Coworking Spaces in North America Market – Growth, Trends, And Forecast (2020 – 2025)
Coworking Spaces in North America market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
The Coworking Spaces in North America market is highly competitive and consists of a number of major players: Impact Hub, Alley, Knotel, IWG, Make Office, Industrious Office, Techspace, Serendipity Labs and Green Desk
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Scope of the Report
The global co-working space market is on a constant rise since past few years and is expected to grow at a CAGR of more than 4.7%. The industry is forecasted to touch 36,000 workspaces worldwide by 2025 on the back of growing demand for flexible offices in US, UK, China, India, and other countries. The increasing demand from Entrepreneurs, start-ups, and freelancers with focus on convenience, price, flexibility and growth as a startup with less than 50 employees can save up to 25-30% in rental costs is the cause for rapid growth of the market. Millennial generation coupled with growing start-up culture is creating the need for low-cost flexible co-working spaces worldwide. As of 2019, about 27% of co-working spaces are located in the US, particularly in New York and San Francisco.
Key Market Trends
Growth of Coworking Spaces Market over the years
The space-as-a-service business model is growing rapidly. Coworking growth is evident in nearly every relevant metric, including the number of new leases, number of seats, dedicated square footage, and growth rate. The increase in remote workers, decentralization of work, and prevalence of startups and small business cultures are some of the reasons for the growth of the market. The Flexible spaces have grown at an average annual rate of 23% since 2010. Coworking in the United States has recently gained popularity and since 2017 they account for ~30% of new total U.S. office tenants. In 2017, there were over 4,000 coworking spaces in the U.S.; this number is predicted to increase to over 6,200 by 2022. In 2017, there were around 1.18 million people working in coworking spaces worldwide and out of those, 542,000 people were working in coworking spaces in the United States. Manhattan was the largest coworking market in 2018, with Regus and Wework dominating the shared office space market.
USA leads the coworking spaces market in terms of Real Estate (Sq. feet)
With more than 80 million square feet of flexible workspace, the US is the largest market in the industry, with coworking giants like WeWork and Regus managing 23 million square feet. New York accounts for the largest concentration of flexible working spaces, with over 330 coworking centers. Operators of these spaces occupy 9.2 million square feet in the Manhattan office market with WeWork officially overtaking JP Morgan Chase & Co. as the largest office tenant in September 2018. It is believed that there is still massive potential for further growth in the sector, as the markets are far from saturation and despite this huge growth in New York, flexible workspaces only actually account for 2.5% of Manhattans office occupancy. This growth is being led not only by freelancers and start-ups looking for casual coworking environments, but also by larger corporations utilizing this flexible space to expand their business in a controlled and affordable manner. New York isnt the only place in the US experiencing a growth spurt. Los Angeles, San Francisco and Chicago have all witnessed more than 15% year-on-year growth in coworking spaces with currently over 566 workspaces between them.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Coworking Spaces in North America Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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