Comparing the Co-working Markets Around the World
Co-working is a concept that is witnessing tremendous growth in all corners of the world. There are spaces popping up for the purpose in different countries. The rising competition is driving prices down and helping co-working develop in smaller cities too. According to statistics, the average desk price worldwide went down from $205 to $187 thanks to healthy competition in the market.
In this article, we take a look at a few of the co-working markets around the world. This comparison will help us understand the overall dynamic of the industry and how things have evolved over the past few years.
The continent is one where most successful startups can trace their roots back to these days. Companies such as Uber, Instagram, Spotify, ZipRecruiter and many more are changing the world right now, and they all began in American co-working spaces. North America has the highest average ft2 per space of any other region at 9,799.
Co-working has about a 1% share in the total office stock in North American startups which is not the highest overall but it still substantial. This region is still the biggest market with 40% of all co-working spaces located here.
In 2018, the Australian co-working market grew by 62% and reports until February was showing that 2019 was going to be a bigger year. In 2018, 60% of all startups were based in Sydney and Melbourne but the focus is beginning to shift towards other cities as well. Areas like Brisbane, Perth, Adelaide, and Canberra to name a few, are developing into promising co-working markets.
The Australian region has an average capacity of 83 people per space but just about 3,960 ft2 of area per working hub. This is the second-lowest overall but with the growth trajectory in the country, this is bound to change.
2019 hasn’t been a good year for the UK economy especially with the uncertainty surrounding Brexit. Despite this, co-working is one industry that shows a sound increase. London is by far the city with the most co-working spaces and this is cited as one of the reasons why the country’s overall average isn’t great. Still, the UK’s number of members per desk is still higher than the global average at 1.39.
Co-working spaces in the UK now have an average of 108 desks and 15,100 ft2 of space, both of which show a considerable rise over the previous years. London along with New York is responsible for 22% of all the co-working spaces in the world.
As of now, the UK is still considered a part of Europe and it has by far the largest number of utilized spaces and startups than any other city. Paris ranks second with 145 ventures. Stockholm, Dublin, and Copenhagen are the next three in line with 139, 132 and 126 rating points respectively. Although there is a lot of disparity, Europe is still one of the biggest markets in the world and it shows no signs of slowing down any time soon.