From making flexible offices more flexible with hybrid work models and flexi-pricing to discussing new starts and ends in coworking: below are some of 2024’s trends shaping coworking spaces and their role in the modern workspace landscape. 

1. Hybrid Work Vs 5 Days RTO

Most definitely the biggest trend we are expecting to see is a stronger pull by organizations to bring their employees back into an office all 5 days of the work-week. Amazon has taken the lead on this by mandating employees across all locations return to offices full time, with some flexibility being offered on a case-to-case basis. 

A couple of years ago, there was a strong debate on fully remote vs hybrid office strategies, and it seemed impossible that the world would ever go back to 5 days in office again, but here we are. 

If this trend continues, it is undeniably a positive sign for the coworking and managed office industry. 

2. Coworking IPOs 

AWFIS, 1 of India’s largest coworking companies listed publicly in May-2024. In general, the stock has received favorable response from the market and is up ~50% from the time of listing, and trading between 4-5X of LTM Revenues (at the time of writing this article). 

SmartWorks, DevX, Indiqube, BHive, and many other similar players have publicly announced their plans for going public with their companies, and we expect many more to follow suit. 

While all this is happening in India, this sets a great precedent for coworking companies across the globe to start thinking about their long term aspirations. A few years ago, many industry experts felt coworking was a ‘fad’ and even the best ones would eventually get acquired by an IPC or large real estate developer. Those are clearly not the only outcomes for these operators now. 

3. The Surge of GCCs Using Coworking Spaces

GCC are not just back offices for US/EU HQed companies anymore, and many are building core products that are at the forefront of technology and innovation. Hence, they are competing with local product startups for talent, and having a great office is a big plus for anyone looking to attract A+ people into their team. That is the primary driver for GCCs to look at Coworking spaces over setting up their own offices.  

About 23,000 desks in coworking spaces were occupied by GCCs (Global Capability Centers) across 8 of India’s major cities in 2024, up by 28% from 2023. Hyderabad, alongside Bengaluru, accounts for a significant portion of the total 202.6 million sq. ft. of Grade A office space occupied by GCCs in India. Hyderabad's coworking spaces are also reaching near-full occupancy levels (above 80%).

4. Sustainability continues to make itself a baseline requirement 

Flexible workspaces have started to reduce their environmental impact and appeal to environmentally-conscious clients by adopting energy-efficient light and HVAC systems, easily powered by IoT integrations. A study by Spacebring states that an ‘eco-friendly coworking wave’ has risen by 80% in 2024 alone.

The concept of a ‘green coworking space’ is popular across the European region. For instance, InEDI Coworking Space in Milan uses recycled furniture, renewable electricity sources and has placed micro-filtering plants to minimize indoor pollution.

5. Accelerated Market Consolidation in Europe

2024 has witnessed significant consolidation in Europe’s coworking landscape. One noteworthy move involved Impact Hub Madrid, a key player in the region, acquiring OneCoWork in Barcelona. This acquisition, backed by Agartha Real Estate (ARE), has positioned ARE as the majority shareholder of OneCoWork, enhancing its influence within the flexible workspace market in Spain and Portugal. This deal aligns with ARE’s goal to expand its premium coworking assets, which now span 25,000 square meters across the Iberian Peninsula.

Additionally, Europe also saw MITWIT, the merger between two prominent French coworking brands, Startway and Multiburo - driven by La Poste Immobilier. With its unique positioning, MITWIT is already France's second-largest coworking operator. The brand currently manages 45 locations across France, Belgium, and Switzerland, with ambitious plans to grow its network to 100 sites by 2030. 

6. Niche Coworking Concepts Continue to Decline 

The pandemic gave rise to several niche working concepts: Digital Nomads only, female only, solopreneurs only, Fintech startups only, etc. Most of them had promising starts and seemed to have unlocked a new market opportunity. Portugal, Indonesia (Esp Bali), and other countries saw this trend a lot more than others. 

While many of these coworking spaces are doing well, we are not seeing strong growth in this niche vertical. 

A classic example would be The Wing, which shut down in 2022 - an all women’s coworking space which gained traction during the #MeToo movement. In 2024, numerous women-focused spaces, like Chief in London and The Co-Working Space in Nottingham, shut down due to a combination of financial pressures, rising operational costs, and shifts in post-pandemic work demands.