You go to your local cafe to grab your daily dose of espresso.
While you wait, you suddenly realize:
The place is full of young people, staring intently at their laptops. And there’s so many of them!
Welcome to the age of people who hate offices. The old notion of working 9-to-5 in a depressing cubicle has long been abandoned by millennials and the generations after them.
But they have to work somewhere, don’t they?
This is a shared working environment that promotes innovation, productivity, and collaboration. Coworking statistics show that it’s become the new norm. Emergent Research’s Steve King (read that again, we’re not talking about the author) says that the initial view was that coworking will fade away pretty quickly.
As if 2019 has seen that it has turned into a full-fledged industry. Wanna know more? We’re happy to provide:
- There are approximately 35,000 flexible workspaces in the world today.
- Workspaces are worth around $26 billion in the global market.
- 14,000 is the number of coworking spaces worldwide.
- 1,08 million coworking members estimated for 2020.
- There were 2,188 spaces opened worldwide in 2018.
- According to the 2019 global coworking forecast, the number will reach 25,968 by 2022.
In her article, Sarah King states that shared work spaces are a new norm for the workplace overall. This is exactly why there are over 35,000 flexible workspaces currently worldwide. Coworking statistics conducted that between 2006 and 2015 show the available spaces and seats have doubled annually.
Global coworking statistics clearly depict that the coworking hub is preferred by most of the workers. Coworking is considered a great opportunity to boost creativity and collaboration.
1. 72% of the landlords think that working with coworking operators brings positive results.
There is no doubt that as a landlord you will not only be communicating with one individual working on your project. You will essentially be in touch with all the other members. They will be collaborating with each other as well. This boosts team spirit and improves communication significantly.
2. 89% of the members of coworking teams have said that they are happier with their jobs.
Coworking industry statistics show that a significant number of those in coworking places are a lot happier with their jobs. It increases their work satisfaction and they become more engrossed in their jobs. They also tend to be more cooperative with others. Sharing an office with a coworker doesn’t have to be a drag after all!
3. 14,000 is the number of coworking spaces worldwide.
Based on the statistics collected for the 2018 period, there were exactly 14,411 coworking spaces available back then.
4. Workspaces are worth around $26 billion in the global market.
Statistics for the 2019 period indicate that the global market value of flexible workspaces is worth around $26 billion.
5. There are approximately 35,000 flexible workspaces in the world today.
Based on the statistics gathered for the period of 2019, there are 35,000 flexible workspaces available in the world. This equals around 521 million square feet of flexible space.
6. 1,08 million coworking members estimated for 2020.
Coworking continues to grow in the US. Based on the research done in 2017 there was a total of 542,000 coworking members in the US. That number is predicted to more than double until 2020 and reach 1,08 million.
7. There were 2,188 spaces opened worldwide in 2018.
Back in 2018, there was a total of 2,188 workspaces opened worldwide. Out of those, some 1,000 were available in the United States. As far as the upcoming year goes, the coworking market is expected to 696 new openings. Most of them will be expected in the US and its major cities with startup companies.
8. According to the 2019 global coworking forecast, the number will reach 25,968 by 2022.
Recent statistics show that we can soon expect the number of coworking spaces to breach the threshold of 20,000. An increase of around 42% is expected to happen which will round the number to 25,968 by the year 2020.
9. 83% of the people in coworking hubs feel less lonely.
According to the coworking space statistics USA, people feel a lot less lonely and bored when in a coworking. They get a chance to interact with others and participate in different social and work-related activities. This indicates that most people look to avoid the isolation when working.
Industrial coworking statistics also show that the number of these places has been increasing steadily since 2005.
10. 71% of the people who participate in coworking spaces are more motivated and engaged.
Coworking trends show that more and more people show better engagement and motivation towards their work when they are part of a coworking space. In the past few years, over 86% of the individuals have benefited from such an enhanced coworking workspace.
11. 79% of the individuals have increased their social network due to these coworking offices.
People who have joined these work environments have become more social. They have also increased their social network. These spaces enable you to allow others in your circle. So, you become much more extroverted than you’d expect!
12. 92% of the individuals have increased their professional network due to coworking offices.
According to the coworking space statistics, people who joined a coworking office space, have been able to develop their professional networks as well.
And let’s be honest here, having good contacts is everything these days.
Coworking space statistics show that the vast majority of the participants in these coworking spaces are freelancers.
13. 41% of the coworking spaces are freelancers or independent contractors but others are joining in as well.
Did you know: Independent scientists also count as freelancers. According to the latest freelancer statistics there were as many as 57 million freelancers in the US in 2019. Wow!
However, coworking spaces aren’t only for freelancers, though. Not far behind at 36%, are people from different corporations. So the trend is definitely developing according to the coworking space worldwide statistics.
14. Coworking forecast suggests that the number of coworking members in the US will reach 1.08 million in 2022.
A study found out that in the year 2017 there are 542,000 coworking members in the US. By 2022, the number is expected to skyrocket. This trend shows how influential such a working space can be.
15. Manhattan has the largest coworking space available (7.7 million sq ft).
That’s a lot of space distributed across 245 different coworking locations in this metropolitan. However, Manhattan is not the only coworking paradise. LA also has 3.7 million sq ft of space distributed across 158 locations. San Antonio and Inland Empire have 194,000 and 123,000 spaces respectively which makes them last in numbers in the US.
16. Annual growth in terms of new space openings has slightly retreated in 2019 (9.5%) as compared to 2018 (15.2%).
Coworking stats 2019 show the YoY growth rate from 2018 to 2019 might have slowed down a little. But this might also indicate that the industry is focusing more on growing its existing places. Another focus is increasing the coworking occupancy rates in addition to profitability.
17. The number of coworking spaces across the globe is soon to exceed 20,000 according to coworking statistics 2020.
According to a global coworking survey, the number is soon going to cross 20,000 and will reach almost 26,000 by 2022. This is an increase of 42% from 2019 the coworking survey shows. Here comes a big one:
18. 65.3% of the new businesses are looking to provide coworking spaces to their employees.
A more significant number of new businesses are focusing on providing this work environment to their employees. 26.2% of the businesses are looking to provide another location facilitating this work environment. 8.6% of these are large coworking chains operating in the industry.
19. The top three countries for Coworking GPC (Growth Per Capita) are Luxembourg, Singapore, and Ireland.
As per coworking statistics Europe, the coworking GPC for Luxembourg is 8.5. This means that that the country provides 8.5 new spaces for 1,000,000 of their inhabitants. The next two are Singapore with 4.7 and Ireland with 4.4. They are closely followed by New Zealand (4.2), and UK (4.0).
20. The top cities across the world for coworking growth are London, New York, and Toronto.
The leader of the pack is London, where a new coworking space opens every 5 days. Closely followed by New York where roughly every 7 days a new space opens. Toronto is a little far - every 13th day sees a new coworking space opening.
21. With over 11,000 spaces Asia-Pacific is the biggest coworking region in the world.
According to a coworking infographic in GCUC global coworking report, 11592 is the number of coworking spaces available in this region. Next in line are EMEA (Europe, Middle East, and Africa) with 6850 and the United States of America with 6293.
22. The IT industry has the largest number of coworking fans.
Coworking space industry analysis shows that 22% of the coworking spaces are dominated by the IT workforce. 14% comprises of marketing, PR and sales, while 6% are consultants. Telecommuting individuals are also joining in. But this analysis also shows that the IT sector is further strengthening its lead.
23. Regus is the global leader in terms of market share.
Coworking growth statistics show that Regus is the leader of shared workspace companies in the market with a share of more than 11%. WeWork is another one of the shared office space companies next to Regus.
24. 67% of the people from coworking spaces have been able to improve their professional success.
According to the coworking space statistics released by GCUC, a significant number of people from the coworking spaces have been able to improve their professional success. Working in cowork spaces allow you to improve your skills significantly as you work on different projects and collaborate with different members.
25. 54% of the people working in cowork spaces say that they hang out with other members on weekends or after work.
According to a coworking infographic, more than half of the majority say that they hang out with other coworking members after work or on weekends. This means that they are able to become part of a community and it also enables them to understand each other even better.
26. 80% of the people turn to their coworking members for assistance.
According to another GCUC infographic, a majority of the people working in these crooking office spaces turn to other coworking members for assistance in their projects. It allows them to be more successful and provide positive results.
27. 70% of the people say that they feel healthier in a cowork space.
An overwhelming amount of people, according to a coworking infographic by OfficeVibe state that they feel a lot healthier working in a cowork space as compared to the traditional office seating.
28. Coworking has been grown across the globe.
Japanese giant Softbank has already invested $4 billion. The company has taken over Singapore’s largest coworking space. It has already opened dozens of spaces in Southeast Asian in 2018.
29. Coworking space giant WeWork has started its operation in China to double its client base in 2018.
WeWork has closed a deal to raise $500 million in 2018. Surprisingly WeWork has already acquired one of the Chinese biggest coworking space company NakedHub for $400 million in April 2018.
US unemployment STATs
30. The low unemployment rate doesn’t account for the people who have stopped looking for a job.
According to an article published in NYTimes, the low unemployment rate only accounts for the people who are actively looking for a job. It doesn’t include those who have stopped their job hunt. There is a separate statistic for that and it is called the labor force participation rate.
31. The labor force participation rate currently stands at 62.9% which is nearing its lowest.
This number is currently nearing its lowest. This goes to shoes that a majority of job hunters have given up their job hunting for good. This rate is at its lowest since 1977. Accounting them in the original number will provide you with the true representation of the current situation.
32. Many of the women have also stopped their labor participation in recent years.
The labor participation from the women since April 2000 has dropped from 60.3% from 57.1%. This is the largest decline in this number since the first time women participated in the labor force and that was during the times of the 1960s.
So what’s the deal?
It seems that people are looking for more engaging work environments.
Coworkings not only boost their social network and also help develop their professional network. In a coworking space, people interact, collaborate and generally become more creative.
Many feel happier with their jobs and they are able to maintain a better work-life balance. For many of these cowork individuals, the overall quality of life has improved.
With the coming years, we are seeing unprecedented expansion as new businesses are looking to provide their employees with such work environments. What our coworking statistics show is that coworking is not going to be just another short-lived trend.
So bravely hop on that bandwagon!
See you soon at the nearest coworking location, over a cup of coffee!