8/10/18

Coworking Key Figures: Data and Estimations for 2018

Coworking became a global phenomenon around 2010, but in recent years the industry has exploded. We’ve compiled a series of statistics for those curious about the trends, industry insights and future predictions of all things coworking. How big is the market? How many spaces are being opened? What kind of people are coworking members? Read on to find out the essential figures of coworking in 2018:

How many new spaces have opened and will open in 2018?

We kept track of all the new coworking spaces being opened in July and August 2018, and the total number is 306—169 are located in the United States. A rough estimate of all U.S. spaces opening this year would be slightly above 1,000.

Emergent Research has published coworking statistics for the coming four years. Below is their forecast of coworking space openings in the U.S. until 2022:

GCUC’s forecast of coworking spaces
Forecast of coworking space growth in the United States. Source: Emergent Research

As you can see, our data estimates roughly twice the growth year after year compared to the analysis by Emergent Research—although, it should be noted, our data set is only based on two months and we will soon be able to provide far more accurate data.

In terms of international growth, coworking spaces are booming. Below is the forecast of coworking spaces globally up until 2018:

Forecast of coworking spaces globally
Forecast of coworking spaces globally. Source: Statista 

By the end of the year, the number of coworking spaces worldwide will double from 2015’s statistic. This tells us that coworking is more than a global trend, it’s an international phenomenon.

What types of new openings are there?

The graph above refers to the data we collected for July and August 2018. You’ll notice that almost half of the new openings represent additional locations from existing businesses or are part of larger chains and franchises. This means that while many existing companies are thriving, the majority of the industry's growth still comes from independent business owners and entrepreneurs entering the market for the first time. If you want to see the comprehensive lists of new space openings on a monthly basis, check out our detailed articles for July and August.

How many coworking members are there?

Coworking members are not only tech professionals and startups; part-time workers, freelancers and small enterprises are joining the coworking world. By 2022, there will be over one million coworking members in the U.S. alone.

Forecast of coworking members
Forecast of coworking members in U.S. Source GCUC.

What kind of people are coworking members?

By 2020, 40 percent of coworking members will be freelancers, independent contractors and part-time workers: https://www.officevibe.com/blog/11-incredible-coworking-statistics-infographic.

Is coworking a male-dominated industry?

females
Women are joining the coworking trend.

Another interesting observation is the increase of female workers on the coworking scene. A survey conducted in 2017 shows 44 percent of coworking members are women. It can be expected that by the end of 2018 nearly half of the coworking industry will be female.

Is the corporate world embracing coworking?

big companies
Coworking is not only for small companies

Coworking is no longer a concept limited to startups and small companies, larger corporations are also gradually embracing this trend. Enterprises like Microsoft, Verizon and IBM are trying out coworking spaces in order to promote innovation. Tech giants aren't the only ones seeking the benefits of coworking spaces. WeWork, for instance, hosts 300 employees of HSBC bank in its Hong Kong space. Corporations from various industries are considering the options and possibilities that coworking brings.

Interestingly, just two years ago, most big enterprises would not consider coworking as an office option. It's remarkable and encouraging to see how many changes can happen so quickly. We're confident that more and more large companies will join the coworking world in the near future.

Conclusion

There you have it! Those are the key coworking figures of 2018. Clearly, coworking is a promising market that will continue to thrive in the near future. We believe 2019 will bring even more diversity to the industry, as far as member and customer type, gender representation and cities. 

What are your predictions for 2019? Do you have suggestions or questions? Let us know!

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