| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2019 - 2023 |
| CAGR | 1.00 % |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
China Co-working Office Spaces Market Analysis
The China Co-working Office Spaces Market is expected to register a CAGR of 1% during the forecast period.
China's co-working office space market is undergoing significant transformations, driven by economic factors and evolving work trends. In key cities such as Beijing, Shanghai, Shenzhen, and Guangzhou, over 20% of high-end office spaces remain vacant. This increase in vacancy rates is attributed to slower economic growth, which has led companies to downsize and prioritize cost-efficient office solutions.
Despite these challenges, the co-working sector continues to expand, supported by growing demand from small and medium enterprises (SMEs), freelancers, and startups. The flexibility and affordability of co-working spaces make them a preferred choice for these groups. Additionally, large corporations are increasingly leveraging co-working spaces to access premium facilities at competitive price points.
Technological advancements are further shaping the co-working space market. The integration of Augmented Reality (AR) and Virtual Reality (VR) technologies is enhancing remote collaboration, making co-working spaces more appealing to businesses seeking innovative and efficient solutions. These technologies enable immersive virtual meetings and collaborative projects, overcoming geographical barriers and enriching the remote work experience.
In response to these evolving market dynamics, some landlords are diversifying into the co-working space sector. For example, China Resources has introduced the CRB Business Lounge in Wan Chai, offering 24-hour access to fully furnished, flexible workspaces. This strategic move highlights a growing trend where traditional landlords are adapting to meet the changing demands of the office market.
China Co-working Office Spaces Market Trends
Adoption of Co-working office spaces by the IT sector
China's information technology (IT) sector has demonstrated a marked shift towards adopting co-working spaces, with leading companies leveraging these environments to drive innovation and enhance collaboration. In 2024, Tencent, a prominent player in China's IT industry, integrated co-working spaces into its operational strategy. This initiative aimed to strengthen collaboration across internal teams and external stakeholders, fostering a dynamic and innovative work environment. By utilizing co-working spaces, Tencent streamlined its operations and cultivated a workforce culture centered on creativity and flexibility.
Ucommune, a major co-working space provider in China, has played a pivotal role in supporting the IT sector. The company offers advanced co-working environments equipped with cutting-edge technologies, catering to the requirements of IT professionals and startups. Ucommune’s expansion into key cities, including Shanghai, Singapore, Hong Kong, and New York City, underscores its commitment to delivering flexible workspaces that promote innovation and collaboration within the IT industry.
SOHO 3Q, operated by SOHO China, has significantly contributed to the growth of IT startups. The platform provides shared office spaces tailored to the specific needs of technology companies. With flexible leasing options and modern facilities, SOHO 3Q has established itself as a preferred choice for IT startups seeking cost-efficient and collaborative work environments.
The adoption of co-working spaces by IT companies is expected to maintain its upward trajectory. The flexibility, cost advantages, and collaborative settings offered by co-working spaces align with the IT sector’s evolving priorities. As the industry continues to emphasize innovation and adaptability, co-working spaces are poised to play a critical role in shaping the future of work for IT professionals in China.
In summary, the increasing adoption of co-working spaces by China’s IT sector reflects a strategic shift towards more flexible and collaborative work environments. Leading IT companies, such as Tencent, have embraced this trend to enhance innovation and operational efficiency, while co-working space providers like Ucommune and SOHO 3Q have tailored their offerings to meet the specific demands of the IT industry.
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Expansion of Co-working office spaces in Shanghai
Shanghai's co-working office space market witnessed notable advancements, mirroring the city's vibrant business landscape and the shifting demands of its enterprises. The supply of co-working spaces surged significantly. In 2024, Shanghai's Grade A office market welcomed over 1 million square meters of new office space, with over 60% of this fresh supply situated in suburban locales. This influx expanded tenant choices, tilting the market in favor of tenants.
A prominent trend emerged: co-working spaces began integrating into mixed-use developments. In September 2024, Ingka Centres, the shopping mall arm of IKEA, unveiled Shanghai Livat, a USD 1.14 billion mixed-use venture in Changning District. This project boasts the city's fourth IKEA outlet, over 300 branded mall tenants, five office edifices, and community amenities like a treehouse playground and "Scandi Village." The embedding of co-working spaces in such projects signals a pivot towards community-focused, multifunctional settings.
The surge in office spaces intensified competition among landlords, favoring tenants. With a vacancy rate of 21.8% and average rents at RMB 239.5 (USD 33.05) per square meter monthly, tenants wielded significant bargaining power. This landscape prompted many firms to consider co-working spaces as flexible, cost-efficient alternatives to conventional leases.
Shanghai's IT and tech sectors emerged as primary users of co-working spaces, attracted by the flexibility, scalability, and collaborative spirit these spaces provide. This trend resonates with the broader movement towards hybrid work models, emphasizing the need for adaptable workspaces that can pivot with team dynamics and project demands.
Looking forward, Shanghai's co-working space market is poised for continued expansion. The persistent rise of mixed-use projects and the deeper integration of co-working spaces into commercial developments hint at a future dominated by multifunctional environments catering to varied business demands. As businesses place greater emphasis on flexibility and community ties, the appetite for co-working spaces is set to endure, reshaping Shanghai's office market landscape.
In conclusion, the years 2024 and 2025 have been pivotal for Shanghai's co-working office space market. The surge in co-working spaces, their incorporation into mixed-use projects, favorable conditions for tenants, and the tech sector's embrace highlight the city's evolving business dynamics and the changing preferences of contemporary enterprises.
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China Co-working Office Spaces Industry Overview
The Chinese co-working office spaces market is moderately fragmented, with many international and national players. The demand for co-working spaces after the COVID-19 pandemic attracted many people to the market and made it competitive. The prominent established players are mainly focusing on expansion and M&A activities.
Some of the top players in the market are WeWork, Regus, Servcorp, CoWorker, and Ucommune. Many new players are entering the market as it is a rapidly growing market.
China Co-working Office Spaces Market Leaders
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CoWorker
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WeWork
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ServCorp
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Regus
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People Squared
- *Disclaimer: Major Players sorted in no particular order
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China Co-working Office Spaces Market News
- September 2024: WeWork announced the opening of a new co-working space in Beijing’s Chaoyang District. This facility spans over 10,000 square meters and offers flexible office solutions tailored to the needs of startups and small enterprises. The expansion reflects WeWork’s strategy to strengthen its presence in China’s capital, catering to the growing demand for flexible workspaces among IT companies and entrepreneurs.
- September 2024: Ingka Centres invested approximately USD 1.14 billion in the Livat Shanghai project. This mixed-use development, located in the Changning District, features over 300 retail tenants, five office buildings, and community facilities such as a treehouse playground and “Scandi Village.”
China Co-working Office Spaces Industry Segmentation
Co-working spaces refer to working arrangements where people from different teams and companies work in a shared space. A co-working space is characterized by shared facilities, services, and tools. Co-working is an arrangement in which workers of different companies share an office space, allowing cost savings and convenience using common infrastructures.
The China co-working office spaces market is segmented by type (flexible managed office and serviced office), application information technology (IT and ITES), legal services, BFSI (Banking, Financial Services, and Insurance), consulting, and other services), by end-user (personal user, small scale company, large scale company, and other end users), by geography (Shanghai, Beijing, Wuhan, and other key cities). The report offers market size and forecasts in value (USD billion) for all the above segments.
| By Type | Flexible Managed Office |
| Serviced Office | |
| By Applications | Information Technology (IT and ITES) |
| Legal Services | |
| Consulting | |
| BFSI (Banking, Financial Services, and Insurance) | |
| By End User | Personal User |
| Small-scale Company | |
| Large-scale Company | |
| By Cities | Shanghai |
| Beijing | |
| Wuhan | |
| Other Key cities |
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China Co-working Office Spaces Market Research FAQs
What is the current China Co-working Office Spaces Market size?
The China Co-working Office Spaces Market is projected to register a CAGR of 1% during the forecast period (2025-2030)
Who are the key players in China Co-working Office Spaces Market?
CoWorker, WeWork, ServCorp, Regus and People Squared are the major companies operating in the China Co-working Office Spaces Market.
What years does this China Co-working Office Spaces Market cover?
The report covers the China Co-working Office Spaces Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the China Co-working Office Spaces Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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China Co-working Office Spaces Industry Report
Statistics for the 2025 China Co-working Office Spaces market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Co-working Office Spaces analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
