History of Coworking Spaces
The idea of coworking or flexible workspace had been floating around for a while. The first official coworking space was founded by Brad Neuberg in 2005 in San Francisco. C-base, a hackerspace founded in 1995 in Berlin, was among the first hackerspaces around the world.
Evolution of Office Spaces
Frank Lloyd Wright designed his first open-plan working space back in 1903 for Larkin Administration in Buffalo, New York. The office space landscape changed massively over the next 100 years, following trends and adapting to the needs of working.
Rise of Coworking Industry
Recent coworking statistics state the industry will experience a 160% increase in demand in 2024 compared to 2020. The global coworking industry will cross $13.03 billion by 2025.
Growth in Coworking Industry
The most significant player in the coworking industry is the International Workplace Group (IWG), formerly known as Regus, which operates 3000+ spaces across 1000+ cities in 110+ countries.
Global Expansion of Coworking Spaces
Around the world, there are over 35,000 coworking spaces. By the end of 2024, coworking spaces are anticipated to number 41,975 with an annual growth rate of about 21.3%.
Market Expansion
In response to COVID-19, the projected growth rate of flexible workspace rose to 7.89%. The proliferation of new operators and expansion of existing ones in the coworking industry are evident.