Coworking space is the main trend nowadays. Learn the growth of the coworking spaces in the US after the pandemic.
Coworking spaces aren’t any longer a trend; they have become the rule. By 2024, it is expected that approximately 5 million individuals would be working from these locations, a 158% increase over 2020. The growth of coworking spaces is a logical result of more companies turning to remote working.
Including over 80 million square feet of movable workplace, America dominates the worldwide coworking sector in terms of real estate. The country is home to around 18% of the world’s total number of coworking spaces.
The increase in the number of companies throughout the world has a significant impact on the coworking space industry. This market is expected to reach $13.03 billion in 2025, with a CAGR of 12%. The United States leads the world in terms of startup numbers (700.4K).
This would lead to a rise in the demand for coworking spaces locations . According to projections, 1.08 million people will be working from such locations in the United States by 2022. From 2015 to 2021, the number increased by 32.5%.
Depending on the number of the locations, there are top 10 brands that offer coworking spaces in the US:
After proper analysis, it is found that WeWork and Regus are the best coworking space, providers.
For millions of working Americans, the unexpected closure of numerous offices and businesses has opened a new era of remote labor. When given the option, the majority of these employees would prefer to telework, according to a new Pew Research Center poll.
The attractive prospect of cost-cutting has also encouraged numerous businesses to go remote. It particularly has a good influence on the stock prices of WeWork and Regus, which reached an all-time high in 2021.
WeWork has a net worth of $9 billion as of October 2021. Regus comes in second place after WeWork, despite having launched much earlier and having the most sites in the United States.
In 2018, WeWork had the largest revenue gain (121.62%). Their annual revenue continued to rise until the epidemic struck. Due to the closure of various businesses, the company’s revenue fell by 1.24% in 2020.
Regus has the greatest drop in income (6.37 percent) during the epidemic.
In the United States, Regus has much more coworking spaces than WeWork. In most states in the United States, it is much more popular than WeWork in terms of location.
We identified a linear relationship between the number of Regus coworking spaces and the population of every state when we plotted them against each other. Take a look at the chart below:
A link is also found between WeWork sites and the population of each state. If you look attentively, you’ll see that Florida only has seven sites against 77 in New York. The startup environment in New York is one of the strongest in the country. As a result, it should come as no surprise that New York has the most WeWork coworking sites.
Despite having fewer sites, WeWork has a larger audience than its competitors. WeWork has the most Facebook followers of any platform. To interact with its targeted consumers, the corporation employs social media marketing methods.
Regus and WeWork, on the other hand, have effectively used social media branding to attract visitors to their own websites. WeWork’s website traffic is mostly driven by LinkedIn (53.3%) among social media outlets. On Regus’ main website, however, Facebook accounts for the majority of visits (71.6%).
WeWork takes a unique approach to coworking spaces. WeWork aspired to create a community-based environment that functioned as a collaborative, as opposed to Regus’ utilitarian approach to coworking facilities.
The tools of the trade aren’t the only thing available at WeWork’s coworking facilities. The organization also wants to offer opportunities for its renters to interact. WeWork provides collaborative events such as lunch-and-learns as well as facilities and amenities such as yoga and coffee shops. These initiatives have resulted in a huge increase in the company’s user base.
WeWork has grown from its own humble beginnings in 2010, to become one of the largest coworking firms in the world at present. It now has almost half a million subscribers, a significant increase from 2010. Before the epidemic, the firm had reached a half-million customers.
The rapid growth of WeWork and coworking spaces in general may be attributed to the convergence of two workplace trends: remote work options and an increase in self-employment (freelancers). According to research done by Upwork and the Freelancers Association, 56.7 million Americans freelancers, rising 3.7 million in the previous five years.
The numbers of coworking spaces in the United States doubled between 2015 and 2021, as seen in the graph above. They’re also very effective for business. According to a worldwide coworking survey, roughly half of coworking spaces are profitable. The numbers are expected to climb in the coming years as the globe adjusts to new work requirements.
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