As the coworking industry becomes more saturated, competition will continue to get tough. To address this demand, coworking space operators need to direct proportionally more resources toward business development and marketing.

The types of industries looking to coworking as a viable solution are also changing, as the rising cost of everything puts pressure on organizations to find savings.

It’s not enough to just offer some desk space, bean bags, and an internet connection anymore. With global trends and pressures on businesses changing seemingly by the minute, it’s vital to understand what potential new coworking space members are looking for and why. This article dives into that and much more.


Quick Summary

  • More and more companies are embracing flexible work schedules post-pandemic, driving demand for coworking spaces.
  • The most common industries that use coworking include tech, creative, and consulting.
  • The benefits of coworking spaces range from cost savings on office rentals to networking opportunities.

Why Are Industries Choosing Coworking in 2024?

In the wake of the COVID-19 pandemic, companies are rethinking traditional offices. Both employees and employers seek a balance between working in the office and working from home, leading to more hybrid and remote work policies.

woman working

High cost of living and inflation rates also leave virtually every sector facing pressure to find cost-efficiencies and cut down on expenditures, such as unused office space. This means more organizations are now looking to coworking spaces as a viable option.

Let’s dig into the top industries for coworking and what they’re looking for.

10 Common Industries That Use Coworking Spaces

As the popularity of remote and flexible work models continues to grow, more industries are turning to flex and coworking spaces as their workplace.

Technology Start-Ups

As a sector of innovators looking to work efficiently and effectively, it’s not surprising that technology start-ups are commonly associated with coworking. Uber, Spotify, and Instagram originated in coworking spaces in San Francisco.

Several high-profile tech companies, like Atlassian, Reddit, Lyft, and Coinbase, even have permanent work-from-home policies, which means their workers are free to split their time between their home offices and coworking spaces as they see fit. Spotify even offers to pay for coworking spaces if employees move away from Spotify offices as part of their “Work From Anywhere” program.

tech professionals.

Entrepreneurs

Over 5 million new businesses were started in the US in 2023 alone. And with 28% of all business now being conducted online, the demand for independent workspaces is increasing.

Organizations that are just starting out often seek cost-effective workplaces. A coworking space offers significant savings compared to renting a physical space.

Collaboration and connection with like-minded people in a coworking space can also be a draw for fledgling businesses just getting off the ground. A strong and authentic sense of community can ease feelings of loneliness and directly impact business performance and growth.

Some entrepreneurs also like to work at night, so you might consider providing 24/7 access to your space.

Creative Industries

Creative professionals, like writers, artists, and graphic designers — especially when they’re freelancers or digital nomads — often seek quiet spaces. Coworking spaces encourage focused work without the distractions of admin and errands that can build up at home.

According to a 2023 report by Figma, 75% of designers work remotely more often, allowing them to enjoy a wider pool of potential clients. Therefore, increasing numbers of design professionals may look for a change of scenery and access to amenities they typically wouldn’t get at home.

A new environment and connections with like-minded people can also be a source of inspiration for creative work.

Most of creative individuals are often attracted to sustainability and green coworking spaces.

creatives

Software Development

Developers and programmers commonly use coworking spaces, with 12.7% of IT employees working from home and 28.2% working hybrid.

Much like the case of creatives, developers working with Agile methodologies typically need a strong internet connection, as they often need to attend meetings remotely.

In addition, developers need time without distractions to get work done. Developer roles are typically autonomous and independent. As such, the offer of connection and socialization is a major draw toward coworking.

Consulting

Freelance consultants and those working for large organizations increasingly see coworking as a viable option. Access to workspaces while traveling is appealing for a highly mobile workforce.

Although larger consulting firms have historically worked from in-person offices, data from McKinsey indicates that large services firms have some of the lowest rates of office attendance of any industry globally.

Along with mass layoffs in the industry, it is perhaps not surprising that many firms are cutting costs. Coworking spaces offer a cheaper and more flexible alternative to the burden of renting a large, partially used office space.

Financial Services

Finance is also an industry with relatively low office attendance — again, particularly within larger organizations. As with consulting, this flexibility makes the sector a potential growth area for coworking spaces in the current economic climate.

Fintech start-ups, accountants, financial advisers, and wealth managers often rely on coworking spaces to keep costs down as they grow. They are able to enjoy amenities such as meeting rooms for privacy, cyber security, and networking while having flexible contracts.

Insurance

An adjunct to fintech and financial services, innovative new companies in insurance — such as Insurtech start-up Lemonade, which started in a New York WeWork cubicle — are being born out of coworking environments.

Coworking strongly appeals to insurance professionals in terms of networking, community, and inspiration. Collaboration with other companies and individuals in the field can lead to new ideas.

Meanwhile, more established organizations are realizing that their enormous offices are only partially full, and they’re wasting money on maintaining them.

Legal Services

Many independent legal professionals benefit from the flexibility of coworking spaces as well as access to networking, with fledgling businesses as potential clients.

In Clio’s 2023 review of trends for solo lawyers, not only was the sector reported to be thriving, but 62% of solo lawyers also said they prefer to work remotely, and 98% want to be able to choose the hours they work.

The independent legal sector represents a valuable source of members, provided that coworking spaces can offer the privacy, amenities, and sense of professionalism that these lawyers require.

legal service

Nonprofits

As of 2022, only 5% of nonprofit workers in the US say they consistently work from an office. Alongside the public sector’s consistent need to trim unnecessary expenditure, many nonprofit workers now operate remotely or from coworking spaces.

Donors at all levels are giving less, too. In fact, the Giving USA 2023 report found that giving by individuals fell by 13.4% between 2021 and 2022. So, many nonprofit organizations are pressured to investigate alternative working arrangements.

Arts and Culture

A UK survey found that 33% of people working in arts and culture are likely to work remotely. Much like nonprofits, arts and culture have faced a squeeze on funding globally. The attraction of flexible working and a “pay-for-what-you-use” approach is consistently attractive in this space.

Advantages of Coworking Spaces in 2024

Now that you know which industries are seeing a major shift toward coworking spaces, let’s look more closely at some pros of doing so in 2024 and beyond.

Productivity

Coworking spaces come with fewer distractions for members than at home. No kids are running about in the background, no dog needs a walk, and no washing machine needs emptying. Even maintenance, admin, and tidying requirements are taken care of.

With productivity being vital for business growth, coworking spaces allow businesses across all industries to increase their profits.

colleagues

Flexibility

From flexible leases to 24/7 access, coworking spaces suit many different business models.

Whether a team wants to rent an office full-time, work together a few times a week, or offer remote workers their own desk in their chosen location, coworking spaces can adapt. They can be especially useful for project-based teams who only need to work together for a specific duration in a specific location.

Cost-effectiveness

Coworking space members can pay for what they need, whether that’s a desk a few days a week or a meeting room for meeting with new clients. Some digital nomads even use day passes.

This is a major driver for larger, more traditional organizations beginning to look at coworking more carefully — especially as many modern employees are less willing to deal with long and expensive commutes.

Coworking management tools like OfficeRnD Flex allow operators to analyze member activity and optimize the usage of meeting rooms and common spaces to save on costs.

Networking Opportunities

A draw for freelancers and organizations looking to grow, chances to collaborate and learn have become a core offering of coworking spaces. While the goal is for this to happen organically, successful networking often requires a concerted effort from those involved.

It’s important that coworking owners build sufficient spaces for connecting and host regular events for members.

workers working and talking

Collaborative Environment

Facilitating collaborations is vital to the success of a coworking space. It is particularly appealing in the early stages of a business’s development, as it may lead to cost savings or investment opportunities.

The open environment coworking spaces offer encourages the sharing of ideas, and the social aspect can improve the overall satisfaction of dispersed teams.

To boost collaboration, you, as a flex space professional, have to work on providing exceptional hospitality.

Access to Perks and Amenities

From nice touches to business essentials, perks and amenities cover the types of facilities people don’t have in their home office. They include:

  • Soundproof phone booths
  • Meeting rooms for entertaining prospective clients
  • Coffee machines
  • Printers
  • Exercise classes

Perks and amenities add to the sense of separation between work and home, which ultimately contributes to improved member productivity and satisfaction.

Here’s a detailed guide on some coworking space amenities that make you stand out.

Sense of Community

With more freelancers and remote workers experiencing loneliness, a sense of community is an important benefit of coworking spaces. Those who set up on their own can find camaraderie, inspiration, and support in like-minded people who are also trying to make a living from their passions.

Creating a solid sense of community can be tricky, but ensuring plenty of collaborative spaces, social areas, and networking events can help facilitate connections. It’s also helpful to understand your members’ needs, which you can do through interviews, surveys, or in-person conversations.

Strategic Location

Whether a coworking space is adjacent to a hub of industries served by the members or in a regional transport hub, its location matters.

The cost of living crisis is the reality for many working people globally, so saving money on costly commutes is a hugely attractive incentive.

Attract New Members in New Industries With OfficeRnD Flex

In 2024, increasing numbers of new industries are migrating to coworking spaces. Flex space operators and property managers must now tailor spaces to different markets to attract new members and stay competitive.

For that, you need the right coworking management software. OfficeRnD Flex is an industry-leading coworking management platform that helps thousands of operators worldwide keep members happy and automate the rest.

Click here to book a live demo with OfficeRnD Flex and see how it can help you better manage your space.

FAQ

Who Uses Coworking Spaces the Most?

Coworking spaces attract workers across multiple industries, but the tech, creative, and financial industries are some of the most common. A mix of entrepreneurs, freelancers, and small teams use them.

Who Is the Target Market for Coworking Spaces?

The coworking space market typically targets freelancers, start-ups, SMEs, and other businesses looking to get established and make the connections they need to grow.

Who Needs Coworking Spaces?

Small businesses that often encounter budget constraints are drawn to coworking spaces. However, coworking spaces are increasingly appealing to larger organizations that want to support their employees to work from wherever suits them best.

Who Should Use Coworking Spaces?

Any individual or organization, from independent creatives to tech start-ups looking to take the hassle out of the remote or hybrid experience, might use a coworking space. Coworking gives members the opportunity to make connections during their work days — and without having to travel long distances to their central offices.

Miro Miroslavov
CEO and Co-founder of OfficeRnD
Miro Miroslavov is a software engineer turned into a tech entrepreneur. In 2015 he co-founded OfficeRnD - a leading flex space and hybrid work management platform. As a CEO at OfficeRnD, he grew the company from inception to a leading software vendor that serves thousands of customers worldwide. He is a big fan of flexible working and is on a mission to "Making Flexible Working the Way of Working".