A new report from Next Move Strategy Consulting forecasts big things for the global coworking market in the next few years.
Last year, the coworking market produced $6.89 million, but that number is expected to skyrocket to $24 billion by 2030. So why does it seem like coworking is finally taking off?
Previously, the still fairly new coworking industry was volatile as operators struggled to figure out the best pace of expansion, amenities, and more.
At times, the shared office space market was viewed as the darling of the real estate world, but the pandemic slashed hopes for smaller boutique operators.
However, the new report highlights various factors that are impacting the industry, including startups looking to reduce their office costs, investments into niche coworking spaces, and misconceptions about the market.
For instance, North America was found to have the largest share of coworking spaces last year and is expected to maintain this title throughout 2030, mainly due to companies embracing flexible and hybrid work models.
“Improvement and diversification are two major factors that are attracting many freelancers, startups, and business owners in opting for coworking spaces,” said a lead analyst at Next Move Strategy Consulting. “In addition, availability of low-cost spaces is another factor that will make a huge impact in presenting opportunities in the next years.”