2023 Profitability of Coworking Spaces

2023 Profitability of Coworking Spaces

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Can operators get rich from coworking spaces in the post-Covid world, or are their businesses just burning money? That depends. The latter is certainly easier than the former. Come prepared to study the differences between profitable and unprofitable coworking spaces. Get detailed visuals on more than 170 slides.

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Table of Contents:

Chapter 1: Revenue Streams & Expenses of Coworking Spaces:

  • • Average Revenue Streams of Coworking Spaces Across the Years
    • Share of Coworking Spaces That Generate Specific Revenue Streams

  • • Average Expenses of Coworking Spaces Across the Years
    • Share of Coworking Spaces That Generate Specific Expenses

Chapter 2: Profitability Comparison of Coworking Spaces by:

  • Year of Survey (+ of For-Profit Spaces)

  • Age of Coworking Space

  • Number of Members

  • Average Number of Members Present

  • Member to Member Present Ratio

  • Percentage of Female Members

  • Number of Desks (Workstations)

  • Number of Members per Desk

  • Number of Staff Members

  • Member To Staff Ratio

  • Size in Square Meters & Square Feet

  • Square Meters per Desk & per Member

  • Vacancy Rate

  • Real Estate Ownership Status

  • Business Model

  • Main Business Approach

  • Number of Locations in Operation

  • Cross Profitability With Other Locations

  • Requirement of Independent Coworking Space Profitability

  • Target Groups

  • Non-Target Groups

  • Time Commitment of Workspace Business Owners

    PLUS:

  • Average Values of Coworking Spaces Compared by Profitability Status

  • Income of Owners & Employed Staff Compared by Profitability Status

Profitability Comparison by Environment of a Coworking Space - Comparison of Profitability Status by:

  • Number of Inhabitants Local to a Coworking Space

  • Landscape Local to a Coworking Space

  • Continent

  • Tourist Attractions Local to a Coworking Space

  • Number of Coworking Spaces in the Same City, Town or Village

  • Number of Coworking Spaces in the Same City With ≥ 1 M Inhabitants

  • Saturation Rate of Coworking Spaces

  • Saturation Rate of Coworking Spaces in Cities With ≥ 1 M Inhabitants

Profitability Comparison by Share of Expenses, Revenue Streams & Layout Types:

  • Share of Expenses of all Coworking Spaces Compared by Profitability + of Coworking Spaces That Rent a Location

  • Overview and Profitability Comparison by Share of Revenue From: Desk Rental, Private Office Rental, Meeting Space Rental & Combined Membership Plans

  • Overview and Profitability Comparison by Share of Layout by: Open Workspaces, Private Offices & Meeting Spaces

Profitability Comparison by Reported Problems:

  • Attracting New Members

  • High Real Estate or Rental Prices

  • Financial Constraints

  • High Energy Prices

  • Not Able To Provide Enough Workspace

  • Inflation

  • Not Able To Find Enough (Qualified) Staff

  • Lack of Community

  • Competition

Profitability Comparison by Staff Activities:

  • Average Percentages of Staff Activities Compared by Profitability Status

    Comparison of Profitability Status by Percentage of Staff Allocated to:

  • Community & Hospitality Management

  • Facility Management

  • Operational Support

  • Sales

  • PR & Marketing

  • Business Development

  • Event Management

Profitability Comparison by Top 10 Most Cost-Effective Member Acquisition Tools:

  • Social Media & Online Activities Without Advertising

  • Community Building

  • SEO for the Coworking Space's Website

  • Events

  • Advertising

  • Discounts

  • Referral Payments

  • Email Newsletters

  • Day Pass Apps

  • Listing Directories

    PLUS:

  • Top 5 Most Effective Tools in Cities With ≥ 1 M & < 1M Inhabitants

  • Top 5 Most Effective Tools in Coworking Spaces With ≥ 1000 & < 1000 Square Meters

Chapter 3: Profitable Coworking Spaces Across the Years

Comparison of Profitable Coworking Spaces by Year of Survey & by:

  • Average Expenses + of Those That Rent a Location

  • Average Revenue Streams

  • Average Layout Types

Percentage of Profitable Coworking Spaces Compared by Year of Survey & by:

  • Age of Coworking Spaces

  • Number of Members

  • Number of Desks

  • Members To Desk Ratio

  • Members To Staff Ratio

  • Size in Square Meters

  • Square Meters per Desk

  • Continent

  • Number of Inhabitants

  • Market Saturation Rate

  • Business Model

  • Requirement of Independent Coworking Space Profitability

    The results in the 2023 survey are based on the question: "How profitable was your *self-selected workspace term* in the past twelve months? - Please consider the revenue minus the expenses of your location." In previous surveys, the question was based on either the past twelve months (2019), the current calendar year if the survey was conducted at the end of the year, or the previous calendar year if the survey was conducted at the beginning of a calendar year to account for the past twelve months.

    Please note: 'Coworking space' was replaced by a self-selected workspace term in the 2023 survey. Most respondents have identified themselves as 'Coworking space' (≈ 60%), followed by 'Flexible workspace', 'Hybrid or mixed workspace' and 'Community workspace', at around 10% each.

    The response options were simplified in the 2023 survey to "profitable" (2019 & earlier: "very profitable" and "rather profitable"), "no profit, no loss" and "unprofitable" (2019 & earlier: "rather unprofitable" and "very unprofitable").

Chapter 4: Profitability of For-Profit Coworking Spaces That Are > 1 Year Old

Comparison of Profitability Status by:

  • Year of Survey

  • Age of Coworking Space

  • Number of Members

  • Average Number of Members Present

  • Member to Member Present Ratio

  • Member To Staff Ratio

  • Percentage of Female Members

  • Number of Desks (Workstations)

  • Number of Members per Desk

  • Size in Square Meters

  • Size in Square Feet

  • Square Meters per Desk

  • Square Meters per Member

  • Vacancy Rate

  • Real Estate Ownership Status

  • Summarized Main Business Approaches

  • Number of Locations in Operation

  • Cross Profitability With Other Locations

  • Independent Workspace Profitability

  • Target-Groups

  • Non-Target Groups

  • Time Commitment of Workspace Owners

  • Layout Types

  • Revenue Streams

  • Expenses (+ Expenses of Coworking Spaces That Rent a Location)

  • PLUS:

  • Average Values of For-Profit Coworking Spaces That Are > 1 Year Old

Chapter 5: Profitability of Coworking Spaces in Cities With ≥ 500K & < 500K Inhabitants

Comparison of Profitability Status by:

  • Age of Coworking Space Location

  • Number of Members

  • Average Number of Members Present

  • Member to Member Present Ratio

  • Percentage of Female Members

  • Member to Staff Ratio

  • Number of Desks (Workstations)

  • Number of Members per Desk

  • Size in Square Meters

  • Square Meters per Desk

  • Vacancy Rate

  • Real Estate Ownership Status

  • Number of Locations in Operation

  • Cross Profitability With Other Locations

  • Independent Workspace Profitability

  • Target- & Non-Target Groups

  • Layout Types

  • Revenue Streams

  • Expenses

    PLUS:

  • Average Values of Coworking Spaces

Chapter 6: Annual Profit Margin of Profitable Coworking Spaces

Comparison of Profit Margin by:

  • Year of Survey

  • Age of Coworking Space Location

  • Number of Members

  • Number of Desks (Workstations)

  • Number of Members per Desk

  • Number of Staff Members

  • Member To Staff Ratio

  • Size in Square Meters

  • Size in Square Feet

  • Square Meters per Desk

  • Square Meters per Member

  • Number of Inhabitants Local to a Coworking Space

  • Landscape Local to a Coworking Space

  • Number of Locations in Operation

  • Number of Coworking Spaces in the Same Area

  • Market Saturation Rate Local to a Coworking Space

  • Real Estate Ownership Status

  • Main Business Approach

  • Business Model

  • Target Groups & Non-Target Groups

    Comparison of:

  • Average Expenses of Those That Rent a Location by Profit Margin

  • Average Revenue Streams by Profit Margin

  • Average Layout Types by Profit Margin

    PLUS:

  • Average Values of Profitable Coworking Spaces by Profit Margin

    Please keep in mind:

    The profit margin is a relative value and says nothing about the profit in absolute numbers!

    The highest margins are often achieved by smaller coworking spaces that do not generate a high absolute profit compared to other coworking spaces and are also often in groups that otherwise have a higher percentage of unprofitable coworking spaces, as shown in the previous slides.

    For this reason, it is essential to remember that only profitable coworking spaces are shown in the charts. Including unprofitable coworking spaces would significantly change the average profit margin and the group comparison.

Chapter 7: Background of the 2023 Global Coworking Survey

2023 Coworking Space Business Trends - Detailed Results

2023 Coworking Space Business Trends - Detailed Results

€11.00