Created
Jul 27, 2023 10:53 AM
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Trends in the UK coworking/flexible workspace sector
Since the pandemic, the coworking industry is seeing exponential growth. Flexible workspaces are in demand, employees no longer want to work full time in an office, they no longer want to travel into the city daily.
- The co-working market in the UK is rapidly increasing, with a CAGR of 16.4% expected by 2027.
- The global market is estimated to break £28b by 2027 with the UK market conservatively estimated at £83m.
Changes to the UK co-working sector
- The demand for flexible workspace is eclipsing pre-pandemic levels as businesses prioritise agility.
- Regional UK cities are seeing up to a 44% increase in demand for flex space.
- On average, co-working spaces in the UK host 121 members, up from 102 last year.
- Every third co-working space in Britain is curated or serves a niche group.
- An estimated five million people will be based in co-working spaces in 2024, an increase of 158% on the current number.
- According to a report in 2022 from McKinsey, “Businesses across the UK are showing a preference for amenity- rich spaces that are aesthetically pleasing, desirably located, and provide a service that goes beyond the traditional offering”.