The COVID-19 pandemic has revolutionized the way we work.
Unlike in the past, professionals don’t want to be part of a rigid 9-5 office structure. They want a flexible workspace with career advancement opportunities.
Not surprisingly, coworking is booming.
Coworking provides state-of-the-art facilities while ensuring a happy workforce. Shared collaboration spaces allow professionals to network with peers, peers, and mentors. This allows companies to ensure the growth of their employee while increasing her ROI.
Considering these perks, even top companies like Microsoft and Amazon are switching to coworking.
This post discusses the current state of the global coworking market space.
Current state of the global coworking market space
#1: The growth of coworking
Founded by Brad Neuberg in 2005, San Francisco was the first coworking company. Despite the benefits of coworking, companies have dismissed the idea as lounge wannabes. Only a handful of companies, including Instagram, Spotify and Uber, have embraced coworking.
However, due to the COVID-19 pandemic, coworking stood out as the best workplace solution. Leading companies like Knotel, District Cowork and Regus have invested in coworking. There are now over 19,000 of his coworking spaces around the world.
Industry experts say this number will quadruple in the next few years.
Check out this insightful infographic by The Address that reflects the evolution of coworking market Over the years.
#2: Main Types of Coworking Layouts in Demand
Coworking offers a variety of seating arrangements including studio cabins, team bundles and private desks. However, colleagues prefer shared desks, flexible spaces, private desks, and dedicated meeting rooms over others.
Here’s a screenshot showing the demand for different types of coworking layouts.
These coworking layouts help create a productive working environment for different job functions. Shared desks, for example, are good for creative professionals who need to exchange ideas with colleagues. Similarly, employees who perform duties such as accounting can opt for private cabins to ensure focus and accuracy in their work.
Best place? The average cost of coworking is much lower than traditional offices. Organizations, especially small businesses, can save a lot of money and keep cash flowing.
This allows young entrepreneurs, especially SMB owners, to focus on growing their business instead of dealing with budget issues.
For example, you don’t have to worry about office security. Most coworking spaces have full security. From CCTV to visitor management systems, coworking spaces are equipped with everything you need to get the job done.
Unlike traditional offices, coworking spaces have a pay-as-you-go (pay-as-you-go) model. As such, businesses only have to pay for the services they use. It helps small businesses manage their jobs and grow.
#3: Leverage coworking spaces
Coworking spaces in Europe are reportedly 7,244 square feet on average. This is relatively smaller than coworking spaces in countries such as North America (9,799 square feet) and Asia (8,101 square feet).
Industry experts affirm that the success of coworking spaces depends on optimizing how they are used.
As such, top global coworking providers such as the US, India, and the UK are focused on implementing productive space design.
The aim is to enable employees to enjoy work-life balance.
Reasons why coworking takes root
From hiring employees to running expensive marketing campaigns to investing in cutting-edge tools, entrepreneurs, especially SMB owners, often have to take expensive risks.
Many of them had to face failure before they could make it big. Several reports say poor financial management is the number one reason startups fail.
A major cause of financial disasters is budgeting without acknowledging “cash money.”
Businesses can’t avoid taking part in an expensive risk, but they can always switch to shared workspaces. can enhance sexuality. Best-in-class facilities and a happy professional community help your business grow faster.
See the growth forecast for the coworking industry.
As you can see, the coworking industry will experience a significant growth of 158% in 2024 compared to 2020. By 2024, more than 5 million professionals will be coworking, according to experts.
All this data reflects that coworking is not a passing trend. It will take hold and change the way we work in 2023 and beyond.
summary
Coworking helps organizations provide work flexibility while ensuring a positive corporate culture.
according to research, work culture is the key to high employee engagement.No wonder the demand for coworking has skyrocketed 41% First half to second half of 2021.
The shared insights prove that the global coworking market will witness significant growth in the coming years.
That is why entrepreneurs looking to expand their business should invest in coworking.
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author: Hazel Rault
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