As we navigate the post-COVID world, traditional 9-to-5 offices are increasingly becoming a thing of the past.
While startups are contemplating how to start on a strong foot, established firms are exploring tactics to boost productivity and adopt sustainable cost efficiencies. Further, business leaders are taking the initiative of reframing their workplace models. No wonder, coworking spaces are emerging as a strong workplace choice, offering great value to businesses.
From providing working flexibility to amenities that support focused work, shared coworking spaces can help professionals stay productive. Besides, the tech-enabled and secure environment minimized the risk of data breaches.
The best part? Coworking strengthens company culture and colleague camaraderie. Coworking statistics state that these are the most crucial elements for a successful business.
The Great Resignation is proof working professionals value a positive work environment. In fact, 70% of professionals desire to be a part of a workplace that aligns with their professional goals. Since coworking offers a collaborative workspace, professionals get ample opportunities for career growth.
What’s more? Research states that the demand for coworking grew 41% from the first to the second quarter of 2021. All these factors and the coworking statistics shared in this post prove why this trend is here to stay.
Before diving into the current coworking stats and the market scenario, let’s find out how the shared space work culture came into existence. Here are some interesting coworking statistics and facts.
The working pattern before the pandemic was quite conservative. Even the industry leaders followed the traditional 9-to-5 office routine.
In fact, coworking spaces were considered noisy and distractive by a massive number of businesspeople. Several coworking myths, such as it is unsafe, expensive, and having distractions contributed to their stagnancy.
However, the success of companies like Instagram, Uber, and Spotify that started with coworking busted these myths. But a vast community of entrepreneurs, especially large-scale enterprises, stayed away from coworking until the pandemic. The coworking industry trends and statistics reflect this fact.
The onset of COVID-19 across the globe impacted businesses of all types – small, medium, and large. Coworking was no different. However, the pandemic gave rise to a new working mindset.
People started paying attention to work-life balance. The demand for flexibility in workspaces and collaborative work environments led to the rise of coworking.
Coworking evolved from chatty social hubs to meaningful and productive destinations. No wonder, the coworking market size has been witnessing a surge since the pandemic. The next section covers the current coworking stats in detail, thereby giving you a clear picture of this domain.
Check out our elaborate infographic that sums up the present scenario of coworking spaces and the trends we expect.
Most coworking spaces are experiencing a remarkable resurgence. In fact, top coworking companies are switching to coworking from traditional work setups. For instance, corporate giants like Amazon and Microsoft have switched to coworking from their 9-to-5 traditional offices because of its benefits. This reflects that the coworking trend is becoming stronger and is here to stay.
Here are the key types of coworking layouts they prefer:
According to a recent coworking report, work-from-home roles will continue to be popular, but coworking will not lose its value.
Here’s why –
The average coworking space cost is much less than traditional offices. Companies do not want the burden of long-term, expensive lock-in leases. This coworking fact is legit, especially for SMBs focused on “business cash flow.” The current market penetration of coworking workspaces affirms the same.
Coworking statistics prove that it suits all types of employees, including freelancers, remote teams, digital nomads, medium, large, and small businesses, and entrepreneurs.
From Mitsubishi power to Amazon and GE Healthcare, most industry players have switched to coworking after examining its long-term benefits. Recent coworking stats reveal that small and medium businesses are looking for the best coworking spaces in the world.
India is becoming a hub for state-of-the-art coworking workplaces.
According to coworking space stats, India is among the top 20 coworking countries. The coworking trend that began in urban and metro cities can shift to Tier 2 and Tier 3 cities in India. Currently, coworking culture is significant in top cities like Mumbai, Delhi, and Bengaluru.
Next, a technology-driven environment will be the most crucial aspect of Indian shared spaces. The flex offices will have technologies, such as voice tech systems, autonomous sanitizing solutions, air-improving systems, sensor-led switches, and more.
Another crucial coworking trend will be sustainability.
Indian coworking firms are taking initiatives like green workspaces to cut their carbon footprints. Several companies have implemented solar panels to reduce energy consumption.
In short, the future of coworking spaces in India is bright. This will bring a massive change in the Indian work culture.
Here are a few interesting coworking statistics in India that you should know about in 2023.
Besides the amenities and infrastructure, the millennial workforce is one of the biggest drivers of the coworking trend. Young entrepreneurs who partake in shared workspaces have fewer responsibilities to take care of. For instance, the building owner manages activities like office cleaning and sanitization. The coworking businesses need not look after these aspects.
What’s more? Business owners don’t need to pay long-term leases. This helps them focus on their work without worrying about hefty lease payments.
A coworking space is a shared business model where professionals assemble in a neutral work environment to work independently on varying projects. It allows different companies and working professionals to network and collaborate with others in the industry, sharing their expertise and exploring new ideas.
Such an arrangement allows businesses to reduce costs and improve the work environment for their teams.
Coworking spaces are essentially shared workspaces for professionals looking to escape the isolation and distractions experienced when working from home or a coffee shop. They offer a suite of office amenities, such as ergonomic desks, private meeting rooms, cost-efficient tools and equipment, functional kitchens, utilities, reception, and other services.
Besides, they offer a community of freelancers, entrepreneurs, and startups to anyone looking to build connections in the industry.
Here are the top benefits of coworking.
Here are the top 3 coworking challenges.
However, businesses can overcome these coworking challenges by connecting to a trustworthy shared space service provider.
Business owners should consider aspects like- workspace location, cost, business needs, and neighboring companies. This approach can help them analyze and choose the best coworking space.
The average coworking space cost worldwide is between 127 and 285 USD.
Here are the top players in the Indian coworking market space –
India ranks second globally for having 2,197 coworking spaces after the US, which has 3,762 coworking stations.
Recent coworking statistics state the industry will experience a 160% increase in demand in 2024 compared to 2020. In fact, the global coworking industry will cross $13.03 billion by 2025.