Co-working space in the Asia Pacific region is expected to overtake the European, Middle Eastern, African and Americas regions by 2021, according to flexible working experts.
GCUCs’ Global Data Partner, The Instant Group, predicts that overall, the industry will have 33,072 flexible working centres this year, which will grow to 49,500 offices by 2022.
The research finds that the industry as a whole will continue to grow, although growth in cities such as London and New York where the sector is more mature, will stabilise, and new regions will be pushing industry growth.
It predicts that growth of the sector in Eastern Europe, Africa and Latin America will be well above 20 per cent in the coming years, as new providers and investment drive up the quality of space.
It also forecasts that APAC growth will continue to overtake the global market as a whole to 2022, although it adds that the geographical focus of the growth will change.
Growth is expected to driven by larger corporate workforces wanting flexible space, with the proportion of flexible space workers made up from large organisations rising from 40 per cent to 60 per cent by 2022.
Larger offices will be required but there will also be more hybrid space, the research suggests.
Richard Smith of consultancy Office Freedom, said: “The market continues to evolve and thrive. By 2030 up to 30 per cent of office space occupied by the corporate sector is expected to be flexible workspace. At the moment well under 10 per cent of the office real estate market is flexible. As in any industry, in a cyclical world, there will inevitably be bumps in the road, but relatively speaking it's still very early days for the industry.”