Shared office coworking spaces with Signature Workspace and all over the world after the pandemic is on the rise let’s check some quick stats:
- Today, there are 35,000 flexible workspaces around the globe.
- The global market for flexible workspaces is approximately $26 billion.
- Despite the negative effects that the COVID-19 pandemic had on office coworking spaces, it is expected that the industry will continue to grow and thrive in a post-pandemic environment.
Coworking Is Here For The Long-Term
Many people believed that coworking in an office was a trend and a movement that would fade in the beginning.
Twelve years later, what began as a movement has evolved into a fully-fledged industry that has completely disrupted the way people rent and use office space. The industry has evolved and so has the demand for coworking spaces. Today, many people use coworking, flexible workspace, and workspace-as-a-service to refer to the same thing.
Flexible work environments will not be going away, no matter what term you choose.
From Trend To Mainstream
According to the Oxford English Dictionary, normal is “the usual, common, or expected condition.” Coworking could be considered a new normal for workplace requirements. We think this is spot-on.
Today’s workers are increasingly choosing office coworking spaces as their preferred work environment. This is especially true as more businesses shift to permanent remote work following the coronavirus pandemic. To meet the needs of remote workers, hybrid work models companies are creating flexible workspace options in their real estate strategies.
Office coworking is not only being adopted by corporations; it’s also the increasing interest that coworking is receiving from property developers, landlords, and investors.
A Bright Future Ahead
The pandemic has ravaged the coworking sector. However, there are brighter days ahead.
Research from the past year has shown that the COVID-19 pandemic will not slow down growth. However, it is expected that the shared coworking sector will rebound strong and healthy.
Particularly, it has been reported that coworking spaces in suburban areas are most likely to succeed in a post-pandemic environment. Remote work is becoming more popular and people are moving to suburban areas.
Numbers to support the growth and potential for coworking (updated March 2021).
Statistics are taken from reports published in 2020-2021
- Globally, the flexible workspace has seen an increase in demand despite the pandemic. The Instant Group predicts that flexible workspace supply will grow by more than 21% by 2021.
- As of Q2 2020, the coworking footprint has nearly doubled to 86.0 million square footage (msf) since 2017.
- As of Q2 2020, a private coworking space has nearly doubled in percentage from 1.1% to 2.1% of total office space
- 67% of CRE decision-makers believe that workplace mobility programs should be augmented and flexible space should be incorporated as an integral part of their agile work strategies.
- CBRE respondents viewed flexible office space at 86% as a key component in their future real-estate strategies.
- Over 90% of respondents predicted that lease flexibility would increase in the near future. 25% of respondents believed that flexible workspace agreements would be the result.
- According to the Commercial Observer, coworking spaces in America are expected to double or triple within five years.
- Tenant landlords will allocate between 10 and 25% of their assets to flexible leases.
- The pandemic affected 71% of those who had used office coworking in the past, and 54.9% of remote workers have stated they would consider coworking as a solution for remote work.
- 40% of respondents would love to work in a third-party space such as a coffee shop, coworking meeting space, or cafe (+11%).
- A growing number of employees will be attracted to coworking office spaces (from 30% before the crisis to 40% after it).
- 20 percent of workers in corporate work used office coworking spaces at least once a week, a rise from 14% in 2019.
- 30% of flexible workspace providers said that their occupancy rates have remained fairly stable despite the global lockdown. They only fell by 10%.
- Despite COVID-19, the UK’s supply has increased by 4%.
- London holds 31% of the flexible office market, which is growing year after year.
- The UK flexible workspace market will reach 12.5% penetration in two years, which is double the current supply.
- 90% of LATAM operators plan to expand in the next 12 months.
- JLL predicts that 30% of office space will still be used flexibly in 2030, despite the COVID-19 pandemic.
- In H1 2020, the U.S. total inventory of flex offices was down by just 1%.
- With 52% of the demand, inner cities are now the most sought-after location type.
- 43% of workers are open to the idea of working in a company-provided area near their home, at most a few times per week.
Signature Workspace Has The Spaces For You
Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private/ traditional/ studio offices, virtual offices, meeting/conference rooms, and more. Locations ranging from offices in Tampa on Dale Mabry and Northdale and one office in Clearwater offer great physical office space amenities. Contact Signature Workspace for more information today and check out our 5-star reviews!