Market Size of Saudi Arabia Co-Working Office Spaces Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Co-Working Office Space Market Analysis
The Saudi Arabian Co-Working Office Spaces Market is expected to witness a CAGR of more than 6% during the forecast period.
- The market is driven by increasing demand for working spaces from entrepreneurs, start-ups, and freelancers with a focus on convenience, price, and flexibility.
- The growth in the coworking office spaces market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
- As Saudi Arabia's economy continues to diversify and change, workplace needs are also shifting from traditional office spaces with long-term contract commitments to a more sophisticated and flexible working environment. As such, demand is growing for coworking spaces where freelancers, entrepreneurs, and small and medium-sized enterprises (SMEs) can share offices and services in flexible, affordable ways.
- An increasing number of new businesses and well-established corporates prefer to use serviced workspaces in Saudi Arabia. With the entrepreneurial community in Saudi steadily growing, there has been an increased demand for coworking spaces. The Saudi government has also shown support for these coworking spaces. To assist companies, Monsha'at, the General Authority of Small and Medium Enterprises and Saudi Arabia's regulator for coworking spaces, is cooperating with organizations in public and the private sectors to strengthen the sector.
- The General Authority for Small and Medium Enterprises (Monsha'at) is helping coworking spaces providers to improve the management of coworking spaces, their design and layout, and service quality. It is also working on many initiatives to increase general awareness of coworking spaces and their advantages, providing information about the requirements to start coworking spaces, and seeking different investment options to fund coworking spaces.
