Private Offices and Workspaces

The Future of Coworking: What We Learned in 2020

Due to the effects of COVID-19, the global market for coworking spaces is expected to fall by 12.9% from $9.27 billion in 2019 to $8.24 billion in 2020. The growth of the market is limited by the tremendous increase in the number of employees working from home because of the coronavirus lockdown. A recent report reveals that in March 2020, operators of coworking spaces saw a 50% decline in revenue. With no end in sight for the current global health crisis, does this mean there’s no hope for coworking space operators and developers? Experts say no. According to some, remote work isn’t going anywhere. Despite the massive hit the industry has taken, there is an upside stemming from the changing attitudes that will make coworking a top option for businesses in the future.