Global Co-working Space Services Market: Introduction
Co-working spaces refers to renting a desktop in an open space for a flexible period. The space is shared by other people from different backgrounds: entrepreneurs, associations, artists, students, and researchers. In co-working spaces, entrepreneurs share one big office and benefit from a wide range of services depending on their membership. These include conference rooms, espresso machines, or lounge.
The services include WIFI connection, power, IT facilities, fax machines, projectors, flipcharts, printers, phones, scans, bookbinders, whiteboards, paper, furniture, conference rooms, lounge, recreation rooms, library, water, coffee and snacks, storage capacity, and insurance.
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Global Co-working Space Services Market – Dynamics
Increasing Need for Social Interaction by Solo Entrepreneurs is expected to drive the Co-working Space Services Market
A 2007 CDW survey of over 2000 workers showed that 79% of workers employed in the private sector and half of workers employed in the public sector were worried about feeling isolated and missing human interaction if they were to start telecommuting. Co-working spaces help solo entrepreneurs to socialize as well as share their experience. The increasing need for such services from solo entrepreneurs is expected to drive the demand for co-working spaces services.
Privacy Concerns Restricting Growth of the Co-working Space Services Market
Lack of Privacy
The major disadvantage of co-working spaces is lack of privacy. Many projects or assignments need 100% privacy. Co-workers are quite sensitive about security and confidentiality. Co-working spaces can be vulnerable to hacking given the audience of the space. Co-workers are afraid of someone stealing their ideas, and this could hamper the adoption of co-working spaces across the globe.
North America Expected to Dominate the Global Co-working Space Services Market
In terms of region, the global co-working space services market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global co-working space services market during the forecast period, as the number of solo entrepreneurs and Micro SME (with employee strength of 0-10) and increasing need for socializing within this region is very high compared to other regions.
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Global Co-working Space Services Market – Competition Landscape
- In November 2018, global real estate giant, CBRE announced its entry into the co-working business. It launched ‘Hana’ – a subsidiary of CBRE that provides flexible office space and co-working memberships under management agreements with landlords.
Established in 1906, CBRE is headquartered in Los Angeles, California, the U.S. CBRE is a provider of integrated commercial real estate and investment management services. The Hana team is led by CEO Andrew Kupiec, who joined CBRE from Zipcar in 2017, and Scott Marshall, Hana’s president and chief development officer, who previously led CBRE’s investor leasing service line in the Americas.