This week, we welcome HQ Raleigh to Coworks! HQ Raleigh is an innovative space, started in 2012, in downtown Raleigh that has been at the forefront...
Global Coworking: Cities of Growth, Sweeping the Nation
There is no doubt that coworking has become a fast growing industry across the globe. The statistics say it all and quite frankly, they’re shocking. According to the GCUC 2018 Coworking Forecast, the number of global coworking spaces is expected to almost double from 17,725 to around 30,000 by the end of 2022. That’s an annual growth rate of 16.1%. Even more impressive is that the number of global members is expected to grow at a rate of 24.2% annually from 2.3 million to 5.1 million by 2022. Why the difference in growth rates? Initially, the difference may seem like a classic supply and demand scenario, but that is not the case. Coworking spaces are getting bigger…Much bigger. By increasing square footage, they can fit more coworking memberships in their space.
As the coworking industry becomes more globalized, new countries are emerging as hot spots. What countries are expected to surpass the United States by 2022? China. As of 2017, the U.S. had 3,205 spaces and Asia comes close with 3,975 spaces. By 2022, China and India are expected to emerge as the leaders of the global coworking industry while the U.S. and European market becomes more mature with plateauing growth.
Global Growth Breakdown
So where is coworking taking expected to grow the most? This infographic shows top cities worldwide, according to data from Statista.
To read more about how coworking is sweeping the nation check out our blog!