Asia-Pacific Co-Working Office Space Market Growth, Size, Trends, Revenue and Future Outlook
Asia-Pacific Co-Working Office Space Market Size- By Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jun-2024 | Report ID: FMCG24132 | Pages: 1 - 158 | Formats*: |
| Category : Consumer & Retail | |||
Asia-Pacific Co-Working Office Space Market Introduction and Overview
According to SPER Market Research, the Asia-Pacific Co-Working Office Space Market is estimated to reach USD 75.99 billion by 2033 with a CAGR 6.26%.
The report includes an in-depth analysis of the Asia-Pacific Co-Working Office Space Market, including market size and trends, product mix, distribution channels, and supplier analysis. The way people work has changed dramatically in recent years due to co-working facilities. These shared workspaces offer a flexible setting where independent contractors or employees from various companies can collaborate in a group setting. Co-working facilities serve a variety of purposes, from individual work to group projects, and are typically furnished with desks, chairs, conference rooms, and extras like fast internet and refreshments.
- November 2022: FlexiGroup claims to be the biggest operator of coworking spaces in the Asia Pacific (APAC) region after combining three flexi office operators. After merging The Hive, The Cluster, and Common Ground, The FlexiGroup currently has 45 coworking spaces dispersed over 12 cities and nine countries in the region: Singapore, Taiwan, Vietnam, Japan, Hong Kong, Malaysia, Australia, Thailand and the Philippines.]
- January 2023: 5X Capital, one of the largest coworking space providers in Malaysia, has received funding from Colony Coworking Space. With a total area of 170,000 square feet, Colony Coworking Space operates 12 locations in Kuala Lumpur under the names Jerry for mass consumption and its own name. In 2022, the group's revenue climbed by 74%, while EBITDA soared by 265% yearly to an all-time high.
Market Opportunities and Challenges
Opportunities: Entrepreneurs, small- and medium-sized businesses (SMEs), and recently established companies are the main drivers of the industry. Co-working spaces are becoming more and more popular among large enterprises due to their affordable costs and excellent amenities. In addition, the industry is expanding rapidly due to the increased number of start-ups receiving significant funding. Growing numbers of digital nomads in nations like Thailand and Indonesia are also driving growth in the co-working space market. Over the years, co-working office spaces have seen tremendous growth. Compared to other regions, the Asia-Pacific area is seeing a rise in the demand for co-working spaces. Between 2019 and 2021, the number of large flexible and co-working spaces doubled, while floor space climbed by 150%.
Challenges: The lack of space and equipment is the main challenge preventing the market from expanding. The spatial constraints of co-working environments make it challenging to accommodate needs for individual talks, privacy, creativity, and innovation. Employees who work in such places are less pleased and productive because they lack privacy. Meetings and video conferences are also difficult in small places because of the ambient noise. Furthermore, Inadequate equipment is another significant issue that coworkers at coworking spaces deal with, aside from space constraints. Multiple phones and displays are necessary for various corporate needs. Coworking spaces do not, however, provide much equipment. Consequently, during the course of the forecast period, these difficulties may hinder market expansion.
Market Competitive Landscape
The co-working office space market in Asia-Pacific is fragmented, with both local and international companies present. To obtain a competitive edge, the market's companies employ a variety of development and expansion methods, including alliances, mergers, and acquisitions. A few of the leading companies in the industry are Hive Worldwide Ltd., JustCo, WeWork Management LLC, and Spaces.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Application, By End User |
| Regions covered | China, India, Japan, South Korea, Australia, Rest of Asia-Pacific |
| Companies Covered | Compass Offices, GARAGE SOCIETY, IWG, JustCo, Servcorp, Spaces, THE GREAT ROOM, the Hive Worldwide Ltd., The Work Project Management Pte Ltd., WeWork Management LLC, Others. |
COVID-19 Impact on Asia-Pacific Co-Working Office Space Market
The COVID-19 pandemic in the Asia-Pacific area hastened the expansion of co-working spaces as traditional offices struggled during the crisis. Due to its flexible work arrangements and reasonable costs, co-working facilities have become more and more popular among businesses. Additionally, the co-working spaces guarantee a secure workplace.
Key Target Audience:
- Entrepreneurs and Startups
- Small and Medium Enterprises (SMEs)
- Freelancers and Independent Contractors
- Remote Workers
- Corporations Seeking Flexibility
- Digital Nomads
- Creative Professionals
Our in-depth analysis of the Asia-Pacific Co-Working Office Space Market includes the following segments:
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Key Topics Covered in the Report
- Asia-Pacific Co-Working Office Space Market Size (FY’2024-FY’2033)
- Overview of Asia-Pacific Co-Working Office Space Market
- Segmentation of Asia-Pacific Co-Working Office Space Market By Type (Flexible, Managed Office, Serviced Office)
- Segmentation of Asia-Pacific Co-Working Office Space Market By Application {Information Technology (IT and ITES), Legal Services, BFSI (Banking, Financial Services, and Insurance, Consulting, Other Services)}
- Segmentation of Asia-Pacific Co-Working Office Space Market By End User (Personal User, Small Scale Company, Large Scale Company, Others)
- Expansion Analysis of Asia-Pacific Co-Working Office Space Market
- Problems and Obstacles in Asia-Pacific Co-Working Office Space Market
- Competitive Landscape in the Asia-Pacific Co-Working Office Space Market
- Impact of COVID-19 and Demonetization on Asia-Pacific Co-Working Office Space Market
- Details on Current Investment in Asia-Pacific Co-Working Office Space Market
- Competitive Analysis of Asia-Pacific Co-Working Office Space Market
- Prominent Players in the Asia-Pacific Co-Working Office Space Market
- SWOT Analysis of Asia-Pacific Co-Working Office Space Market
- Asia-Pacific Co-Working Office Space Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Asia-Pacific Co-Working Office Space Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Asia-Pacific Co-Working Office Space Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Asia-Pacific Co-Working Office Space Market
7. Asia-Pacific Co-Working Office Space Market, By Type (USD Million) 2020-2033
7.1. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By Type, 2020-20267.2. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By Type, 2027-20337.3. Flexible Managed Office7.4. Serviced Office
8. Asia-Pacific Co-Working Office Space Market, By Application (USD Million) 2020-2033
8.1. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By Application, 2020-20268.2. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By Application, 2027-20338.3. Information Technology (IT and ITES)8.4. Legal Services8.5. BFSI (Banking, Financial Services, and Insurance)8.6. Consulting8.7. Other Services
9. Asia-Pacific Co-Working Office Space Market, By End User (USD Million) 2020-2033
9.1. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By End User, 2020-20269.2. Asia-Pacific Co-Working Office Space Market Size, Share and Forecast, By End User, 2027-20339.3. Personal User9.4. Small Scale Company9.5. Large Scale Company9.6. Other End-Users
10. Asia-Pacific Co-Working Office Space Market Forecast, 2020-2033 (USD Million)
10.1. Asia-Pacific Co-Working Office Space Market Size and Market Share
11. Asia-Pacific Co-Working Office Space Market, By Region, 2020-2033 (USD Million)
11.1. Asia-Pacific Co-Working Office Space Market Size and Market Share By Region (2020-2026)11.2. Asia-Pacific Co-Working Office Space Market Size and Market Share By Region (2027-2033)11.3. China11.4. India11.5. Japan11.6. South Korea11.7. Australia11.8. Rest of Asia-Pacific
12. Company Profile
12.1. Compass Offices
12.1.1. Company details12.1.2. Financial outlook12.1.3. Product summary12.1.4. Recent developments
12.2. GARAGE SOCIETY
12.2.1. Company details12.2.2. Financial outlook12.2.3. Product summary12.2.4. Recent developments
12.3. IWG
12.3.1. Company details12.3.2. Financial outlook12.3.3. Product summary12.3.4. Recent developments
12.4. JustCo
12.4.1. Company details12.4.2. Financial outlook12.4.3. Product summary12.4.4. Recent developments
12.5. Servcorp
12.5.1. Company details12.5.2. Financial outlook12.5.3. Product summary12.5.4. Recent developments
12.6. Spaces
12.6.1. Company details12.6.2. Financial outlook12.6.3. Product summary12.6.4. Recent developments
12.7. THE GREAT ROOM
12.7.1. Company details12.7.2. Financial outlook12.7.3. Product summary12.7.4. Recent developments
12.8. the Hive Worldwide Ltd.
12.8.1. Company details12.8.2. Financial outlook12.8.3. Product summary12.8.4. Recent developments
12.9. The Work Project Management Pte Ltd.
12.9.1. Company details12.9.2. Financial outlook12.9.3. Product summary12.9.4. Recent developments
12.10. WeWork Management LLC
12.10.1. Company details12.10.2. Financial outlook12.10.3. Product summary12.10.4. Recent developments
12.11. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Asia-Pacific Co-Working Office Space Market is projected to reach USD 75.99 billion by 2033, growing at a CAGR of 6.26% during the forecast period.
Asia-Pacific Co-Working Office Space Market grew in Market size from 2022. The Market is expected to reach USD 75.99 billion by 2033, at a CAGR of 6.26% during the forecast period.
Asia-Pacific Co-Working Office Space Market CAGR of 6.26% during the forecast period.
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Asia-Pacific Co-Working Office Space Market size is USD 75.99 billion from 2024 to 2033.
Asia-Pacific Co-Working Office Space Market Segment is covered By Type, By Application, By End User.
The Asia-Pacific is anticipated to have the highest Market share in the Asia-Pacific Co-Working Office Space Market.
The key players in the Market include Companies Covered Compass Offices, GARAGE SOCIETY, IWG, JustCo, Servcorp, Spaces, THE GREAT ROOM, the Hive Worldwide Ltd., The Work Project Management Pte Ltd., WeWork Management LLC, Others.
These shared workspaces offer a flexible setting where independent contractors or employees from various companies can collaborate in a group setting.
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