The trend of flexible offices has seen coworking spaces sprawl across the globe and prosper in the last 20 years. But since Covid, this trend has skyrocketed and raised the question: How many coworking spaces are there in the world?
Let’s delve into some core 2024 coworking statistics.
The Number of Coworking Spaces Globally by Year
Coworking Spaces in 2018
- 2018 – 16,599 coworking spaces
According to coworking space statistics, there were around 16,599 coworking spaces in the world during 2018.
Coworking spaces were not just physical locations with professionals sharing desks; they merged as environments that encouraged collaboration and growth in a community. Freelancers and the gig economy were the primary drivers of coworking spaces during 2018, along with an evolving mindset toward traditional offices.
And those are the factors that we can say attributed to the success of coworking spaces – meeting the demands of a changing workforce. The prospect of flexibility in when and where people can work was exciting because of its personalised approach.
Coworking Spaces in 2019
- 2019 – 18,287 coworking spaces
One year later, coworking spaces grew by a small percentage and reached a grand total of 18,287.
Although it wasn’t a major jump, 2019 was characterised by genuine recognition of coworking spaces as a legitimate workspace solution for a diverse range of professionals. It slowly broke into the spotlight as a mainstream sustainable option – making it an even more valuable form of growth than metrics.
Coworking spaces also started tailoring the shared office environment to cater to specific industries and niches. It became a hub for more multiple professions in a short time span and overall, this was a positive progression for the community.
It led to coworking spaces being accepted by established corporations to add agility to their operations. Because of this, coworking companies began investing in enterprise-level solutions to accommodate larger companies.
Coworking Spaces in 2020-21
- 2020 - 19,421 coworking spaces
- 2021 - 19,345 coworking spaces
The coworking industry experienced a shift in dynamics in 2020 and 2021 due to the global pandemic, presenting a set of unique challenges and opportunities. Despite minimal growth as compared to the previous period and a reduced number of coworking spaces in 2020 (19,421) and 2021 (19,345), the sector demonstrates great endurance and adaptability.
The unprecedented disruption made the coworking industry take a step back, with lockdowns and regulations dwindling the demand for office space drastically. Many coworking spaces quickly adapted by enforcing stringent health and safety measures and reconfiguring their layouts, but it was still a tumultuous period.
However in retrospect, these two years were highly pivotal for coworking spaces. Covid regulations began to relax, and the hybrid trend skyrocketed, placing the coworking sector back into the spotlight.
Coworking Spaces in 2022
- 2022 - 28,552 coworking spaces
The turning point began in 2022 where the hybrid trend became mainstream and flexibility became the keyword since. By reaching a total of 28,552 coworking spaces, the sector revealed an interesting discovery: risk management.
Businesses with traditional office spaces suffered the most because of the lengthy leases that locked them in for years. Paying office space rent during the pandemic was challenging due to the reduced number of customers, but it also felt pointless when employees worked from home.
On the other hand, the flexibility of coworking spaces meant businesses could easily pause their leases without major concern. The sector already offered cost-effective prices, and the malleable leases complimented its offerings.
Coworking spaces in 2023
- 2023 - 34,618 coworking spaces
The coworking sector has never been more successful and despite reduced office occupancy rates, flexible workspaces remain prosperous.
Businesses of all sizes embraced coworking spaces in 2023, but they began doing more research before selecting their workspace. Many coworking companies noticed the sector booming and jumped onto the bandwagon without their unique selling point – a persuasive differentiating factor was missing.
Several coworking companies closed or experienced bankruptcy, but this wasn’t a reflection of the sector, but rather poor strategic choices with missing infrastructure to support their endeavours.
Many coworking companies that understand what businesses need are still flourishing.
Coworking Spaces in 2024
- 2024 – 41,975 projected coworking spaces
Similar to its current trajectory, coworking spaces are expected to boom in 2024 and continue to grow sporadically. The global coworking space market was valued at USD $14394.53 million in 2022.
Businesses also understand the importance of facilitating hybrid workspaces to retain top talent, and the most cost-efficient method is coworking spaces. Some appeal to niches, while other coworking companies focus on enhancing all businesses' operations.
The Top 10 Most Expensive Coworking Countries
Costs are always a primary consideration for any workspace, so check out the most recent price list of the most expensive coworking countries.
*Note: All prices are listed in USD.
1.) Switzerland - $363
2.) Hong Kong - $344
3.) Qatar - $314
4.) Norway - $300
5.) Sweden - $297
6.) Singapore - $295
7.) Saudi Arabia - $293
8.) Iceland - $285
9.) Luxembourg - $284
10.) Australia - $282
Of all the top 100 countries, the average price for coworking desks globally is $206.
