The market value of approximately 32,000 flexible workspace locations worldwide is $26 billion. | S O C I A L . C U T/Unsplash
The market value of approximately 32,000 flexible workspace locations worldwide is $26 billion. | S O C I A L . C U T/Unsplash
The co-working industry is predicted to grow to over $13 billion by 2025. Suburban areas are ripe for this industry to grow due to the convenience of being close to the city, but far enough away to be a peaceful and productive working space.
"I can’t speak for all employers, but for the most part I feel if COVID taught us anything workforce-related, it’s that numerous jobs can be done from a remote work setting," Frank Cecala, vice president of lending with CrossCountry Mortgage and a member of the Enclave co-working space, said.
Business Wire reported that the global co-working space market was projected to grow from $7.97 billion in 2020 to $8.14 billion in 2021, at a compound annual growth rate of 2.1%. It is expected to reach $13.03 billion by 2025.
The rise in popularity of co-working was a direct result of the COVID-19 pandemic, during which many companies were forced to shut down offices, according to Enclave. Employees not only began working remotely but also learned a new term: "hybrid work."
James Berry, University College London’s MBA program director, said that hybrid working would become the main model of work in a Wired report.
"In the city of Chicago, there are millions of coworking places," Robert Kellman, owner of the Enclave co-working space, said. "You can't walk 10 feet without tripping over one, but they simply didn’t exist out here, and to the extent they do, they look more like insurance offices, not someplace that we actually wanted to spend a lot of time and work."
Future Forum, a research group backed by Slack, found in an October 2021 survey that only 17% of employees wanted to return to working in the office daily, and 34% preferred to return to the office three to five days a week. The survey also found that 57% of employees were open to looking for a new job in the upcoming year because of the choice to work at home or in the office, and the number increased to 71% among employees unhappy with the flexibility of their jobs.
There are approximately 32,000 flexible workspace locations worldwide currently, and the global market value of these workspaces is $26 billion, AllWork reported.
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