Trends and statistics shaping the coworking scene in 2019
Coworking has come a long way since 2005, when the first modern day coworking space opened. Fast forward to 2019 and coworking is a full-blown industry that has disrupted the real estate industry and the way people work.
There is no denying that coworking is today’s normal. Coworking, as well as other flexible workspaces, are known for offering environments that are conducive to innovation, collaboration, and productivity.
These types of workplaces were pioneers in implementing a human approach to design, a trend which is catching up among real estate developers, landlords, and companies.
Here are other trends and statistics shaping the coworking scene in 2019:
- According to coworking insights in 2019, 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.
- The site also shows that 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.
- There has been a trend edging toward larger spaces, as overall, larger spaces are proving to be more profitable while providing customers with more amenities and creative space.
- In order to stay competitive, 2018/2019 is seeing spaces expand their own space, move to larger premises nearby, and open up additional spaces under their brand.
- 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.
- Another trend is that the concept of flexibility has enabled coworking spaces come up with more innovative utilities to give customers more efficient ways to access spaces, including remote access systems, member’s passes, and hourly based membership programs.
- According to coworking insights, Switzerland emerged to be the most expensive place in the world to cowork from with an average desk price of $358/mo.
- According to a research by Deskmag By the end of the year, almost 2.2 million people are expected to work in over 22,000 coworking spaces worldwide.
- Another report by Instant Offices states that all EMEA cities have seen supply growth of by 15+% in response to accelerated demand. In the US states such as Kansas, Nebraska and Oklahoma, all reported growth rates of over 20% across the last 12 months.
- According to coworking resources in every five days, a coworking space opens in London and every 7.5 days, one opens in New York City. This high frequency of openings shows the massive and strong influence of coworking on major cities, but also on fast-growing tech hubs like Austin and Denver.
- There are an estimated 35,000 flexible workspaces in the world today.
- The global market value of flexible workspaces is estimated at an approximate $26 billion.
With the the mentioned trends, it is clear that coworking continues to evolve over time. However, coworking spaces are still just a small segment of the industry, but this style of work is gaining steam and popularity. It’ll be interesting to keep an eye on how this industry shifts and what it means for freelancers, small business, and larger firms alike.
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