2024 is an exciting year in coworking, especially when looking at the trends. On the one hand, there are the industry changes, the statistics. Who are the people who choose coworking spaces? What do they want? What does the competition look like? On the other hand, it’s the space itself. This year is all about doubling down on the things you know and love, including innovative technologies, sustainability initiatives and the artsy, laid-back environment that gets you inspired every time you’re there. While this is the gist of what is happening in 2024, you’ll want to know the details—let’s get into it.
Is the coworking industry growing?
The short answer is yes. According to urbanYVR, some analysts predict that flexible workspace could account for 30% of commercial real estate by 2030. To put that into perspective, flexible workspace reached 2% in 2023. If the analysts are right, the coworking industry would register a staggering 1400% growth in about 7 years, and trends do seem to indicate that, too. But how? And why?
The answers lie in the larger business landscape—or, at least, in the way people do business, whether we’re talking employers or employees. For much of coworking’s history, the target audience revolved around entrepreneurs, digital nomads, freelancers and other solo workers who needed someplace to meet clients, find community and stay focused. But as it appears, coworking trends are shifting in 2024.
Who helps the coworking industry grow?
With hybrid work models on the rise, more and more companies are looking at coworking spaces as the all-encompassing solution to their diverse needs. And who can blame them? From flexibility and cost efficiency to high operation standards, going for this kind of workspace instead of the good old office-for-lease makes all the difference.
Say you are a CEO who needs people on site a few days a week: why lease a space you won’t need half the time? The same applies to remote workers. Why limit yourself to jobs in your area when you can work for any company and get yourself a hot desk and a meeting room when you need it? People as well as businesses seek flexibility above all else, and coworking insights have long shown that this is the kind of space that offers it.
Who is the competition?
You’d think that a product can only compete with another product, but in the unique example of the coworking industry, that doesn’t seem to be the case—not anymore, at least. Flexible workspaces now compete with the remote worker’s home office, sofa, kitchen or favorite café. The demand is growing, and the supply must be on par. But will it be? Let’s get an idea by checking out the coworking space trends.
The Space and All It Can Offer
- Keeping up With the Technology
Technology keeps revolutionizing the way we work. We’re seeing it every day, especially through the plethora of AI-based tools we now use to manage menial tasks (and more). While it isn’t always obvious, AI and Internet of Things (IoT) technologies change the coworking environment, too—and for the better. From smart room scheduling and sensor lighting with preference settings to the new coffee maker in the kitchen, technology enhances the coworking experience in a way that’s quicky becoming one of 2024’s most exciting trends.
- Green Is the Way to Go
There was a time when “green” and “sustainable” were more than buzzwords. In 2024, coworking spaces will go back to that time—or rather, reinvent it with revamped eco-friendly practices. You may notice a visual change upon entering the office: more shrubs in the outdoor areas, many indoor plants and gorgeous vertical gardens in places you wouldn’t expect. But the story goes much deeper than that. Solar panels are becoming the norm, while rainwater harvesting and composting services grow more and more popular by the minute. Soon enough, our favorite coworking spaces will be a place where efficiency doesn’t cost us our planet.
You should also keep in mind that green practices may come with a side effect of the best kind: an interest in wellness. Sure, the plants do clean the air, but they also turn spaces into peaceful havens. Meditation corners, fitness centers and even yoga rooms are becoming popular additions to office buildings.
- Hybrid Workspaces, Never-Before-Seen Edition
You know it by now—hybrid work models are the future, and coworking spaces are here for it.
Most of us are familiar with the notoriously bland office layout: tightly packed cubicles, plain furniture, neon overlights and some random-looking wall art in the kitchen. The color scheme is not much more exciting, either—white, gray, beige, maybe a hint of blue. You kissed all that goodbye when remote work became a thing. You’re not about to go back to it, and luckily, you don’t have to.
If (or rather, when) you choose a coworking space in 2024, you say hello to next-level ergonomic chairs, fun amenities, artsy color schemes and edgy designs that get you inspired. Your programming colleagues might get a gaming-style set-up for their corner of the office, while the marketing team may enjoy an art-installation-like interactive board they can move around and play with. This year, personality, comfort and aesthetic appeal are becoming just as important as the more practical aspects of office life, making you look forward to coming in for work.
- Re-Thinking Hospitality
You don’t really think of work when you hear the word “hospitality”. It’s one of those things we keep for hotels, vacations and spas. However, the future of coworking spaces will definitely be extremely hospitable. Healthy snacks, barista-level coffee and a focus on wellness take over the industry in 2024. You may expect a next-level gym in your favorite office building, as well as a variety of spaces where you can unwind and enjoy a freshly brewed beverage. It’s all about customer experience, and for once, the concepts of customer and worker collide, to amazing results.
Conclusions
Clearly, there’s plenty to look forward to in the ever-growing industry that is coworking. If you didn’t visit a coworking space recently, now would be the time to explore your options. Apart from stepping into a professional environment that will hype your colleagues (and clients), you will discover comfort-driven amenities, practical spaces and the equipment you need to make the most of your workday. And now that you know the trends, you’ll surely be even more excited to experience them in person!
Ana Voicu is a creative writer at Yardi. Having earned a degree in English language and literature, she is just as passionate about the written word as she is about real estate and the future of work. You can contact Ana via email.