Coworking Space Trends & Stats in 2023 You Need to Know
Coworking spaces have transformed the traditional office concept, offering flexible and collaborative workspaces that meet the needs of the modern workforce. The rise of remote work and the gig economy are two of the factors that have led to an increase in demand for coworking spaces. As we enter 2023, the coworking industry is set to evolve in exciting ways, shaped by emerging trends and technologies.
Coworking Space Rapidly Growing
The coworking space market is expected to grow at a compound annual growth rate (CAGR) of 17% through 2026. This growth can be attributed to several factors, including the rise of remote work, the need for cost-effective office solutions, and the increasing number of freelancers and startups.
Coworking is transforming businesses and professional workers by providing them with flexible and collaborative workspaces that meet their unique needs. For businesses, coworking spaces offer a cost-effective alternative to traditional office spaces, allowing them to reduce overhead costs and operate in a more agile and scalable manner. This enables businesses to adapt quickly to changing market conditions and respond to customer needs more effectively.
Coworking Space Transforms Professionals and Businesses
For professional workers, coworking spaces offer an ideal environment for collaboration, networking, and creativity. They can work alongside other professionals from different industries, which can lead to exciting new business opportunities and partnerships. Coworking spaces also offer a sense of community and belonging, which can help to combat the isolation and loneliness that can come with remote work. Finally, coworking spaces provide access to advanced technologies and amenities that may be too expensive for individual professionals to afford on their own. This includes high-speed internet, video conferencing, and cutting-edge software tools.
Coworking space providers like Davinci Meeting Rooms provide a broad list of options across multiple geographies. These come with presentation and collaboration software tools, a mobile app for business professionals, business services, lobby greeters, and more.
Top Coworking Trends and Stats in 2023
Following are some of the top trends and stats for coworking spaces in 2023:
1. Growth in Futuristic Spaces
One of the major trends that will shape the coworking industry in 2023 is the emergence of futuristic spaces. Coworking spaces are no longer just about providing a desk and chair; they are becoming more sophisticated, offering advanced technologies and amenities such as virtual reality, AI-powered tools, and smart sensors. These futuristic spaces are designed to enhance the productivity and collaboration of users, while also providing an immersive experience. One of the drivers behind the move to embrace futuristic technology is the fact that many coworking space occupants are demanding it. For example, 90% of Millennials and Generation Z workers indicate there is a gap between the technology currently offered in their office and what they need to do their jobs effectively.
Futuristic coworking spaces are designed to enhance productivity and collaboration by providing advanced technologies and amenities that create an immersive and engaging work environment. The aforementioned technology capabilities enable users to work more efficiently and effectively.
2. Emergence of Hybrid Work
Another trend that will shape the coworking industry in 2023 is the ongoing shift towards hybrid work. As remote work becomes more common, coworking spaces will increasingly serve as a hub for collaboration and social interaction. By the end of 2023, Gartner predicts that 39% of global knowledge workers will maintain hybrid work arrangements. This will result in a greater emphasis on community building and networking, with coworking spaces offering events and workshops that bring people together.
3. Focus on Sustainability
As the world becomes more environmentally conscious, coworking spaces will need to adopt eco-friendly practices and technologies to reduce their carbon footprint. Coworking spaces are increasingly adopting environmentally friendly practices to reduce their impact on the environment. These initiatives range from simple changes, such as encouraging employees to recycle, to more advanced sustainability measures, such as implementing energy-efficient lighting and HVAC systems.
One popular trend is the use of renewable energy sources such as solar and wind power. Some coworking spaces are installing solar panels on their rooftops, which can provide a significant portion of their energy needs. Other spaces are purchasing renewable energy from local providers to reduce their reliance on fossil fuels. Another area where coworking spaces are becoming more environmentally friendly is in their waste management practices. Many spaces are implementing composting and recycling programs to reduce their waste and minimize their impact on landfills.
The actual materials and designs in coworking spaces are also reflective of sustainability. For example, some spaces are using reclaimed wood for furniture and decor, while others are incorporating green walls and living plants to improve indoor air quality.
4. Remote Workers Continue to Expand
The pandemic accelerated the move to remote work. And while some businesses have called their employees back to the office full time or in hybrid capacities, others have elected to allow some or even all their workers to remain remote. Upwork estimates that 32.2 million Americans—or 22% of the workforce—will be working remotely by 2025. As more professionals work remotely, they require flexible workspaces that provide the necessary resources and amenities to be productive. Coworking spaces are well-positioned to meet this demand, offering an alternative to traditional office spaces that may not be suitable for remote workers. In 2023, just as hybrid workers are embracing coworking spaces, full-time remote workers will do the same.
5. Wellness-focused Spaces
Wellness-focused spaces are becoming more popular in coworking spaces, with many spaces offering amenities such as yoga studios, meditation rooms, and standing desks. According to a survey by the Global Wellness Institute, the wellness industry is expected to grow by 5% to 10% each year, reaching $1.1 trillion by 2023. Coworking spaces are taking notice of this trend and are incorporating wellness-focused amenities to attract health-conscious workers.
6. Emphasis on Community
Community is a core component of coworking spaces, and in 2023, there is an increased emphasis on building and fostering a sense of community within these spaces. Coworking spaces are hosting events and activities, such as happy hours, networking events, and workshops, to encourage collaboration and networking among their members. According to a survey by GCUC, 89% of coworkers report that they feel happier since joining a coworking space, citing the sense of community as a major factor.
7. Use of Coworking Apps
Coworking apps are becoming more popular in 2023, with many coworking spaces offering their own mobile apps to streamline the booking and payment process for their members. These apps also provide a range of other features, such as event calendars, community boards, and member directories, to enhance the coworking experience. A growing number of coworking spaces use some form of coworking software, and this number expected to increase in the coming years. In the case of Davinci Meeting Rooms, professionals and businesses can use the iOS or Android app on their smartphone to search for, review, and book coworking space on the fly.
8. Integration of Private Spaces
While coworking spaces are known for their collaborative environments, there is also a growing demand for private spaces within these spaces. According to a study by Oxford Economics, 63% of workers prefer private offices, and this number is expected to increase in the coming years. Coworking spaces are adapting to this trend by offering private offices and dedicated desks within their spaces, catering to workers who need a quiet and distraction-free environment to work.
9. Focus on Mental Health
Mental health is becoming a growing concern for workers, and coworking spaces are taking notice. Many spaces are offering mental health resources and support to their members, such as access to therapy sessions and meditation rooms. In general, workers in coworking spaces indicate a positive impact on their mental health: 45% in a recent survey said their mental health improved since they joined a coworking space.
10. More Collaborative Tools
Collaborative tools are becoming increasingly important in coworking spaces, with spaces offering a range of tools to facilitate collaboration and communication among their members. This includes features such as virtual whiteboards, project management tools, and video conferencing software. As technology evolves, the collaboration, presentation, and other tools used in coworking spaces will add new capabilities, which will have a positive impact on the productivity of workers and businesses in coworking spaces.
11. Available Childcare and Learning Amenities
While childcare and learning/growth cohorts are still not found in many coworking spaces, their availability is increasing (26%). Coworking spaces that offer childcare are more popular in Europe, but they are starting to appear in greater frequency in certain locations in the U.S., such as Portland, Oregon. These amenities lead to healthier work-life balance and enable professionals to juggle parenting and career growth better.
Coworking Spaces Offer Exciting Opportunities in 2023
As remote work and the gig economy continue to grow, coworking spaces will continue to grow in popularity and use. Indeed, they offer a flexible and collaborative solution to businesses with dispersed workforces and operations and busy professionals who are constantly on the go. In 2023, coworking spaces will continue to evolve in exciting ways, shaped by emerging trends and technologies. For professional workers, coworking spaces like Davinci Meeting Rooms offer an ideal environment for collaboration, networking, and creativity. They can work alongside other professionals from different industries, which can lead to new business opportunities and partnerships. Coworking spaces also offer access to advanced technologies and amenities that may be too expensive for individual professionals or small businesses to afford.