Market Size of United Kingdom Co-Working Office Spaces Industry
![United Kingdom Co-working Office Spaces Market Size](https://s3.mordorintelligence.com/united-kingdom-co-working-office-spaces-market/1649083942011_united-kingdom-co-working-office-spaces-market_Market_Summary.webp)
Study Period | 2019 - 2028 |
Base Year For Estimation | 2021 |
Forecast Data Period | 2024 - 2028 |
Historical Data Period | 2019 - 2020 |
CAGR | > 8.00 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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UK Co-Working Office Spaces Market Analysis
The United Kingdom Co-Working Office Spaces Market is expected to grow at a CAGR of more than 8% during the forecast period (2022 -2027).
The restrictions on office-based working due to COVID-19 have made businesses rethink the space they need. COVID-19 has prompted businesses to rethink their working practices, with nearly half of UK enterprises with office space planning to shrink their estates within the next five years.
The freedom afforded by working from home, according to the research of 1,000 business leaders, is set to permanently alter the way they work. Nearly half of enterprises with office space (45 percent) plan to downsize by the end of 2025, and one in seven (18 percent) have already done so since the pandemic began. According to the study, about 18 million square feet of office space will become obsolete in the next five years, accounting for 18 percent of all currently occupied square footage, having a significant impact on the way UK cities appear and feel.
UK businesses will also be looking for shorter, flexible leases – as well as utilising co-working spaces such as WeWork, with 12 percent intending to use these locations more often instead of an ‘owned’ office. And for those businesses planning to stick to the office, 13 percent will look for accommodation which has less desk-space per head as the office’s main function is set to shift with more space for collaboration such as break-out areas and meeting rooms.
The changing consumer preferences which is again highly boosed by the recent pandemic is expected to boost the Co-Working Office Spaces Market in the United Kingdom.