By now, coworking spaces is evidently the most heard term of all times. We have been constantly trying to understand the term “coworking” and learn about the platform and advantages associated with it.
While exploring office spaces or in the news headlines we have often crossed paths with the term “Coworking Space”, to an extent we are even aware of the idea of coworking or shared office spaces.
Let us get into the matter again and learn the nitty gritty of coworking spaces, stats advancement during the course of time, future and present of shared spaces, in brief.
Introduction:
Coworking spaces are now a familiar term for us, if not let’s revise again. Coworking spaces are simply shared offices where people, basically employees belonging to different organisations, and communities come together under one roof and work.
Employees build communities, understand the work pattern and background, learn more and regardless of backgrounds and companies, besides shared spaces are flexible and convenient. Freelancers get a professional address with a better approach to clientele.
Coworking spaces are a productive collaboration of companies, individuals and communities. Not just the employees, but coworking spaces have never failed to justify the company’s finances and business.
Coworking spaces give you the leverage of location independence, collaboration, and whatnot?
Growth of coworking spaces with time, here are some stats for reference:
The growth of coworking spaces was witnessed by the real estate industry, it was no doubt massive but they have also impacted the companies positively making significant and major switch by giant companies.
Research states that 89% of the employees are happier at coworking spaces while 84% of the employees feel more productive and willing to work here. Out of the total population, 42% of the population in the space are freelancers.
Coworking industry is flourishing and probably one big reason is the strength and understanding of employee’s needs and engagement, well stats show, 61% of businesses are planning to modify and inculcate flexible spaces while 83% of employers have confirmed that remote working is more productive.
Interestingly, the growth of coworking spaces by 2022 was 18700 which is estimated to reach 41975 by 2024, globally. Shared spaces are expected to grow 13% every year! As per the number bar, 2022 November stats;
- US followed by India followed by UK contributed the world share of 18.30% (3762 coworking space),
- 10.67% (2197 coworking space) and
- 5.08% (1044 coworking spaces) respectively.
The market size is valued at 14397.53 million USD in 2022, which will expand by 17.24% to 37374.84 by 2028, as quoted by experts to which India has crossed 50 million sq. ft. in 2022.
Future:
The recent stats stated that the growth is so not stopping anytime soon, besides the advantages and results are so captivating that companies are not resisting themselves to invest in coworking.
Coworking spaces are always called out as the “future” of offices and clearly the growth proves it all. Also, as per the research by 2025 half of the workspace will be taken over by the millennials who have a different approach to work and thus promotes coworking.
Besides, there was a major factor of security and privacy at coworking which they have taken into consideration and fixed.
The trend of working space in 2023 is the more secure and private spaced area in coworking for meetings and discussions.Thus the next industry trend or the future is coworking space.
Final thoughts:
The growth and development of coworking spaces are pretty evident, probably this is the reason why the concept of coworking spaces was so welcomed and loved by the companies thus making it a trend and the companies are no doubt embracing it well.
Companies have seen the differences after switching to coworking in different aspects: productivity, growth and cost cutting as well. Companies are anyways in profit and so are the employees due to flexibility, productivity and increased skills. Coworking spaces have allowed them to meet and build communities and enhance their work pattern and productivity on a whole different level, besides they feel more happier and comfortable and less stressed and lonely. Coworking spaces are hence a win-win situation in the system.
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