Bahrain Co-Working Office Space Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bahrain Co-Working Office Space Market is Segmented by End User (Personal User, Small Scale Company, Large Scale Company and Others), by Type (Flexible Managed Office and Serviced Office) and by Application (Information Technology (IT and ITES), Legal Services, BFSI (Banking, Financial Services and Insurance), Consulting and Other Services). The report offers market size and forecasts for Bahrain Co-Working Office Space Market in value (USD Billion) for all the above segments.

Market Snapshot

Bahrain
Study Period: 2018-2027
Base Year: 2021
CAGR: >6 %

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Market Overview

Bahrain Co-Working Office Space Market is expected to grow at a CAGR of approximately 6% during the forecast period of 2022-2027.

COVID-19 had a significant impact on the Co-Working Spaces Market, including Bahrain. The demand for shared office spaces dropped over the course of the lockdowns. Huge businesses cancelled flexible office memberships to save on costs. And while some co-working space operators remain open for business, they are mandated to adhere to safety and social distancing measures, which considerably impact the space allocated for occupants within a shared location. However, post pandemic, businesses will find ways to avoid big-ticket spending and huge financial commitments. This, in turn, will drive demand for pre-built corporate spaces and lease flexibility.

Flexible office spaces including co-working are still at a nascent stage in the region. The current flexible office space landscape is largely dominated by domestic players or niche operators. Certain key global brands are yet to enter the market and others have not introduced their full-service offerings. Occupiers on the other hand are contemplating regulatory and other implications of flexible spaces on their local operations.

Scope of the Report

Coworking spaces are essentially shared workspaces. They offer affordable office space for those looking to escape the isolation of a home office or coffee shop. These shared workspaces offer a suite of office-like amenities such as hot-desks, private meeting rooms, kitchens, coffee and more. Often, they also offer a community. Occupants typically are freelancers, entrepreneurs, start-ups and small teams who want to take advantage of a flexible space. Bahrain Co-Working Office Space Market is Segmented by End User (Personal User, Small Scale Company, Large Scale Company and Others), by Type (Flexible Managed Office and Serviced Office) and by Application (Information Technology (IT and ITES), Legal Services, BFSI (Banking, Financial Services and Insurance), Consulting and Other Services). The report offers market size and forecasts for Bahrain Co-Working Office Space Market in value (USD Billion) for all the above segments.

By End User
Personal User
Small Scale Company
Large Scale Company
Others
By Type
Flexible Managed Office
Serviced Office
By Application
Information Technology (IT and ITES)
Legal Services
BFSI (Banking, Financial Services and Insurance)
Consulting
Other Services

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Key Market Trends

Increase in Foreign Investment to Boost the Economy

Global foreign direct investment (FDI) flows showed a strong rebound in 2021, up 77% to an estimated BHD 661.6 billion (USD 1.65 trillion), from BHD 110.9 billion (929 billion) in 2020, surpassing their pre-COVID-19 level. FDI flows in developing countries increased by 30% but almost three quarters of the total increase in global FDI (USD 500 billion) was recorder in developed economies, with developing economies showing a more modest recovery growth. FDI inflows to West Asia and the middle East increased by more than 49% in 2021 to 90 billion USD.

The Kingdom of Bahrain is very open to foreign investment and has one of the highest FDI stock-to-GDP ratios in the region. FDI in Bahrain contracted by a third to USD 1 billion in 2020, following the global economic crisis triggered by the Covid-19 pandemic. In the same period, FDI stocks reached USD 31.7 billion. The government has announced plans to continue implementing wide-ranging reforms to attract foreign investment and link it to national development and economic diversification plans. Foreign investment in 2020 was mainly directed at the country's manufacturing, education, healthcare, and information technology industries. The main investor countries are Saudi Arabia, Kuwait, India, and United Arab Emirates.

Trend-1

Increase in Millennial Population

Millennials, or those between the ages of 20 and 40, are reshaping the world and demanding new methods of working. Bahrain's real estate business is focusing on altering working and work space demands in order to respond to future needs.

The use of co-working spaces, a shared setting where people doing a variety of vocations can work together and separately inside the same place, is a new way of working that has recently emerged. The spaces are frequently urban and trendy, and they are a far cry from some of the harsher 'cubicle farms' of previous years. They provide freedom, flexibility, and a diverse range of work settings.

Millennials are increasingly entering the workforce, and their presence necessitates a paradigm shift in the workplace. There are 14,000 coworking spaces in operation throughout the world, and by the end of this year, 1.7 million workers, largely millennials, will have taken advantage of the improved working circumstances offered by coworking spaces.

Trend-2

Competitive Landscape

Bahrain Co-Working Office Space Market is fragmented with lot of companies in office space industry. Some of the major players are Servcorp, Letswork Inc, Space 340, Spire Hub and Regus.

Recent Development

In Feb 2022, Dubai’s co-working platform Letswork agreed to buy Krow, a Portugal-based competitor, for an undisclosed amount. Founded in 2019, Letswork enables users to work from a network of co-working spaces, hotels and cafes around the world through a single membership. Using Letswork’s channel, users can also rent meeting rooms, offices and creative spaces through the on-demand booking platform. The platform has partnered with more than 150 spaces across the UAE and Bahrain, with more than 30,000 members from freelancers to remote working corporations.

In Jan 2021, Ed-Tech Tunisian company GOMYCODE and a Flat6Labs alumnus has announced the opening of a Hackerspace in the Bahraini capital, Manama, with the aim of continuing its geographical expansion but also to enhance its modern technological education platform. Launched in 2017 by Yahya and Amine Bouhlel, GOMYCODE has developed and recruited more than 80 talents from different backgrounds and has a network of over 100 trainers in its co-working spaces in Tunisia, Algeria, Morocco, Egypt and now Bahrain.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Value Chain/Supply Chain Analysis

    3. 4.3 Current Economic and Flexible Office Space Market Scenario

    4. 4.4 Insights into Key Flexible Office Space Industry Metrics (Supply, Rentals, Prices, Occupancy (%)/Vacancy (%))

    5. 4.5 Insights into Key Trends on Rental and Leasing

    6. 4.6 Government regulations and Initiatives in the Industry

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

    2. 5.2 Market Restraints

    3. 5.3 Market Opportunities

    4. 5.4 Porter's Five Forces Analysis

      1. 5.4.1 Threat of New Entrants

      2. 5.4.2 Bargaining Power of Buyers/Consumers

      3. 5.4.3 Bargaining Power of Suppliers

      4. 5.4.4 Threat of Substitute Products

      5. 5.4.5 Intensity of Competitive Rivalry

  6. 6. MARKET SEGMENTATION (Market Size By Value)

    1. 6.1 By End User

      1. 6.1.1 Personal User

      2. 6.1.2 Small Scale Company

      3. 6.1.3 Large Scale Company

      4. 6.1.4 Others

    2. 6.2 By Type

      1. 6.2.1 Flexible Managed Office

      2. 6.2.2 Serviced Office

    3. 6.3 By Application

      1. 6.3.1 Information Technology (IT and ITES)

      2. 6.3.2 Legal Services

      3. 6.3.3 BFSI (Banking, Financial Services and Insurance)

      4. 6.3.4 Consulting

      5. 6.3.5 Other Services

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Overview (Market Concentration and Major Players)

    2. 7.2 Company Profiles

      1. 7.2.1 Servcorp

      2. 7.2.2 Letswork Inc.

      3. 7.2.3 Space 340

      4. 7.2.4 Spire Hub

      5. 7.2.5 Regus

      6. 7.2.6 The Startup Factory

      7. 7.2.7 Prime Instant Offices

      8. 7.2.8 Diwan Hub

      9. 7.2.9 Brilliant Lab

      10. 7.2.10 Brinc Batelco IoT Hub*

    3. *List Not Exhaustive
  8. 8. FUTURE OF THE MARKET

  9. 9. APPENDIX

**Subject to Availability

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Frequently Asked Questions

The Co-Working Office Space Market in Bahrain market is studied from 2018 - 2027.

The Co-Working Office Space Market in Bahrain is growing at a CAGR of >6% over the next 5 years.

Servcorp, Letswork Inc., Space 340, Spire Hub, Regus are the major companies operating in Co-Working Office Space Market in Bahrain.

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