One of the latest trends today is coworking — a specific way of setting up a workplace. This hot new trend is changing the way work is done, and coworking statistics show that these types of offices now take up to a whopping 27 million square feet of office space across America.
We’re talking about a working space where several employees from separate businesses share an office with the aim to improve cost savings and comfort by using a common infrastructure.
This type of workplace has become a global phenomenon.
So, let’s see what stats have to say about it:
Key Coworking Industry Statistics (Editor’s Choice)
Here is a list of some of the most important statistics for a quick read:
- 91% of students who use coworking spaces say they have better relationships with other people
- China will have over 5,000 coworking spaces by 2022
- Women account for 44% of the global coworking workforce
- As of January 2020, there are over 3 million coworkers globally
- 92% of people in coworking spaces are satisfied with their work
- About 85% of people in coworking spaces have completed a form of educational schooling
- The Asia-Pacific region is the largest, with over 11,000 coworking spaces
- 65% of coworking people are under the age of 40
General Coworking Statistics
The advantages of coworking spaces are pretty 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 that will help us better understand why so many people choose this type of office for their regular work.
1. 38% of employees using coworking spaces have been in the company for up to five years.
Coworking is not just for startups, although that is a common perception. Users often include a significant proportion of experienced company owners. Some coworking industry statistics show that close to four in ten employees have been in the company for three to five years.
What’s more, almost one-fourth of employees and 28% of individual respondents have been working with the company for more than 10 years. Only 12% of employees and individual respondents have been with the company for one year or less.
2. 50% of large companies are projected to have a coworking space by 2020.
Coworking growth shows that about half of big businesses are expected to own a type of shared office space this year. Even more surprising are the findings of coworking habits studies, which indicate that nearly 90% of coworkers are happier in these places. Also, 84% of employees are more involved and motivated when they are in a coworking environment.
3. About 85% of people in coworking spaces have completed a form of educational schooling.
A high education level continues to be a distinctive feature among coworking space users. Coworking space industry analysis shows that approximately 85% of them have completed educational schooling.
At the moment, 41% hold a bachelor's degree, another 41% hold a master's degree, and 4% have a PhD. All these numbers are similar to last year’s. But for older age groups (over 50), there is a slightly reduced proportion of university graduates.
4. About 44% of employees and operators in coworking spaces are women.
Coworking trends show that the proportion of females in coworking spaces is about 44%. 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.
Women used to constitute a tiny minority in this group, but according to the latest women in the workforce stats, their share among freelancers increased to about 46%. The only group in which 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 2017.
Coworking trends in 2019 show that in order to accommodate more participants, all the operators have to do is 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 in 2017. Meanwhile, the number of its employees has also increased by a mind-blowing 360%.
Microsoft, Dell, GE, Pinterest, Spotify, HSBC, and Sprint are some of the main companies that have made WeWork coworking spaces their home. This is accompanied by a greater focus on sustainability, an increase in coworking spaces for niches, more community activities, and consolidation.
This should stimulate more companies to start using coworking spaces.
Which brings us to the really important question:
How big is the coworking market?
6. 65.3% of coworking spaces consist of brand new companies.
Nearly two-thirds of newly-created coworking spaces are occupied by brand new companies. Coworking chains and franchises make up 26.2% of these spaces, while companies establishing their second locations or more occupy about 8.6%.
This implies that while existing coworking businesses are flourishing, the bulk of the industry's development still comes from companies entering the market for the first time.
Coworking Space Statistics
7. About four out of five coworking space users visit these facilities for their periodic jobs.
That being said, this figure is slightly greater in big towns, where users are more likely to visit one of those facilities to attend or hold conferences and events or just use it as a basis for local activities.
8. Approximately 2,188 coworking spaces opened around the world in 2018.
If you were wondering how many coworking spaces are there, you should know that only in 2018, an estimated 2,188 spaces were opened worldwide. Nearly 1,000 of those were in the United States.
In 2019, there were approximately 696 locations in the US, many of which were in states and towns with budding startup cultures. Development was a bit slower in 2019 compared to 2018, although the sector will continue to develop at a rapid rate.
While the majority of sector development can be attributed to new spaces, there is a big proportion of current spaces that are diversifying their services or acquiring companies and expanding into smaller, niche markets.
9. 92% of people in coworking spaces are satisfied with their work.
Coworking statistics show that the overwhelming majority of people are satisfied with their coworking space. Generally speaking, anyone running a coworking space should be proud of themselves. They do an excellent job of creating a feeling of community. Usually, there are also many networking events and community-building projects, making those spaces much more satisfactory and useful.
10. Coworking spaces will develop at a rate of 22% until 2022.
Business spaces other than coworking are usually expensive and do not provide the same opportunity to communicate and cooperate with other people from your niche.
According to coworking statistics for 2019, coworking spaces will develop by over 20% 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.
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 respondents identified themselves as individual employees (freelancers, telecommuters, and consultants), while 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 own staff).
Learning/Student Coworking Space Statistics
12. 91% of students who use coworking spaces say they have better relationships with other people.
Shared workspaces also provide the social interaction that can't be achieved by students if they take online courses.
Coworking statistics show that 91% of students using common office spaces claim they have better relationships with others when they take the benefits of such spaces, while 60% say they're more comfortable at home.
Because online courses can generate a feeling of isolation, these features of a shared office room can be beneficial. Online learners are often all-day home alone, with little or no communication with classmates.
13. 64% of people who use coworking spaces finish assignments on schedule.
Coworking spaces create an environment that enables people to meet deadlines easier. Another interesting statistic about coworking trends is that nearly two-thirds of individuals using such spaces are better able to finish assignments on time. Much of this is due to the enhanced productivity of working in an office room instead of a coffee shop or at home.
Nevertheless, remote working statistics indicate working from home has its own benefits. However, a shared space enables learners who face a significant project deadline or need to finish a comprehensive research paper to work without the distractions that happen in other places.
14. 68% of people who use shared study spaces can better focus on their assignments.
Plenty of people get easily distracted when studying at home. As a result, many venture into cafes or libraries where they believe they will have fewer distractions, only to discover that the noise, continuous traffic, and restrictions on Wi-Fi make them even less productive.
Shared workspace industry statistics indicate that nearly seven in ten individuals using shared work or study rooms are better able to focus.
Coworking Location Stats
15. 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. The flexible workspace sector is the strongest sub-sector in the M25 region of London, 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.
16. 3 million square feet of the shared workspace was added in the first half of 2018.
Flexible workspace in different markets will represent between 5-10% of the office inventory. In the second quarter of 2018, an extra 3 million square feet of the flexible workspace was introduced.
Coworking statistics for 2018 show that there are more than 500,000 square feet of coworking spaces in at least 20 markets. Globally, 11% of all coworking sites are joint ventures between a coworking operator and a landlord. Building owners now have the courage to allocate between 15-30% of a coworking property.
During the first half of 2018, flexible space providers accounted for 4.4% of square footage leased in major deals. WeWork is now the largest office space occupant in London and New York City.
17. In Vermont, 12.1 spaces open yearly on average.
Because of the popularity of coworking spaces, Vermont sees 12.1 new spaces opened annually per 1 million people. This is where the most growth is seen. It can be attributed to the rising startup scene in Vermont and the busy hub of innovation that is Burlington.
Coworking stats also show that the District of Columbia is coming in second with an annual estimation of 11.1 new spaces per 1 million people, followed by Montana with 8.5, and Colorado with 8.0. New York, already dense with flexible offices and coworking spaces, has about 4.4 spaces opened per every 1 million people every year.
18. China will have over 5,000 coworking spaces by 2022.
In the coming years, coworking space demand is going to increase. With more than 5,000 spaces, China will develop quickly and become one of the biggest coworking markets in the world by 2022.
Although not quite as large in terms of the absolute size of the industry, India is set to become one of the fastest increasing coworking areas, bolstered by its big startup ecosystem, which ranks third biggest in the world.
19. Coworking spaces in the Asia-Pacific region hold 2.1% of the total office inventory.
A global coworking survey shows that the Asia-Pacific coworking holds the largest share of the total office inventory at 2.1%, compared to around 1% in Europe and North America. Flexible workspace providers occupy 15% and 5% Grade A proportion of office space in the prime office regions of Bangalore and Singapore, respectively.
Flexible workspaces account for 16% of net prime-grade absorption in Shanghai in 2018, 10% on Hong Kong Island, 8% in Tokyo's five main wards, and 45% in Singapore.
And on that impressive note:
The new trends in coworking spaces show that this industry has a lot of potential and is likely to 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.