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Coworking By The Numbers: Stats That Show That Coworking Is Dominating Office Real Estate

by Cecilia Amador de San José
October 9, 2018
in Business
Reading Time: 6 mins read
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2019 stats that show that coworking is not only the new normal, but is also having a great impact on the larger commercial real estate, retail, and hospitality industries

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  • Coworking has made a splash on the larger commercial real estate, retail, and hospitality industries. 
  • Over the last 12 months, REITs and property owners have partnered with coworking operators or launched their own coworking concepts.
  • Research has found that coworking spaces can help increase the overall value of a building.

This article was updated in July, 2019

Coworking is the new normal, and it’s here to stay. Not only has coworking revolutionized the way people use and lease office space, it’s also revolutionized the larger commercial real estate, retail, and hospitality industries. 

Over the last 12 months, there’s been an increased influx of REITs, property developers, and hotels delving into the industry in the hopes of adding more value to their buildings and attracting more tenants and clients.

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It’s an intensifying race for space, and CRE is shifting the playing field of the flexible workspace industry. Though this is great news for the industry, it presents both challenges and opportunities for existing flexible workspace operators. 


Suggested Reading: “Will CRE Stakeholders Push Coworking Operators Out of Prime Markets?”


Like Allwork.Space noted a few months ago, “CRE’s entrance into coworking marks a new era for the flexible workspace industry”, and this is clearly exemplified in the stats below. 

Facts and Figures that Show Coworking is Dominating Real Estate

2019 

  • A CBRE report found that 40% of buildings that include flexible workspace achieved values greater than the average for office buildings in their market.
  • By 2028, flexible workspaces will account for as much as 10% of Class A buildings.
  • 43% of flexible workspace transactions had a higher price per square foot (PSF) than peer transactions. These transactions were priced an average of $127 PSF higher. 
  • Flexible working space saw a 277% jump in leasing to nearly 3 million sq ft in the first quarter of calendar 2019 in India. 
  • By the end of 2019, 40% of flexible workspace demand is forecast to come from large and corporate companies. 
  • Coworking space is expected to grow by 25% per year at retail properties through 2023. 
  • Coworking spaces in Manhattan accounted for 18% of market leasing activity in 2018. 
  • Currently, about 10 percent of the offices in India are occupied by the coworking sector, which puts it at approximately to be the third-largest after IT/ ITES and manufacturing sectors.
  • Flexible workspaces account for 15% and 5% of Grade A office space in areas of Bangalore and Singapore. 
  • 89% of Ropes & Gray survey respondents agree that traditional office landlords have adopted service innovations and amenities inspired by the coworking sector.
  • 81% of Ropes & Gray survey respondents all respondents agree that coworking influences underwriting and valuation methodologies for assets. 
  • 70% of survey respondents agree that coworking operators will increasingly buy rather than lease assets.
  • The We Company is creating an investment fund to buy stakes in buildings where WeWork will be a major tenant. Basically, the company will become a landlord. 
  • Industrious has partnered with Macerich and Equinox to bring coworking space to retail properties and fitness clubs respectively. 
  • Accor, a Paris-based hospitality company, will add coworking space to 1,2000 of its hospitality spaces over the next three years. 
  • Hospitality chain, OYO Hotels and Homes, acquired coworking space provider Innov8 earlier this year. 
  • Real estate brokerage firm, Savills, launched its own coworking brand, Pivot, in June of this year. 
  • Office investors believe coworking spaces can help push vacancies down, add value for landlords, stabilize buildings, and improve the health of some market areas.
  • Tishman Speyer plans to roll out its coworking concept, Studio, in New York, Washington DC, Chicago, Rio de Janeiro, and Europe. The commercial landlord has already rolled out Studio in Boston and Los Angeles. 

Stats taken from the following sources

CBRE – The Property Value Implications of Flexible Space

Instant Offices – Flexible Workspace Trends – 2019 and Beyond

ICSC RECon’s – Coworking Craze panel

Ropes & Gray – Coworking: A real estate revolution?

Real Capital Markets – Office Investor Sentiment Report June 2019

JLL – Emerging trends in India’s office sector

Colliers International – Changing Dynamics: Implications of New Occupier Profiles for Property Owners

2017-2018 

  • Flexible workspace will represent between 5% and 10% of office inventory in various markets.
  • 3 million square feet of flexible workspace were added in the first half of 2018.
  • There are at least 20 markets that have over 500,000 square feet of coworking spaces. 
  • 11% of all coworking locations globally are joint ventures between a coworking operator and a landlord.
  • Building owners are now comfortable to allocate between 15% to 30% of a property to coworking.
  • Flexible space providers accounted for 4.4% of square footage leased in major deals in H1 2018. 
  • WeWork is now the largest office space occupier in London and New York City. 
  • Coworking spaces accounted for nearly 10% of leasing volume in New York in the first half of 2018.
  •  The amount of coworking space in Manhattan will likely approach 8.0 million square feet or roughly 2% of existing office stock by the end of 2018. 
  • The amount of coworking space in Chicago’s CBD has risen to 2.6 million square feet, equivalent to a 250% increase over the past four years.
  • A growing number of workspaces experience occupancy rates above 90%. 
  • Coworking space in retail properties will grow at a rate of 25.0 percent annually through 2023 and reach approximately 3.4 million square feet. 
  • The number of flexible office centres in the UK tracked by Instant rose to 5,320 over the past 12 months. 
  • There are now more than 2,800 companies in the UK that have flexible office space as part of their portfolio. 
  • The flexible workspace industry is the strongest subsector in London’s M25 region, accounting for 15% of total office take-up.
  • The flexible workspace market in London grew 25% in the two years. 
  • Between 25% and 30% of flexible space in London is occupied by large companies and corporates.
  • China, Singapore, and India have experienced industry growth of over 15%. 
  • There are over 5,000 flexible workspace locations across EMEA. 
  • The flexible workspace market stock in Asia managed by  major flexible space operators grew 150% from 2014 to 2017. 
  • The flexible workspace industry in Singapore is expected to grow by 30% in total stock.
  • There was a 105% rise in larger businesses  looking for flexible office space in Australia from 2017 to 2018. 

These stats prove that coworking has disrupted and revolutionized the office real estate market. The flexible workspace industry is pushing the boundaries of CRE, establishing itself in urban and suburban areas, in Grade A buildings and in retail space. What these numbers show us is that coworking works and it will continue to work in the years to come. 

Stats taken from the following reports

Cushman & Wakefield — Coworking and Flexible Office Space: Additive or Disruptive to the Office Market

JLL — Can coworking work at the mall?, Spotting the opportunities: flexible space in Asia Pacific

CBRE — U.S. MarketFlash | Flexing Their Muscles: Flexible Space Provider Leasing Surging

Match Office — 2018 Survey Report

The Instant Group — UK Market Summary: The evolution of flexible workspace

Knight Frank M25 Offices Investment, Development & Occupational Markets Q2 2018

Colliers International —  U.S. Research Report, Top Office Metros Snapshot Q2, 2018

Office Hub — The Australian Coworking Market Report 2017/2018

Savills – New York City office sector Q2 2018

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Tags: Coworking
Cecilia Amador de San José

Cecilia Amador de San José

Cecilia Amador de San José, Senior Associate Editor of Allwork.Space, is based from wherever her laptop is. She enjoys traveling and visiting new flexible workspaces. If you'd like Ceci to check out your workspace, feel free to reach out to her at [email protected] (and send a plane ticket).

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