The aftermath of COVID-19 has brought working from home to the limelight, increasing the demand for remote jobs significantly and consequently growing coworking spaces' usage by freelancers, entrepreneurs, and organizations.
Coworking is a specific way of setting up a workplace where several employees from separate businesses share an office to improve cost savings and comfort by using a shared infrastructure.
This hot new trend is changing how work is done, and coworking statistics show that this type of workspace has become a global phenomenon.
This brings us to an important question: How big is the coworking market?
Let’s see what the stats have to say about it:
Key Coworking Industry Statistics 2023 (Editor’s Choice)
Here is a list of some of the most important statistics for a quick read:
- Women account for 50% of the global coworking workforce.
- 20% of coworking space members are in IT.
- 43% of coworking spaces, on average, are profitable.
- The average age of coworking space members worldwide is 36 years.
- The number of coworking spaces worldwide will reach 41,975 by 2024.
- Coworking spaces will reach a market size of $13.03 billion by 2025.
- 42% of coworking spaces around the world are freelancers.
- There are roughly 35,000 coworking spaces around the world.
General Coworking Statistics for 2023.
The advantages of coworking spaces are clear. It’s much cheaper than having a traditional office. Additionally, such spaces foster collaboration, bring people from similar niches together and allow for networking.
Let’s look into some general stats about coworking to help us better understand why so many people choose this type of office for their regular work.
1. The average age of coworking space members worldwide is 36 years.
Most coworking space members are between 25 to 39, with a few coworkers above 50. Over the years, the number of coworkers has greatly increased, encompassing people mostly under 35. However, recent coworking industry statistics for 2023 show that the average age of coworking space users worldwide is 36 years.
2. About Over 3.1 million people are using coworking spaces as of 2023.
By the end of 2022, over 3.1 million people were using coworking spaces worldwide, estimated to be nearly 5 million by 2024. While millions continue to benefit from coworking spaces, the COVID pandemic has slowed the tremendous growth rate coworking spaces was experiencing.
3. About 42% of people in coworking spaces are freelancers as of 2022.
Coworking space industry analysis shows that freelancers increasingly dominate the co-working space due to its numerous perks. Using coworking spaces eliminates one major problem of working from home: loneliness. Statistics show that about 42% of freelancers use coworking spaces for their work as it eliminates boredom, loneliness, and isolation.
4. About 50% of employees in coworking spaces were women in 2022.
Coworking trends show that the proportion of females in coworking spaces is about 50%. Over the past few years, one of the main reasons for this growth was the increasing proportion of staff eager to work in coworking spaces.
According to the latest women in the workforce stats, their share among freelancers increased to about 46%. The only group where women's participation is below average is business owners with employees (24%).
5. There was a rise of 90% in the number of companies using WeWork facilities in 2022.
Coworking trends in 2023 show that to accommodate more participants, the operators must expand their current facilities (instead of getting more places). WeWork, one of the world's leading space coworking chains, recorded a massive increase in the number of businesses using its facilities between 2017 to 2022. Meanwhile, its employees have also increased by a mind-blowing 360%.
Microsoft, Dell, GE, Pinterest, Spotify, HSBC, and Sprint are some of the major companies making WeWork coworking spaces their home. This is accompanied by a greater focus on sustainability, increased coworking spaces for niches, more community activities, and consolidation.
6. As of 2023, 65.3% of coworking spaces consist of brand-new companies.
Brand-new companies occupy nearly two-thirds of newly-created coworking spaces. Coworking chains and franchises comprise 26.2% of these spaces, while companies establishing their second locations or more occupy about 8.6%.
This implies that while existing coworking businesses flourish, the industry's development still comes from companies entering the market for the first time.
Coworking Space Statistics
7. 43% of coworking spaces, on average, are profitable as of 2023.
The business world is moving towards a remote work culture, as employees prefer working from home because of their perks. Most companies opt for coworking spaces as they offer monthly payment options or short-term leases, ensuring companies can maximize their rent budget. 43% of coworking spaces are profitable, with over 3 million people using coworking spaces. This is expected to double in the coming years; the coworking industry will remain profitable.
8. There are about 35,000 coworking spaces around the world as of 2023.
Suppose you were wondering how many coworking spaces are. In that case, statistics show there are approximately 35,000 coworking spaces around the globe. This is because the number of people working remotely has increased by 44% in the past 5 years. Coworking spaces are projected to increase to 41,975 worldwide by the end of 2024.
9. 89% of employees are happier working in coworking spaces in 2023.
Coworking growth shows that about half of big businesses are expected to own shared office space this year. Even more surprising are the findings of coworking habits studies, which indicate that 89% of coworkers are happier in these places. Also, 84% of employees are more involved and motivated in coworking.
10. Coworking spaces are expected to grow by 13% per year.
Business spaces other than coworking are usually expensive and provide a different opportunity to communicate and cooperate with people from your niche. Statistics indicate that about 72% of shared office facilities become profitable within 2 years, thus encouraging the establishment of more coworking spaces globally.
According to coworking statistics for 2022, coworking spaces will develop by over 13% annually in the next couple of years. The total number is expected to rise to 8,000 in the next four years.
11. 50% of people in coworking spaces are individual employees as of 2023.
Coworking is becoming increasingly group-oriented. It is a common misunderstanding that coworking spaces are filled with entrepreneurs in solitary desperation for social interaction. The latest studies show that this is certainly not the case.
Coworking occupancy rates show that only half of the respondents identified themselves as individual employees (freelancers, telecommuters, and consultants). At the same time, 40% were classified as staff (individuals working in a coworking space for an employer). The remaining 10% categorized themselves as employers (company owners or executives with their teams).
12. As of February 2023, 83% of coworking space members said they are less lonely after joining a coworking space.
One major setback that employees working from home face is loneliness and isolation. However, the establishment of coworking spaces has addressed this shortcoming as it brings together workers from different companies and professions, thus fostering communal living and a sense of belonging.
Human interaction and connection significantly impact workers’ overall happiness levels, as 83% reported that they are less lonely since joining a coworking space.
Coworking Benefit Statistics
There are numerous benefits employees, and companies using coworking spaces enjoy that fostered its steady increase despite the setback of the COVID-19 pandemic. Let’s look at the benefits of coworking space to both organizations and employees.
13. 82% of coworking members have expanded their professional networks.
Initially, employees thought working in coworking spaces would reduce their networking skills. Surprisingly, that does not seem to be the case, as coworking statistics for 2023 show 82% of users said coworking had expanded their professional networks. In comparison, 69% reported that coworking enabled them to learn new skills, while 68% said they improved their skill sets by seeking guidance and assistance from other coworking members.
64% said that they get additional freelance work or projects from the connections they make there.
14. 69% of people who use coworking spaces report higher productivity as of 2023.
Most people need to be more focused when working. As a result, many opt for spaces where they believe they will have fewer distractions. 69% of office workers say they are more productive when working in various settings during the workday.
Shared workspace industry statistics indicate that nearly seven in ten individuals using shared work or study rooms are better able to focus, thus increasing their productivity.
Coworking Location Stats 2023
Have you thought of coworking statistics in the global space?
15. Best Coworking Spaces in the world in 2022.
Statistic from Digital Nomads about the popularity of coworking spaces has compiled a list of the most popular coworking spaces in the world;
- Impact Hub
- Google for Startups
- Talent Garden
16. 15% of the total offices in the M25 London region are shared workspaces.
There are now more than 2,800 companies in the UK that have flexible office space as part of their portfolio. London is the world leader accounting for over 1,400 coworking spaces, representing 15% of total office take-up. In just two years, the flexible labor market in London has grown by 25%. Large businesses and corporations occupy between 25-30% of the flexible rooms in London.
17. The US has 18.3% of the world’s coworking spaces as of 2023.
As of 2022, there were over 6,200 estimated coworking spaces in the U.S., implying that Americans working in coworking spaces account for 45% of the global industry.
Remote working statistics indicate about 933,000 people in the U.S. use over 6,200 coworking spaces. In North America, the average size of a coworking space is approximately 9,799 square feet, and it fits around 105 people.
18. 20% of coworking space members work in I.T. as of 2023.
I.T. is currently the highest sector of the professional fields represented by coworking space members accounting for 20% of the total coworking space population. Others include; Public Relations and Marketing, Consulting, and Design. The consulting field is broad as it applies to experts in almost any field, so coworking members who work in this field can be found in various industries.
19. The 3 most prominent companies in the U.S. coworking space industry in 2023.
The coworking space demand has increased gradually following the heavy impact during and after the pandemic. The United States. is one of the major countries with the most coworkers and coworking spaces, with WeWork, Impact Hub, and Spaces as the top three companies in the coworking space industry.
WeWork boasts 800 locations worldwide with over 600,000 members and provides hot desks, dedicated desks, and private offices.
Impact Hub has over 100 locations across 50 countries and is still growing. It has over 16,000 members, while Spaces run over 400 locations around the globe.
20. Average coworking space and coworking members across regions in 2023.
A global coworking survey shows the average size of a coworking space varies between countries and continents. Below are the average size of coworking spaces and the average number of coworking members among the different continents in the world.
- North America: 9,799 square feet and 100 people
- Asia: 8,101 square feet and 113 people
- Central America: 6,719 square feet and 59 people
- Africa: 6,312 square feet and 86 people
- Europe: 6,131 square feet and 61 people
- Oceania: 3,960 square feet and 83 people
- South America: 3,955 square feet and 53 people
The new trends in coworking spaces show this industry has great potential and will likely stick around for a long time. So, the potential for flexible workspaces continues to extend into the horizon.
Hopefully, the coworking statistics we’ve been discussing in this article will enable you to position your business in this industry and benefit from it as much as possible.