Market Size of UK Co-Working Office Spaces Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.34 Billion |
| Market Size (2029) | USD 1.9 Billion |
| CAGR (2024 - 2029) | 7.11 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Co-Working Office Spaces Market Analysis
The UK Co-Working Office Spaces Market size is estimated at USD 1.34 billion in 2024, and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 7.11% during the forecast period (2024-2029).
With the restrictions on office-based working due to COVID-19, businesses rethought the space they needed. COVID-19 also prompted businesses to rethink their working practices, with nearly half of UK enterprises with office space planning to shrink their estates within the next five years.
The freedom afforded by working from home, according to the research of 1,000 business leaders, is set to permanently alter the way they work. Nearly half of the enterprises with office space (45 percent) plan to downsize by the end of 2025 and one in seven (18 percent) have already done so since the pandemic began. According to the study, about 18 million square feet of office space will become obsolete in the next five years, accounting for 18 percent of all currently occupied square footage, having a significant impact on the way UK cities appear and feel.
UK businesses will also be looking for shorter, flexible leases – as well as utilizing co-working spaces such as WeWork, with 12 percent intending to use these locations more often instead of an ‘owned’ office. And for those businesses planning to stick to the office, 13 percent will look for accommodation that has less desk space per head as the office’s main function is set to shift with more space for collaboration, such as break-out areas and meeting rooms.
The changing consumer preferences, which were again highly boosted by the recent pandemic, are expected to boost the co-working office spaces market in the United Kingdom.
