Flexible Workspace Market Report

Market Insights

The Global Flexible Workspace Market is expected to grow from USD 33.23 billion in 2020 to USD 73.03 billion by 2026 at a CAGR of 14.0% during the forecast period.

Figure: Global Flexible Workspace Market Size, 2020-2026 (USD Billion)

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What is a Flexible workspace?

Flexible workspace refers to the office space with numerous creative desk layouts. The key layouts include hot desks, open offices, and collaborative coworking spaces. Hot desks are non-fixed desks, which any employee can utilize. These are suitable for workers and visitors who do not have a permanent workspace.

Open offices refer to the office space where all employees from different departments accommodate in a single room. These office spaces are popular among remote workers and travelling professionals. Collaborative coworking spaces are the shared spaces within a single office space. Flexible workspaces enable a company to easily adapt to the employee’s changing focus, tasks, and needs.

Key Players

Key players operating in the global flexible workspace market are-

• WeWork (The U.S),
• Workspace (UK),
• Awfis (India),
• SMARTWORKS (India),
• BizSpace (UK),
• Servcorp (Australia),
• IWG (Luxembourg),
• Garage Society (India),
• The Great Room (Singapore), and
• Pacific Workplaces (The U.S).

Market Dynamics

The flexible workspace market is gaining traction owing to the growing number of small businesses and freelancers, and good service offerings at low cost. Offering living spaces along with office spaces offers new growth opportunities to the service providers. However, the growing trend of work from home acts as a major restraining factor for the market.

Segment Analysis

End User Trends

Flexible workspace is widely popular among small businesses, freelancers, and travelling professionals.

The users from the sector of IT, computer graphics, education, media, and health and fitness often look for low-cost office space solutions that are keeping the market to grow at a steady rate. Due to the high demands for such office space solutions, many small service providers have also emerged who advertise their services through free online channels and serve the local users.

Regional Trends

Among regions, North America is expected to be the largest contributor during the forecast period due to the nationwide availability of cost-effective flexible workspaces and demand for innovative office solutions by the regional businesses.

Asia Pacific is expected to grow with the highest CAGR due to increasing number of small businesses and freelancers in the region who require these kinds of temporary workspaces to do their jobs.

COVID-19 Impact on Global Flexible Workspace Market

COVID-19 had an adverse effect on the global flexible workspace market as many businesses remained shut down for a long period and people were restricted to leave their homes during the lockdown. This resulted in a massive decline in the revenue of flexible workspace service providers across the globe in 2020. The market is expected to take some more time to return to its normal state.

Critical Questions Answered in the Report

• What are the key trends in the global flexible workspace market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global flexible workspace market?
• What are the key strategies adopted by the major vendors to lead in the global flexible workspace market?
• What is the market share of the top vendors?

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Target Audience

The following is a list of the customers that the Flexible Workspace market aims to convert the most:

• Flexible Workspace Service Providers
• Office Maintenance Service Providers
• Enterprises
• Freelancers
• Real Estate

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