Check out this intriguing data related to the coworking industry and its growing community of members.
For nearly the last decade, coworking spaces have been on the rise, seemingly taking over the corporate and entrepreneurial worlds. Thanks go COVID-19, gone is the traditional 9 a.m. to 5 p.m. in the same office space. Most workers can now choose their hours and their workspace, whether that’s home or away.
Coworking offices provide a new and compelling level of flexibility employees desire. With many opting for coworking spaces over traditional corporate offices, the coworking sphere is paced to continue its growth and appeal.
Here are 13 impressive coworking statistics for 2021 that you need to know.
Shocking Coworking Market Size & Growth Projections
Coworking spaces are expected to reach a market size of $13.03 billion by 2025. This projects the industry will grow at a compound annual growth rate of 12%.
There are expected to be over 40,000 coworking spaces by 2024. This is double the number of spaces available in 2021. The market is set to experience a compound annual growth of 21.3%.
An estimated 5 million people will work from coworking spaces by 2024. This is nearly double 2021’s 2.4 million coworkers.
The United States currently has the most coworking spaces in the world ⸺ more than 3,762. The country is closely followed by India, which has 2,197 spaces, and the United Kingdom with 1,044 spaces.
77 percent of coworking operators said they plan to expand by opening new locations (VIDA Coworking included!). 32% plan to open one new location, while 38% hope to open two to three locations.
Compelling Coworking Space Size & Capacity Numbers
The average space size of all global coworking spaces is 7,308 square feet. North American coworking spaces have the highest average size of 9,799 square feet. Asia has the second-largest coworking locations at an average of 8,101 square feet.
The average space capacity of all global coworking spaces is 83 people. Asia ranks the highest in average capacity at 114 people, while South America has the lowest at 54 people.
Workers’ Favorable Feelings About Coworking
68 percent of Americans prefer a hybrid workplace model.One in three workers expressed they didn’t want to work for a company that required them to work in-office full time.
More than 50% of employees want an office closer to home.Coworking spaces can give them just that. In fact, 77% of workers explained a convenient office space is a must for their next job.
The Data-Backed Benefits of Coworking
89 percent of coworking users report they’re happier since joining a coworking space. A whopping 83% cited reduced feelings of loneliness. Plus, 86% feel they are part of a community when using a coworking space.
Nearly 90% of coworking space members report meeting other members for social reasons. Approximately 54% say they socialize with other members on weekends and after work.
Coworking has expanded the professional network of 82% of coworking members. 64% percent expressed the coworking network was important for work and business referrals.
84 percent of members report improved work engagement and motivation. About 80% are able to turn to their fellow coworkers for help or guidance.
If you’re in Portland, Oregon, and want to take advantage of these benefits, become a Member of VIDA Coworking! Contact us today to schedule a tour!