Co-working Statistics By Region, User and Trend, Location, Perks, and Amenities

Introduction

Co-working Statistics: Co-working spaces have become increasingly popular in recent years. They offer flexible and collaborative work environments for individuals and businesses. This is an arrangement in which different companies’ workers can share an office space. All of the statistics will guide you effectively, as this article includes important current trends and overall analysis of the co-working industry, taken from different insights of 2023 and 2024.

Let’s delve into some key statistics to understand the current landscape and future trends.

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• According to Co-working Statistics, the United States of America had 18.30% of the co-working spaces globally, resulting in 3,762 spaces in 2023.
• A Statista report shows that the total number of co-working spaces will increase to 41,975 by the end of 2024.
• As of 2024, the total number of individuals working within co-working spaces is estimated to be approximately 4.99 million.
• Co-working spaces have enabled 75% of businesses to see a positive and strong relationship in 2023.
• Almost 83% of co-working users preferred using mobile applications to manage overall co-working services in 2023.
• From 2020 to 2024, the global growth rate of worldwide co-working is supposed to grow by 9.5%.
• By the end of 2024, co-working spaces will comprise around 34% of the corporate real estate portfolio.
• Co-working Statistics further state that male users occupied a maximum share of 50-55%, and women covered 40-45% share in co-working.
• In January 2023, SMEs (small and medium-sized enterprises) were the top users of co-working, with a share of 37.93%.
• Regus is the largest operator of co-working spaces in the United States, with 561 spaces in the 1^st quarter of 2024.

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General Co-working Statistics

(Source: theaddress.wpenginepowered.com)

• Co-working Statistics also claims that the global market value of the co-working industry will grow by $13.03 billion by 2025.
• The world’s 18.3% market share was secured by the U.S. in co-working spaces in 2023.
• In the same year, the nation was having 6,200 co-working spaces
• More than 1 billion professionals are involved in co-working spaces.

(Source: ones.software)

It is predicted that the global total number of co-working spaces will increase to 41,975 by 2024.

(Source: flexas.com)

In 2023, around 30% of co-working businesses made profits, while 40% of companies faced huge losses, and 29% of businesses never reported any profits or losses.

(Souce: googleusercontent.com)

• Globally, almost 30% of co-working spaces remained profitable in 2023.
• Meanwhile, in North America, around 35% of co-working spaces were profitable in 2023, and in Europe, only 27% remained profitable.

Growth and Market Size:

• Global Reach: As of 2024, over 3.1 million people utilize co-working spaces worldwide, with projections reaching nearly 5 million by 2024.
• Market Value: The estimated global value of flexible workspaces sits at $26 billion, indicating a significant and growing industry.
• Projected Growth: Co-working office spaces are expected to grow at a steady rate of 13% per year, signifying continued expansion.

Regional Distribution:

• Asia Pacific Leads: The Asia Pacific region, including India, boasts the highest number of co-working spaces, with over 11,592, followed by Europe, the Middle East, and Africa.
• U.S. Presence: The United States has a significant presence in the market, with major players like Regus and WeWork holding leading positions in terms of leased space.

Financial Considerations:

• Pricing: The average monthly cost per co-working desk varies depending on location, with cities like Los Angeles averaging $316 per month.
• Profitability: 30% of co-working businesses report profitability, 41% experience losses, and 29% break even.

Individuals using Co-working Spaces

(Reference: zippia.com)

• Meanwhile, in 2023, the total number of individuals working within co-working spaces was 3.94 million, an increase from 2022's 3.10 million.
• By 2024, it is supposed to grow by approximately 4.99 million.

Number of Co-workings By Region

(Source: cloudinary.com)

• Asia had the highest number of co-working spaces, 5,889, in 2023.
• Europe and North America captured the next maximum number of spaces, with 5,858 and 4,698, respectively.
• Other regions with co-working spaces are South America (1,235), Africa (912), Oceania (660), and Central America (1,235).

By Country

(Source: jobera.com)

• According to Co-working Statistics, the United States had the highest number of co-working spaces, with around 3,762, and the worldwide share accounted for 18.30%.
• Furthermore, other countries with number of co-working spaces and global share includes India (2,197 and 10.69%), United Kingdom (1,044 and 5.08%), Spain (939 and 4.57%), Germany (791 and 3.85%), Canada (617 and 3%), Australia (590 and 2.87%), Mexico (508 and 2.47%), Japan (411 and 2%), and Brazil (393 and 1.91%).

By United States Cities

• In the race for co-working spaces, in the ^first quarter of 2024, Los Angeles and Manhattan were the two leading cities well-known for co-working spaces, accounting for 270 and 263, respectively.
• On the other hand, in the 4^th quarter of 2023, co-working spaces will be created in Los Angeles (268) and Manhattan (267).
• Whereas Indianapolis secured the lowest number of co-working spaces, with 70 and 65 in Q1 (2024) and Q4 (2023), respectively.
• The graph below depicts all other U.S. city's total number of co-working spaces in Q1 (2024) and Q4 (2023).

(Reference: coworkingcafe.com)

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Region-wise, Co-working Spaces Market size

(Source: mordorintelligence.com)

• The above image explains the expected market size of North American co-working spaces in 2024 and 2029, which will be $5.11 billion and $8.58 billion, respectively.

(Source: mordorintelligence.com)

• As of 2024, the market size of Latin American co-working spaces is estimated to be $1.66 billion. By 2029, it will grow to $1.91 billion, with a CAGR of 10.64% from 2024 to 2029.

Co-working Space Size Statistics By Cities of U.S.

(Reference: coworkingcafe.com)

• As stated in co-working Statistics, the total co-working space size grew by 3% in the 1^st quarter of 2024 from last quarter with around 124,792,346 square feet.
• While at the beginning of 2023, the total number grew to 113,742,866.
• In the United States, the total square footage is 1.8% of the total co-working space.
• Manhattan secured the highest co-working square footage in Q1 (2024): 12.55 million and Q4 (2023): 12.65 million.
• Moreover, other total co-working square feet in Q1 (2024) and Q4 (2023) were Los Angeles (6.47 million and 6.57 million), Washington, D.C. (6.12 million and 6.24 million), Chicago (6.1 million and 6.27 million), Dallas-Fort Worth (5.13 million and 4.81 million), Boston (4.76 million and 4.54 million), Atlanta (4.37 million both), Houston (4.28 million both), Denver (3.66 million and 3.35 million), San Francisco (3.38 million and 3.21 million), Bay Area (2.93 million and 3.21 million), Seattle (2.92 million and 2.78 million), Miami (2.89 million and 2.77 million), New Jersey (2.62 million and 2.43 million), Philadelphia (2.47 million and 2.52 million), Orange Country (2.42 million and 2.38 million), Phoenix (2.41 million and 2.4 million), Brooklyn (2.19 million and 2.34 million), San Diego (2.03 million and 1.81 million), Raleigh –Durham (1.87 million and 1.89 million), Nashville (1.76 million and 1.62 million), Minneapolis-St. Paul (1.66 million and 1.53 million), Austin (1.65 million and 1.64 million), Salt Lake City (1.6 million and 1.52 million), and Indianapolis (1.54 million and 1.36 million).

By Regions

• According to a report generated by Northone in 2023, North America achieved the largest average co-working space size, with 9,799 square feet and space for 100 people.
• Furthermore, other regions followed by average co-working space size and people were Asia (8,101 sq. ft and 113), Central America (6,719 sq. ft and 59), Africa (6,312 sq. ft and 86), Europe (6,131 sq. feet and 61), Oceania (3960 sq. ft and 83), and South America (3,955 sq. ft and 53).

Top Co-working Operators Statistics

(Reference: coworkingcafe.com)

• Co-working Statistics describes that Regus is the largest operator of co-working in the United States, which amounted to 561 spaces in the 1^st quarter of 2024, an increase from last quarter with 547 spaces in Q4 (2023).
• The WeWork operator held 175 co-working spaces in the 4^th quarter of 2023 and reduced them to 160 spaces in the 1^st quarter of 2024.
• In addition, other co-working operators with spaces in Q1 (2024) and Q4 (2023) were Industrious (127 and 122), Spaces (108 and 109), and HQ (91 and 78), respectively.

Co-working Statistics By Users

• Co-working spaces have enabled 75% of businesses to see a positive and strong relationship.
• Moreover, 84% of people involved with co-working remained more motivated and engaged.
• Almost 83% of co-working users preferred using mobile applications to manage overall co-working services in 2023.
• 77% of users have claimed that co-working has directly enhanced their Productivity.
• In the U.S., more than 1 billion professionals work in co-working spaces.
• By the next five years, almost 79% of co-working space owners are planning to expand their business.
• In 2023, after joining co-working spaces, 67% of coworkers reported revenue increment.
• Freelance Dominance: Freelancers make up a substantial portion of co-working space members, accounting for approximately 42% globally.
• IT Industry Focus: The IT industry holds a significant presence in co-working spaces, with 20% of members coming from this sector.
• Millennial Preference: Millennials are a major driving force behind the co-working trend, with 62% utilizing these spaces.
• Gender Distribution: While men still hold a slight majority (50-55%) in co-working spaces, women are increasingly utilizing them, with a representation of 40-45%.
• Age Range: The average age of co-working space users is between 30 and 39, with men averaging 35 and women averaging 30.

By other Professionals

(Reference: theofficepass.com)

• In January 2023, SMEs (small and medium-sized enterprises) were the top users of co-working, with a share of 37.93%.
• Startup teams or companies and freelancers were holding a share of 27.12% and 16.61%, respectively.
• Co-working Statistics also mentioned that other professional users' share of co-working spaces includes remote workers (entrepreneurs) = 7.68%, remote workers (corporate) = 5.49%, digital nomads = 2.82%, and large-scale corporations = 2.35%.

Co-working Space Trends, 2024

(Reference: spacebring.com)

• Co-working further States that it is venturing beyond city limits by breaking traditional boundaries, thus enabling rural retreats and unique themes, and holding an 85% share in 2024.
• In the U.S., effective co-working space franchises are booming, and industries are maturing with fair opportunities. Tech-driven co-working also has an 85% share; similarly, another 85% share comes from co-working.
• However, other co-working space trend shares in 2024 are followed by eco-friendly co-working wave (80%), boutique vs. corporate dynamics (55%), hybrid workspaces and office redefinition (55%), co-living and co-working fusion (55%), live-work environments take center stage (55%), and niche professional environments (20%).

By Location, Perks, and Amenities

(Reference: imagekit.io)

• In 2023, co-working spaces had the largest global location share, followed by residential (69%), industrial (12%), commercial (11%), and retail (4%).
• The top perks and amenities that make people stay in a co-working space were coffee (74%), snacks (53%), fun element (50%), Networking (48%), and Desks (40%)

By Desk Cost

• The most expensive country in the world has the highest co-working desk price in Oceania, which is $347 per month.
• In North America, the average monthly cost of a co-working desk was $246 in 2023.
• However, the desk cost of co-working in Europe is $225 / month, and it is $163 / month in Asia.
• The average monthly cost of a co-working desk increased to $285 in 2023 from $127 in 2022.

Benefits and Impacts of Co-working

• Co-working spaces offer several in-office perks, including social events, coffee, and snacks, which are accepted by 94% of users.
• 57% of people said co-working space enable convenient location along with cutting down on commute time.
• 55% of users benefit from networking opportunities that promote better business interaction.
• Increased flexibility with office spaces and a sense of community are the other two advantages claimed by 53% and 51% of co-working space users.
• Focus Enhancement: 68% of coworkers believe the co-working environment improves their ability to concentrate.
• Skill Development: 69% of coworkers report acquiring new skills through interactions and collaborations within the space.

Challenges and Opportunities

The future of co-working spaces seems bright, but several challenges remain:

• Competition: The market is becoming increasingly saturated, requiring co-working spaces to differentiate themselves through unique offerings and strong community building.
• Financial Sustainability: Maintaining profitability in a competitive market will necessitate strategic pricing models, efficient space management, and value-added services.
• Technological Integration: Implementing advanced technologies requires ongoing investment and ensuring user-friendliness for members.

Co-working Contribution to Productivity

• Co-working Statistics further show that 84% of professionals remained motivated throughout 2024, working within the co-working environment.
• Co-working helped 69% of professionals to learn a new skill gradually.
• 64% of coworkers have claimed that this platform always allows them to complete tasks on time.
• In 2023, almost 82% of professionals have expanded their social network by using co-working.

The Reason Behind Co-working Popularity

(Source: flexas.com)

Additional Points:

• Co-working Resources: Numerous online resources and platforms exist to help individuals find and compare co-working spaces based on their specific needs and preferences.
• Community Building: Co-working spaces often foster a sense of community, providing opportunities for collaboration and interaction beyond the traditional office setting.
• Environmental Impact: Co-working spaces can potentially contribute to a more sustainable work environment by promoting resource sharing and reducing individual office footprints.

Conclusion

Understanding these statistics provides valuable insights into the current state and future potential of the co-working space industry. The main principle of the co-working industry is to help enable affordability, flexibility, and Productivity. The report is focused on the United States' insights and includes other major players in the co-working industry worldwide.

As the demand for flexible work arrangements continues to rise, co-working spaces are poised to play an increasingly significant role in the evolving work landscape.

Maitrayee Dey

Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.

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