Shared Office Spaces Market Size (2024 - 2029)

Shared Office Spaces Market Analysis

The Shared Office Spaces Market size is estimated at USD 57.48 billion in 2024, and is expected to reach USD 87.41 billion by 2029, growing at a CAGR of 8.96% during the forecast period (2024-2029).

• The pandemic-era boom in remote work is fundamentally intact, despite all manner of coaxing, cajoling and threatening by employers to get workers back into the office. The work from anywhere dynamic is unhealthy for the traditional office sector, with fewer employees utilizing once-bustling commercial buildings. In contrast, the future is relatively bright for the shared workspace sector as a whole. Enormous numbers of customers are moving out of the long-term lease space. Co-working spaces should continue to flourish in the post-pandemic era, especially as traditional offices fall out of favor, and fewer large-scale properties get built.
• Based on historical data from 2018 through 2022, the total number of coworking spaces is set to reach nearly 42,000 worldwide by the end of 2024. This means that more and more coworking businesses will appear in the next years, bringing in more competition for incumbents and new market players. This significant statistic holds great significance in assessing the present landscape of coworking, offering valuable foresight into the industry's promising future prospects. It underscores the increasing adoption of coworking as a viable choice for diverse work requirements and highlights its potential to reshape the way people approach their professional endeavors.
• Across the coworking landscape, the average capacity of these dynamic workspaces stands at approximately 83 individuals worldwide. Delving deeper into regional variations, coworking spaces in the United States boast an average capacity of 105 people, signalling their potential to accommodate larger communities. While Asia takes the lead in terms of average capacity, accommodating an impressive 114 people per coworking space, South America showcases a comparatively lower average of 54 individuals, reflecting the diverse landscape of coworking trends in different continents.
• Asia-Pacific region has become a global leader with 11,000 co-working spaces. Asia-Pacific accounts for more than one-third of all global coworking spaces. Although the biggest market for coworking businesses is currently the APAC region, coworking spaces are most popular in the U.K., London in particular, and are becoming increasingly popular in regions like North America. North America has the largest coworking space area with an average size of 9,799 sq. ft. followed by Asia (8,101 sq. ft.) and Europe (7,244 sq. ft.).

Shared Office Spaces Industry Segmentation

Shared office space or coworking space is an arrangements in which workers for different companies share an office space. It allows cost savings and convenience using common infrastructures, such as equipment, utilities and receptionist and custodial services, and in some cases refreshments and parcel acceptance services. It is attractive to independent contractors, independent scientists, remote workers, digital nomads, and people who travel frequently.

Global Shared Office Spaces Market Report is segmented by type (Co-Working Space, Serviced offices / Executive suites, and Others (Hybrid, Virtual Office)), by end-use (information technology (IT and ITES), BFSI (Banking, Financial Services and Insurance), Business Consulting & Professional Services and Other Services (Retail, Lifesciences, Energy, Legal Services), and by user (freelancer, enterprises, start ups and others) by geography (North America, Asia Pacific, Europe, Middle East & Africa, and Rest of the world). The report offers market size and market forecasts for Global shared office spaces market in Value (USD).