By now, we all know about co-working. This new business module totally disrupted CRE’s office sector by reimagining the workspace. Co-working has ushered in a new era of professionalism, and it quickly expanded to become the country’s most popular office design scheme.
When it first took roots in San Francisco during 2005, less than ten places adopted this setup. But as word spread, the number of co-working spaces around the country took a quantum leap - and the concept spread like wildfire.
Today, it’s 2019 and there are over 5,000 coworking offices within the US. The number is expected to increase to upwards of 6,000 by 2022, demonstrating that this trend is truly dominating the American business realm.
But, this is only in the US. Many reports are centered around this country alone, which leaves one to wonder - what about the rest of the world? What does coworking look like outside of the United States? Where else is it very popular, and where has it not yet caught on?
Our expert team at NAI Global evaluated the latest stats to come up with this comprehensive report looking at co-working on a global platform. Here’s all that you need to know.
U.S Companies Go Abroad
First things first, there is a large concentration of U.S-based companies who bring their coworking spaces to the international frontier. These companies take a step beyond the perks of domestic coworking spaces, in that they offer team members the opportunity to travel abroad. This further accentuates coworking’s beloved aspects of freedom, flexibility, and excitement.
At the same time, it also stands to bring a physical example of this American-born trend to other parts of the world. Coworking abroad sets an example for other interested companies to follow, and that all comes from exposure. Companies like this are some of the key players that will help to attain the expected 5.1 million worldwide coworking members by 2022, as reported at the Global Coworking Unconference Conference.
Co-Working Providers Specialize in Spreading the Movement
Coworking is a hot market right now, and there are many ways to benefit from this movement. Many companies have found immense success by providing coworking spaces to interested tenants. Take a look at IWG, the International Workspace Group, who has more than 3,000 active spaces around the world. Another major player is WeWork, with 10,000,000+ s.f. in over 27 countries. This shows how active coworking companies are helping to bring this trend all over the world.
Top Co-Working Locations
The coworking phenomenon is steadily gaining worldwide precedence, according to a survey conducted by DeskWanted.com. According to this study, the continent of Europe holds the highest concentration of co-working spaces in the world - even topping North America. Coming in third is Asia.
When looking at countries with coworking offices, the study shows that the United States stands as first. Following up is Germany, Spain, UK, Japan, France, and Brazil.
As we can see, coworking is primarily a Western trend. However, it’s expected to gain momentum around the world. What do you expect out of coworking for 2019 and beyond? To learn more about CRE and it’s sectors, explore our blog.