Global Coworking Space Markets 2022-2030: Analysis by

Markets / August 1, 2022 / Admin / 0

Dublin, Aug. 01, 2022 (GLOBE NEWSWIRE) — The report “Coworking Space Market by Business Type, Business Model and End User – Global Opportunity Analysis and Industry Forecast, 2022-2030” has been released. added to from ResearchAndMarkets.com offer.

Coworking spaces enhance the sense of community, creativity, fun, flexibility, accessibility and sustainability. Additionally, it offers a variety of amenities such as meeting rooms, private offices, shared office space, private cabin space, and shared workstations in an open space.

Additionally, they are working on a flexible pay-as-you-go membership model that saves users a lot of additional costs by being able to pay for what they use.

Additionally, coworking usually operates on a monthly club membership or subscription fee, which includes access to many additional facilities like the cafeteria and the like. With the rising cost of rent in Tier 1 and Tier 2 cities, many SMEs and entrepreneurs are choosing coworking spaces to access better facilities at a lower cost.

Market dynamics and trends:

The growing number of startups is driving the growth of the coworking space market as they are opting for coworking spaces due to the rising rent of private office spaces.

For example, according to a survey in 2020, nearly 1.4 million startups were founded in the third quarter of 2020, an increase of 49% from the second quarter of 2020 and a 67% increase from the peak of startups in the world. previous third quarter established in 2018. Coworking spaces not only help to reduce the cost of rent, but also additional services such as office, high-speed Wi-Fi, cafe, meeting rooms, leisure areas and many more. others.

In addition, coworking spaces help startups acquire new talent from the number of freelancers working with them on a daily basis, which in turn reduces the cost of recruitments. Thus, fueling the growth of the market.

Additionally, increased investment in niche coworking spaces such as women-only spaces, LGBTQ+ spaces, and other social groups should provide a lucrative opportunity as they become popular to accommodate growing diversity. SMEs such as on-site daycares and others.

However, the low awareness of coworking spaces is hampering the growth of the market. This is attributed to a huge misconception among many SMBs and startups in various verticals that coworking spaces are only for the IT sector as they mostly run from their devices.

According to a survey, only 20% of office workers frequent a coworking space once a month, leaving a large portion of the population (80%) without general knowledge of these spaces. Moreover, coworking means sharing a workspace with strangers, which in turn creates a problem for many workers to adapt to unfamiliar people and the environment of the spaces.

Geographical analysis:

North America has the most coworking spaces by size, averaging 9,799 square feet. per space. This huge demand for coworking spaces is fueled by the growing adoption of flexible working practices, service desks, and remote teams.

On the other hand, Asia-Pacific has two of the most populous countries in the world, such as China and India. These two are also emerging markets. Rising awareness related to the significant benefits of coworking space among the population creates an opportunity for this region to become one of the leading markets for coworking space.

Competitive Landscape:

The market players are adopting various joint venture strategies and planning to expand their businesses in various regions to maintain their dominance in the coworking space market.

The coworking space market includes various market players such as