Coworking spaces are transforming the operational landscape as most businesses are transitioning to flexible work alternatives. With hybrid and remote working becoming the new normal in this post-pandemic world, coworking spaces have grown in popularity.
In this post, we shall look at some of the essential coworking statistics that you need to know in 2023.
Coworking in 2023 – Latest Facts and Statistics
1. The global coworking industry is expected to cross $13.03 billion by 2025.
The latest study on the coworking market revealed the immense potential of this sector to grow exponentially in the coming years. The coworking spaces market is rapidly growing at a CAGR of 12%, indicating how flourishing this industry is. In fact, the demand for such flexible workspaces is expected to increase by 160% in 2024.
2. There are around 19400 coworking spaces across the world.
The US is the largest provider of coworking spaces in the world followed by India, the United Kingdom, Spain, and Germany.
3. The number of coworking professionals will cross 5+ million by 2024.
The number of professionals working in coworking spaces has increased by 158% since 2020. The benefits these coworking spaces offer, such as work flexibility, professional work environment, modern amenities, and more are the major reasons for this growth.
In fact, 84% of professionals working from coworking spaces admitted they feel motivated working in a coworking environment. Further, 69% of professionals claimed that coworking has helped them learn a new skill.
4. 63% of growth-focused firms will follow a productivity-boosting hybrid work model.
Hybrid work is here to stay. Coworking spaces are helping businesses adapt to the hybrid work model at a much faster rate.
5. 30% of global coworking spaces are profitable.
Coworking spaces are experiencing an average of 47% increase in their ROI. You will be astonished to know that the monthly churn rate of coworking spaces is only around 5%.