A new report entitled “Coworking Spaces Global Market Report 2020-30: COVID-19 Growth and Change” has revealed that the global coworking industry is expected to take a dip in annual growth rate, from $9.27 billion in 2019 to $8.24 billion in 2020. This 12.9% decline is largely due to the economic slowdown caused by the ongoing pandemic and businesses opting for remote working practices.
However, the industry is expected to make a recovery and get to $11.52 billion in 2023 by compound annual growth rate.
For now, as employees continue to work from home, the commercial real estate industry has seen a big decrease in occupancy and footfalls. This has inevitably caused coworking revenue to drop over the past several months.
The report also revealed how the coworking industry will come out of the pandemic stronger than ever as companies look into adopting flexible offices to decrease the density of their main offices, while saving money.
