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Is Coworking Set to Replace Traditional Offices? Stats Point to the Possibility

Born in 2005 out of a desire to combine independent work with a community atmosphere, coworking has become a global phenomenon. Thirty-five thousand flexible workspaces can be found around the world today, and statistics show a continued shift away from traditional office environments among businesses of all sizes. Has coworking gone from the next big thing to the new normal?

Coworking Industry Continues to Grow

The exponential growth of coworking spaces indicates a desire to embrace work environments requiring shorter commitments while still providing the amenities businesses need to operate and expand. The number of spaces is expected to increase 6% annually in the U.S. and 13% globally through 2020, and as much as 30% of commercial real estate could be flexible by 2030. In 2019 alone, coworking spaces in Europe saw a 12% increase and now occupy a total of 255 million square feet. Growth was even more surprising between 2014 and 2018, with flexible locations expanding 205% around the world.

Big Companies Get on Board

Where is all the demand for this space coming from? Surprisingly, large companies and corporate entities account for 40% of the demand forecast. Demand from corporations increased 21% in 2018, and around 14% of employees from large companies currently use coworking spaces.

Choosing coworking instead of traditional offices keeps costs down, but companies are seeing benefits beyond savings. When staff members spend time around people who aren’t their immediate coworkers, it can spark creative discussions, open doors for new collaborative endeavors and lead to unexpected opportunities.

More Demand from More Members

As more enterprise businesses continue to take an interest in coworking environments, memberships are likely to see exponential growth. In fact, coworking memberships are estimated to reach 5.1 million by 2022.

What does a typical member look like? The breakdown is a telling picture of the future of flexible offices:

• 50% of members are individual workers
• 40% are employees
• 38% have been in business for three to five years

These numbers don’t just represent people who use coworking occasionally or who rely on it for a short period before moving on. In 2018, 76% of those who had coworking memberships expressed an interest in continuing to use the flexible spaces.

A Happier, Healthier Work Environment

Lower costs, more flexibility and access to state-of-the-art equipment aren’t the only perks driving the increase in coworking memberships. Many people using flexible offices report better quality of life, as well. Eighty-nine percent say they’re happier, 83% are less lonely and 71% feel more creative. Whether this is the result of being around diverse groups or the unique design of coworking spaces is unclear, but companies can’t deny the advantage of having a more contented workforce.

As numerous statistics show, coworking has become much more than a trendy alternative to working from home. Freelancers, startups and established businesses can benefit from using flexible office spaces and the amenities included with memberships to collaborate with other business people and pursue growth in innovative environments.

Interested in Working from a Coworking Space?

CEO Centers FLEX is a modern, collaborative workspace in Duluth, Georgia curated around a community of entrepreneurs and creative early-stage companies. We offer a variety of coworking spaces – from hot desks to private, executive offices – all at an affordable price.

Contact CEO Centers FLEX Today

If you are looking for a coworking space, contact CEO Centers FLEX. We offer several membership levels that all include high-speed internet, access to the kitchen and lounge with a free coffee and tea bar, use of our business center and concierge services. Contact us today to learn more about the FLEX community.

Categories: Coworking

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