The need for co-working spaces is rising, but also, the sector is exceptionally good at retaining existing members, proving consistent demand. According to the Global Coworking Survey, 80% of members are planning to renew their membership for the next year, and two thirds have not even considered leaving which is a slight increase on last year. Co-working spaces do especially well in large cities and new data has shown that although one in five spaces have moved at least once, but half of them did so simply because their former spaces were too small, and only 7% of spaces moved because of high rents.
The rise in the number of freelancers, and existing users’ reticence at the idea of ending their membership and the concept’s popularity in large cities means that the demand for co-working spaces is sustainable. It is an innovation in the way in which people work, and in the future we will see more and more people swap the office and coffee shops for co-working venues.
More and more profitable co-working companies are looking to expand. According to the Global Coworking Survey, in 2014 66% of profitable co-working spaces in the UK planned to expand, and this percentage has shot up in 2016 to 78%. It helps that more and more people are using the co-working spaces, and therefore this drives up the profitability. In fact, membership of an average co-working club has increased by almost 50% in two years.
Co-working office spaces are open to anyone, and attracts freelancers and entrepreneurs from all fields and walks of life. Being within such proximity of a wide range of professionals can be hugely advantageous. The benefit of making mutually beneficial connections with other professionals from within your field and beyond is incomparable, and is one of the main appeals of co-working space.