- Statistics helps business owners and managers make informed decisions so they could take the most appropriate solution or action.
- There are numerous coworking space statistics that can serve as basis in deciding whether this particular set up is a fit for your business needs.
- 89% said they were happier since joining a coworking space. And with the Philippines ranking third worldwide with the highest number of freelancers and 99.6% of businesses in the country are SMEs, the demand for coworking spaces is expected to rise.
Numbers don’t lie. Statistical data from careful research show us how something truly fares when it comes to actual use and real-life situations. While there are so many great things about coworking spaces that have already been heard and discussed, it’s the coworking space statistics that have that “wow factor,” and are also bound to impress.
One important reason of looking at statistics is that it helps one to make informed decisions. Choosing a solution or action based on facts and surveys is crucial especially when starting and managing a business. So, for startups and corporations that are still thinking whether to give coworking a go, these amazing coworking space statistics can help ease your mind and seal the deal.
Coworking space statistics that prove its benefits
It helps you grow your network, increase productivity, and lets you work at a complete, comfortable, and cost-effective office setup that promotes healthy work culture. These are just some of the benefits of coworking and they all sound pretty incredible –but the numbers? Even more so.
For starters, 82% reported that coworking has expanded their professional network based on a Harvard Business Review research. Coworking spaces cater to different companies, entrepreneurs, and professionals. This is great news for business owners looking for partners and investors, managers trying to tap people with specific skill set, and those that would like to connect with the local community.
Another finding from the same research is 64% said that networking in a coworking space was an important source of work and business referrals. This way, you have greater chances of connecting with the right people and getting them on your side.
In relation to productivity, the same study revealed that 84% reported to have better work engagement and motivation while working in a coworking space. Deskmag’s 3rd Global Coworking Survey, the biggest study of coworking worldwide, showed that 71% expressed improvement in their creativity since joining, 68% reported better focus while coworking, and that 64% said they could better complete tasks on time.
Based on a Forbes article, 7 out of 10 people (70%) felt healthier than they did working in a traditional office setting. This was attributed to coworking space’s supportive environment and the flexibility to choose when to work and whom to work with. In addition, Jeffrey Fermin in his Huffpost article noted that 60% found themselves more relaxed at home since coworking.
Therefore, it doesn’t come as a surprise that 89% said they were happier since joining a coworking space, as reported in Harvard Business Review. This statistic is quite remarkable and may even get some people to step away from their traditional or rented office space.
Coworking space statistics that reveal its importance
Economic shifts, technological advancements, and business globalization have changed how companies operate and how workers carry out their jobs. Right now, many businesses are choosing to outsource a huge part of their back-end operations and customer service to focus on their core functions, while many people are becoming freelancers, remote or home-based employees, and digital nomads.
The statistics below show how coworking spaces address the needs of modern day entrepreneurs and professionals, and why they have become an indispensable office solution choice for businesses.
One major reason coworking spaces will continue to be important is the freelance economy. The Philippines ranked third out of 22 countries with the most number of freelance workers per capita, reaching an estimated 1.5 million in total according to the 2018 Global Freelancer Insights Report by PayPal. As more and more people become freelancers and virtual workers, it can be expected that the need for a flexible office setup that offers fast and stable internet connection will be on the rise as well.
The Philippines also has many small and medium enterprises (SMEs). In fact, a Business Inquirer report noted that SMEs make up 99.6% of all registered businesses in the country. Coworking spaces provide these SMEs an affordable, flexible, and easily scalable office solution to help keep their business alive.
The fast-paced and demanding nature of many of today’s work environments can be said to take its toll on many employees and affect how they perceive and approach their work. A research by Gallup found out that 87% of workers worldwide are either not engaged or actively disengaged. The American Institute of Stress shared research revealing 40% of workers reported their job was very or extremely stressful and that 75% of employees believed they were experiencing more job-related stress than a generation ago. These statistics continue to challenge executives and managers to find ways on how to get employees more engaged and happy at work. That’s why many corporations are looking at the vibrant and fun culture of coworking spaces.
Coworking space statistics that show its growth
Because of its business-friendly benefits and relevance in the modern work setting, coworking spaces are expected to grow in the coming years. The 3rd Global Coworking Survey of Deskmag finds that majority of coworking space operators have a positive outlook for the coming year. 91% expect more members and 89% expect a higher income.
The coworking space industry is projected to grow by 10% annually over the next three years according to Colliers International. In the Philippines, a JLL report shows an estimated 15% growth in the coworking space demand in the country by 2030.
It’s not just a number’s game
While these coworking space statistics are definitely an eye-opener and simply hard to ignore, nothing beats first-hand experience. The largest coworking space in Malaysia has now found an ever-growing audience in the Philippines. Common Ground is one of Asia’s 8 most beautiful luxury coworking spaces based on a 2019 article published in South China Morning Post. Currently, it has three impressive coworking facilities found in the country’s major business districts, with more to come by year’s end.
To experience the best of coworking through Common Ground, book a tour at any of its locations or check their website and Facebook page to learn more.