their workspace.
  • 39% of employees are frustrated by the lack of space in coworking hubs.
  • Inadequate equipment is a hurdle for 39% of coworkers.
  • 23% of employees are concerned about safety and security.

The Top 10 Companies in the Coworking Industry

WeWork is the top player in the coworking industry, with a revenue of $3.2 billion [29].

Regus comes in second with $2.1 billion in revenue [30].

Here are the top 10 companies in the coworking industry:

  1. WeWork
  2. Regus
  3. Industrious Office
  4. Spaces
  5. Premier Workspaces
  6. Office Evolution
  7. Workstyle Flexible Spaces
  8. HQ Global Workspaces
  9. Intelligent Office
  10. Expansive Workspace

Summary

We live in an age where businesses aren’t restricted by geographical boundaries. Companies have access to a global talent pool. Since employers are switching to hybrid and remote work models to accommodate their employees, the need for coworking spaces will be on the rise. 

So, coworking is more than just a fad; it might be an industry that is going to flourish in the next decade. 

Whether you are a SME or a well-established firm, staying updated with the latest trends can help you revamp your strategy. That’s why we curate the latest stats on upcoming trends. Keep checking our blog for more statistics on various other topics.

Sources

  1. Allwork.Space. Number Of Coworking Spaces Worldwide To Double Within The Next 4 Years
  2. Statista. Number of coworking spaces worldwide from 2018 to 2020 with a forecast to 2024
  3. Nairobi Garage. Coworking Beyond Borders // How Coworking Spaces Enhance the Digital Nomad Lifestyle
  4. Coworker. The Future of Coworking: 10 Trends That Will Shape 2023 and Beyond
  5. Roam. What is a Flexible Workspace & How Does It Help Your Work?
  6. Coworking Resources. Global Coworking Growth Study 2020
  7. Zippia. 33 CAPTIVATING COWORKING STATISTICS [2023]: FACTS AND TRENDS YOU NEED TO KNOW
  8. CNBC. How co-working spaces could succeed in the post-pandemic world
  9. Coworking Insights. Who Uses Coworking Spaces? Most Common Demographics
  10. Coworking Insights. 2020 Future of Work Report
  11. Nexudus. Insights and Trends
  12. APnews. Impact of COVID-19 on the Global Coworking Spaces Market, 2020-2030 – ResearchAndMarkets.com
  13. Forbes. How 2020 Is Shaping Up For Coworking And Flexible Office Space
  14. Accenture. Future of work research
  15. Ropes & Gray. Coworking: A real estate revolution?
  16. Clutch. Top Benefits & Challenges of Coworking Spaces
  17. BREEAM. Coworking Spaces Sustainability
  18. Harvard Business Review. Why People Thrive in Coworking Spaces
  19.  Harvard Business Review. Coworking Is Not About Workspace — It’s About Feeling Less Lonely.
  20. Small Business Loans. Coworking Spaces are Human Spaces.
  21. DeskMag. The Members: Who Works in Coworking Spaces?
  22. PWC. How prepared are employers for Generation Z?
  23. The Small Business Blog. How Many Freelancers Are There In 2023? (U.S. & World)
  24.  What to Become. Making the Most of Sharing Space – Coworking Statistics for 2023
  25. Ergonomic Trends. 32 Surprising Coworking Space Statistics in 2021 – What’s Changed?
  26. Smartworks. Benefits of Coworking Spaces
  27. GITNUX. Must-Know Coworking Statistics [Recent Analysis]
  28.  Statista. Challenges of coworking spaces worldwide in 2019
  29. Statista. Revenue of WeWork worldwide from 2016 to 2022
  30.  Bloomberg. Regus Owner Posts Record Revenue as More Firms Adopt Hybrid Work
  31.  NorthOne. 20 Essential Coworking Statistics to Know in 2023

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