North America Coworking Spaces Market Size (2024 - 2029)

The North America Coworking Spaces Market is experiencing significant growth, driven by the increasing number of startups and the demand for flexible workspaces. The expansion of internet access, exposure to global entrepreneurial expertise, and higher literacy rates are contributing to this growth. Additionally, the market is influenced by trends such as sustainable development practices, which attract environmentally conscious entrepreneurs, and the rise of specialty coworking spaces catering to diverse communities. These factors collectively enhance the market's capacity and potential for future expansion.

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Market Size of North America Coworking Spaces Industry

North America Coworking Spaces Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 5.11 Billion
Market Size (2029) USD 8.58 Billion
CAGR (2024 - 2029) 11.00 %
Market Concentration Low

Major Players

North America Coworking Spaces Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Coworking Spaces Market Analysis

The North America Coworking Spaces Market size is estimated at USD 5.11 billion in 2024, and is expected to reach USD 8.58 billion by 2029, growing at a CAGR of greater than 11% during the forecast period (2024-2029).

  • The global expansion in the number of startups significantly impacts the coworking space industry. The United States is the leading country by the number of startups 75,056 in FY 2022-23. The extension of internet space, exposure to entrepreneurial expertise outside the country's borders, and better literacy rates all contribute to the rise.
  • Furthermore, advanced manufacturing and robotics, agriculture technology and novel food, blockchain and artificial intelligence, big data, and analytics were the fastest-expanding startup sub-sectors worldwide. As a result, the growing number of startups in various sectors worldwide raised the demand for coworking spaces, boosting the market over the projection period.
  • Sustainable coworking space development is a significant trend affecting the coworking space industry. Coworking spaces are introducing eco-friendly measures in the workplace to attract entrepreneurs worried about environmental challenges, such as global warming. Sustainable measures used by coworking space providers bring significant benefits and are economically possible.
  • Furthermore, expanding investments in specialty coworking spaces such as women-only spaces, LGBTQ+ spaces, and other social spaces will likely generate profitable opportunities as they become more popular to meet the growing diversity in SMEs such as on-premise childcare.

North America Coworking Spaces Industry Segmentation

Coworking Space is an environment that accommodates people from different companies who come to work. Shared facilities, services, and tools characterize coworking space.

The report provides a comprehensive background analysis of the North America Coworking Spaces market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the industry's competitive landscape. Additionally, the COVID-19 impact has been incorporated and considered during the study.

The coworking spaces market in North America is segmented by business type (new spaces, expansions, and chains), business model (sub-lease model, revenue sharing model, and owner-operator model), end users (independent professionals [freelancers], startup teams, small to medium-sized enterprises (SMEs), and large-scale corporations), and by country (US, Mexico, and Canada). The report offers market sizes and forecasts in value (USD) for all the above segments. 

By Business Type
New Spaces
Expansions
Chains
By Business Model
Sub-lease Model
Revenue Sharing Model
Owner-Operator Model
By End User
Independent Professionals (Freelancers)
Startup Teams
Small to Medium Sized Enterprises (SMEs)
Large Scale Corporations
By Country
United States
Canada
Mexico
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North America Coworking Spaces Market Size Summary

The North America coworking spaces market is experiencing significant growth, driven by the increasing number of startups and the rising demand for flexible work environments. The United States, leading in startup numbers, benefits from factors such as internet expansion, entrepreneurial exposure, and high literacy rates, which collectively boost the demand for coworking spaces. The market is further propelled by trends in sustainable development, with coworking spaces adopting eco-friendly practices to attract environmentally conscious entrepreneurs. Additionally, the rise of specialty coworking spaces catering to diverse groups, such as women and LGBTQ+ communities, presents new opportunities for market expansion. As the cost of traditional office spaces rises, more entrepreneurs and larger corporations are turning to coworking spaces for their flexibility and cost-effectiveness.

In terms of market size, North America boasts the largest number of coworking spaces, with significant concentrations in cities like New York, Los Angeles, San Francisco, and Chicago. The demand for flexible office spaces is fueled by the increased acceptance of remote work and service offices, with major players like WeWork and Regus leading the market. The industry is characterized by its fragmented nature, with numerous players entering to meet the growing demand. Notable developments include Knotel's expansion in Florida and IWG's plans to significantly increase its US portfolio. This dynamic landscape reflects the ongoing evolution and expansion of coworking spaces in North America, catering to a diverse range of business needs.

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North America Coworking Spaces Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing demand for flexible office spaces

      2. 1.2.2 Surge in investments in niche co-working spaces such as women-only spaces, LGBTQ+ spaces, and other social groups

    3. 1.3 Market Restraints

      1. 1.3.1 Low Awareness and Privacy Issues

    4. 1.4 Market Oppurtunites

      1. 1.4.1 Increasing Investment for Improvement and Diversification of Coworking Space

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Bargaining Power of Suppliers

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Threat of New Entrants

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of Covid-19 on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Business Type

      1. 2.1.1 New Spaces

      2. 2.1.2 Expansions

      3. 2.1.3 Chains

    2. 2.2 By Business Model

      1. 2.2.1 Sub-lease Model

      2. 2.2.2 Revenue Sharing Model

      3. 2.2.3 Owner-Operator Model

    3. 2.3 By End User

      1. 2.3.1 Independent Professionals (Freelancers)

      2. 2.3.2 Startup Teams

      3. 2.3.3 Small to Medium Sized Enterprises (SMEs)

      4. 2.3.4 Large Scale Corporations

    4. 2.4 By Country

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Mexico

North America Coworking Spaces Market Size FAQs

The North America Coworking Spaces Market size is expected to reach USD 5.11 billion in 2024 and grow at a CAGR of greater than 11% to reach USD 8.58 billion by 2029.

In 2024, the North America Coworking Spaces Market size is expected to reach USD 5.11 billion.

Coworking Spaces Market in North America Report Snapshots

North America Coworking Spaces Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)