Enduser’s “Coworking Space Market By Business Type, By Business Model, Global Opportunity Analysis And Industry Forecast, 2022 – 2030” provides insight into how coworking spaces are impacting the private office sector and startup community.
According to the forecast, during the third quarter of 2020, almost 1.4 million startups were founded. This marked a 49% increase seen in the second quarter of the year.
As a result, many of these startups have flocked to coworking spaces that offer lower costs of rent, as well as other utilities like office furniture, Wi-Fi, meeting rooms, and more.
Aside from cost savings, startups have also been able to tap into a diverse pool of talent within these spaces, networking with professionals from various backgrounds and skill sets.
Despite this, there is still a relatively low awareness of coworking spaces, which is hindering the market’s growth. In fact, the poll showed that just 20% of office workers come into a coworking space per month.
North America saw the largest number of coworking spaces, averaging 9,799 square feet per space. The region is also seeing increased demand for these workspaces due to more companies adopting hybrid and remote work arrangements.
In Asia-Pacific, China and India stood out in the region as emerging markets for the coworking space industry.
In the coming years, coworking spaces are expected to continue to serve as a solution for organizations transitioning to more flexible work policies.