The Global Coworking Space Market is Benefitting from the Remote Working Model
The Global Coworking Space Market has experienced tremendous growth in recent years but the market declined in 2020 due to the outbreak of the virus. The major factors driving the growth of the coworking space market is increasing number of Start-ups across the world. Moreover, many leading firms are adopting the Coworking industry trend across the developing and developed economies which is driving the Coworking Space market growth.
By the end of 2021 hybrid work has become more common, emerging trends such as large corporations implementing permanent remote work methods and enterprises attempting to decentralize their teams have created new demand. Coworking companies stand to benefit as remote work becomes the "new normal" on a global scale, with specialists forecasting that flexible workspace will account for 30% of all office real estate by 2030.
Short Term Impact of COVID-19:
Lockdowns imposed around the world as a result of the COVID-19 pandemic outbreak had a negative impact on the global coworking space market. As a precautionary measure, the majority of the major countries imposed a stringent and exponential countrywide lockdown, limiting monetary activities in the region, resulting in the sudden shutdown of production facilities and the creation of an unprecedented and complex health emergency around the world.
Increasing Number of Start-ups Driving Coworking Space Market:
With the increasing number and size of the start-ups globally, the demand for global coworking space market is expected to skyrocket in the years to come. The coworking space market is largely driven by the growth of start-ups at present, especially in developing countries. Governments of countries like India and China have launched several supportive programs and policies to promote small-scale businesses. This is further expected to accelerate the growth of the coworking space market in the next few years.
The Global Coworking Space market is expected to grow at a CAGR of 19.9% between 2022 and 2027, reaching USD 24.04 billion in 2027
Strong Rebound Post Pandemic: The future of coworking is expected to be driven by increased demand for coworking spaces from large multinational corporations and a growing millennial population that is assertive in generating new ways of doing business and thus starting their own venture. The coworking incubation model is also rapidly evolving, with companies from a variety of backgrounds benefiting.
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Further Key Findings:
a) Providing Engaging and Energetic Environment: Coworking Space Global Market offer a highly energetic work environment and corresponding “buzz”, as opposed to work-from-home which can often be lonely and dull. These communities nurture a collegial environment, thus creating a stimulating and engaging setting for the work and the passion the members have for work, as well as the stimulation these individuals get from each other.
b) Providing Current Workstyle Trend: Coworking spaces exemplify the sharing economy. Around 30% of knowledge workers are untethered from the corporate workplace, allowing them to work in multiple locations. Co-working spaces provide a workspace for remote workers. There are usually a variety of spaces with different arrangements within this space, such as open tables, soft seating, cafes, and enclosed quiet spaces.
The Report titled “Global Co-working Space Market Performance and Outlook to 2027–COVID-19 Impact Assessment” published by Makreo Research and Consulting Firm, the best market research company in India, gives detailed analysis of the industry performance considering the past, present and future trends with a detailed discussion of the macro-economic factors that plays a major role.
The report helps the reader to have a clear understanding of the global coworking space market size during pre-covid and post covid scenario. The Coworking Space Global Market Report is a regional level assessment of the market performance covering North America, Europe, Asia Pacific markets.
Coworking space industry analysis has been conducted on following areas:
1. The coworking space market report helps to assess what is the present state of the global economy after the virus outburst.
2. How global coworking market has performed since its evolution and what is the present state of the industry and what is the global coworking space market size?
3. How many coworking hubs are there worldwide and at what rate it’s growing?
4. What is the role of millennials in the global coworking industry and how youth is influencing the industry performance?
5. What impact did COVID-19 left on the global coworking market in different parts of the world?
6. Which is the dominant region in terms of revenue generated from the Coworking industry?
7. How global coworking market is segmented by geography?
8. What all industries are contributing towards Coworking demand?
9. Coworking Space market forecast report identify the future expected opportunities for the sector to expand.
10. Who all are the leading players and how are they positioned in the global market?
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