Market Size of United States Co-Working Office Space Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 11.00 % |
| 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?
United States Coworking Office Space Market Analysis
The US coworking office space market is expected to record a CAGR of over 11% during the forecast period, 2022-2027.
Due to the COVID-19-related lockdown, the increasing number of people working from home or remotely limited the market's growth. As a result, revenues generated by the coworking space market declined in 2020. The disruption caused by COVID-19 is expected to be temporary, as the coworking industry anticipates a comeback after the easing of lockdown and social restrictions.
While working from home is possible, the advantages of working in a physical office space, in terms of cohesion and productivity, remain important. As corporate occupiers want to reduce expenses, even the most conventional occupiers are beginning to see the value in coworking.
To avoid long-term capital expenditure, large corporations in the United States are looking into leasing desks in flexible workspaces. The hub-and-spoke model may be implemented, in which a large corporate office will have a "central office" and a network of smaller "satellite offices" throughout the city. More companies may adopt a hybrid working model compared to traditional office spaces.
Coworking may change to fit into the 'new normal.' However, flexibility and modern technology may lead to a strong revival in the sector in the future. Coworking spaces have an exciting future.
