Summary of our market study

The coworking space market has experienced robust growth, and despite the economic impacts of the health crisis, it resumed its dynamic expansion. The average annual growth rate for new coworking spaces is 21.3%. The number of coworking space users globally was expected to grow at a CAGR of 37.51%, reaching 4.99 million by end of 2024.

Demand for coworking spaces is driven by factors such as the appeal of a relaxed work environment, networking opportunities, and the flexibility that these spaces provide for companies of all sizes. Regions such as China, India, the USA, and parts of Europe are projected to see significant growth, with coworking spaces largely concentrated in major developed metropolises.

Major players in the market vary from global giants like WeWork and IWG to regional players such as The Bureau and independent spaces, with a prominent concentration in Paris and Ile-de-France region. Pricing shows significant regional variation, with Paris exhibiting higher rates. The market has attracted new entrants, leading to a competitive environment with continually evolving services and amenities.

Regulations are governed by the French Construction and Housing Code, with recent legislative changes potentially encouraging growth in coworking space usage.

Coworking spaces in France: a flourishing market with a growing audience

The coworking space market in France has seen exceptional growth, marking a substantial demand for collaborative and flexible work environments. Notably, these spaces cater to a diverse audience ranging from self-employed individuals and startups to small businesses and large corporations, highlighting a significant transformation in French workplace culture. Professionals are showing a strong preference for central locations in cities, aligning with the modern demand for accessible and well-connected workspaces.

Coworking spaces have become especially popular with small and medium-sized enterprises (SMEs), accounting for approximately between 35 and 40 percent of this market, while start-ups make up about a quarter, ranging between 25 and 30 percent. The self-employed represent around a third of the coworking clientele, showcasing that this market is driven by individuals seeking flexibility and community. Large companies are not far behind, progressively incluting coworking spaces in their operational models to foster innovation and attract talent. An intriguing trend illustrates that almost between 90 and 100 percent of millennials are opting for more work flexibility, suggesting a potentially significant shift toward coworking environments.

Further, the coworking trend has extended beyond work, as co-living spaces that meld living and working environments are beginning to emerge. This is a response to the lifestyle of modern professionals who spend a significant portion of their income on housing and are seeking cost-effective, flexible living arrangements.

In the coworking landscape, the French market is expected to burgeon to a value of approximately between €2 and €2.5 billion. This growth has been fuelled by numerous factors, including the desire for networking opportunities, savings on transport expenditure, and a move towards more productive work environments that coworking spaces offer. Key figures that stand out in the French coworking market include an estimation of over 2,700 coworking spaces in France, with an average monthly cost of approximately €380.

The coworking spaces in France house around 185 individuals on average, underpinning a thriving community of collaborative professionals. With Paris and the Île-de-France region at the epicenter of this growth, the market is not only concentrated in the capital but also expanding into other French cities like Bordeaux, Nantes, Marseille, and Lyon. The market is characterized by robust competition with global giants like WeWork, IWG, and emerging local players, broadening the choices for customers and driving innovation in services.

Coworking titans: Dominant forces shaping the Collaborative workspace landscape

As the shared office market thrives, several key players have emerged, wielding significant influence and driving the industry's evolution. These titans of coworking offer glimpses into the market's structural dynamism and innovation.

  • WeWork : Revolutionizing the coworking experience, WeWork has become synonymous with shared workspaces around the globe. It boasts an impressive 755 sites in 119 cities, solidifying its presence as a global coworking giant. Their strategy revolves around creating a community-centric environment where professionals can collaborate and thrive, all while offering flexible workspace solutions that cater to both startups and major corporations.

  • IWG : With over 3,400 centers across more than 110 countries and 120 centers within France, IWG is a major contender in the coworking space. Housing several brands under its umbrella, including Regus, Spaces, and Signature, IWG delivers a diverse range of office solutions tailored to meet the needs of its expansive clientele. The company's longstanding expertise in shared office services reflects its robust footprint in the coworking market.

  • Wellio : A brainchild of Covivio, Wellio has been steadily expanding with 8 centers, including 7 in France. Its emphasis on professional and polished environments speaks to a segment of the market that seeks an upscale coworking experience with all the services and facilities that support high-performance work.

  • Welkin & Meraki : As a relative newcomer, Welkin & Meraki is making its mark with five centers focused on luxury coworking spaces. The founder's vision is to craft exquisite and inspiring workspaces that serve as a catalyst for innovation and business growth, infusing luxury with functionality for discerning professionals.

  • Multiburo : With nearly 40 sites, including 30 centers in France, Multiburo caters to a diverse professional audience seeking flexibility and convenience. Their centers, scattered across both French and international cities, are designed to foster productivity and networking in a professional setting.

  • Wojo : A collaboration between Bouygues Immobilier and Accor Group, Wojo is rising as a key player in France with 300 sites (Wojo coworking, Wojo Office, Wojo Meeting), comprising a significant market segment. Priding itself on solutions that facilitate ease of work and networking, Wojo aims to be the go-to for businesses embracing the coworking model.

  • Other noteworthy contenders are Deskeo, Morning, Kwerk, Startway.
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  • Number of pages : ~ 40 pages
  • Format : Digital and PDF versions
  • Last update : 27/04/2023
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Summary and extracts

1 Market summary

1.1 Definition and scope of study

Coworking spaces are shared workspaces where a wide range of companies rent office space. In particular, it can be divided into several sub-categories:

  • Business centers which are office buildings hosting companies for events, seminars or conventions,
  • Telecenters are public spaces where computer equipment and Internet access are made available to salaried or self-employed workers
  • Incubators whose mission is to provide assistance and support for business start-ups
  • Coworking zones where several companies and individuals are seated in a shared office space (this study focuses on this category)

These coworking spaces are designed to provide a collaborative and stimulating working environment where workers can exchange ideas, work together on projects, build professional relationships and feel connected to a community of workers. Coworking spaces can also offer training and professional development opportunities, as well as social events to help workers connect and develop their professional network.

In addition, coworking spaces often offer services beyond simple office space, such as equipment, catering, cleaning, concierge services, shared spaces and business support (in some cases), along the lines of an incubator.

Finally, collaborations differentiate themselves by aiming to create collaborative workspaces that enable several players to meet, socialize and share projects. Many collaborative players place strong emphasis on the community work they engage in, in order to create an environment for learning, knowledge sharing and cooperation between different users.

Since the 2010s, the market has been very dynamic, and has rapidly recovered from the economic losses linked to the health crisis. Worldwide, between 2015 and 2022, the average annual growth rate for the opening of new coworking spaces will be 21.3%. In France, particularly Paris, Ile-de-France, Lyon and Bordaux, the market is growing steadily.

The players are highly diversified, ranging from global coworking giants (WeWork or IWG), with spaces on all five continents, to exclusively Parisian players (The Bureau), to independent coworking spaces.

 

1.2 Rapid global expansion

Number of coworking space users World, **** - *****, in thousands CAGR: +**.** Source: ****

The global coworking market is growing at an exponential rate; between **** and ****, the number of people in coworking spaces is expected to increase at a CAGR of **.*% per year, reaching almost *.** million in ****. Several factors are contributing to the growth ...

1.3 Explosive growth in the French market

Number of coworking spaces France, **** - **** CAGR: +*** Source: ****

In France in ****, there will be an estimated *,*** coworking spaces, representing strong growth since **** (***) when only ** locations could be identified.

To estimate a market share in France, we assume an average monthly cost in France of €*** based on prices between ****-**** in Paris ...

2 Demand analysis

2.1 Profile analysis: The French consumer

Professionals appreciate central locations

What do you think is the ideal location for coworking? France, ****, in Source: ****

In ****, the majority of respondents (***) wanted local transport, particularly by train.

2.2 Who uses shared workspaces?

The big picture

Professional use of coworking spaces varies widely; traditionally, start-ups or telecommuters are the main users of these premises. However, large companies also use this service. Companies from all sectors, including industry, financial services, real estate and banking, are included in the customer segment. [***] Indeed, Actionco reports that co-working ...

2.3 Demand trends

The transformation of French offices

In ****, what type of office will you be working in? France, **** & ****, as % of total Source: ****

French offices are increasingly embracing collaboration. The chart above shows the response of *** companies, where it is estimated that by ****, coworking will account for **% of the office market in France, an ...

2.4 COVID-19 and collaboration

The impact of Covid-** on businesses operating in the coworking market has been extremely high and has exposed significant pitfalls in business models. Due to movement restrictions and limitations on gatherings, collaborative workspaces have been more or less completely abandoned. Written protocols state that "tenants are asking if they can delay ...

2.5 Analyse de l'audience

Décomposition de l'audience par âge France, ****, % Source: ****

L'analyse des données indique que l'audience du marché étudié est principalement composée de personnes âgées de ** à ** ans (***). En revanche, les tranches d'âge supérieures à ** ans sont nettement moins représentées dans l'audience du marché étudié par rapport à leur ...

3 Market structure

3.1 A competitive environment with many new entrants

The coworking value chain in France comprises three types of players: Property owners and office property companies. Their business model revolves around rent collection. Companies specialized in coworking also offer complementary services, such as catering and security, which in turn employ people. Finally, the third part of the value chain includes ...

3.2 Distribution of coworking spaces

Coworking space distribution France, ****, in m* Source: ****

Above is a breakdown of the number of square meters for each company. Global giant IWG - which owns Regus (***).

Breakdown of coworking space by surface area France, ****, in Source: ****

The graph above illustrates the distribution, in terms of m² of shared office space ...

3.3 Paris and Ile-de-France at the heart of coworking spaces

Number of workspaces by region France, ****, in numbers Source: ****

The chart above shows that Paris and the Île-de-France region will dominate the number of co-working spaces in **** in France. Nevertheless, co-working is spreading throughout France: Bordeaux, Nantes, Marseille and Lyon in particular have seen increased growth in recent years. Compared to ...

3.4 The coworking business model and associated risks

Exposure to real estate

In ****, the president of the Boston Federal Reserve stated that "... in the event of a recession, a company specializing in the coworking market would be exposed to the loss of income from tenants, which puts them and the landlord at risk if they can't pay rent to ...

4 Offer analysis

4.1 Service overview

Coworkers are companies that rent out workspaces (***). They also offer support services. Below is a breakdown of these services.

Coworking's basic service is to provide two types of workspace

Open space: open areas for working in a dynamic, stimulating atmosphere Closed offices: quiet areas integrated into a common space

In these ...

4.2 Pricing

The aim of this section is to provide an overview of office rental prices, and to point out that prices differ from country to country. In particular, Paris is more expensive than the rest of the country due to higher real estate prices. In addition, there is a difference in the ...

4.3 Expenses related to coworking space management

Breakdown of coworking companies' cost centers France, ****, in Source: ****

We can see that the biggest expense item for coworking businesses concerns rent (***).

4.4 Supply trends

Given that pure players first penetrated the market in France (***), the spread of coworking in France today is mainly due to the fact that traditional real estate giants are diversifying their offerings. Here are just a few examples:

Nextdoor is a joint venture between AccorHotels and Bouygues Immobilier; Espaces from business ...

5 Rules and regulations

5.1 Regulations

As the legislation currently stands, coworking centers are only legally bound by the French Construction and Housing Code (***).

The PACTE law, or "Plan d'action pour la croissance et la transformation des entreprises" (***). This could increase the number of workers interested in coworking spaces.

In addition, the creation of an innovation fund ...

6 Positioning the players

6.1 Player segmentation

  • La Cordée
  • Wojo
  • WeWork
  • Spacesworks (International Workplace group)
  • Wellio
  • Morning Coworking
  • Kwerk
  • Multibureau
  • Giboire groupe
  • Industrious Office
  • Start way (La poste Immobilier)
  • DIGITAL VILLAGE Coworking
  • THALES DIGITAL FACTORY
  • Vinci Immobilier
  • HÉMÉRA
  • Bureaux à partager
  • IWG Regus (International Workspace group)
  • Ateac
  • Insitu Groupe
  • Bureaux and co
  • Now Coworking
  • La Ruche CoWorking
  • Coworkings communautaires
  • Cardinal Groupe
  • Cowool
  • Deskeo
  • BMG Groupe

List of charts presented in this market study

  • Number of coworking space users
  • Number of coworking spaces
  • Number of coworking spaces
  • What do you think is the ideal location for coworking?
  • Who uses coworking spaces?
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Latest news

WeWork leaves La Défense - 18/01/2024
  • The WeWork site at 30 Terrasse Bellini in Puteaux, the only one in La Défense, recently closed its doors.
  • Despite the closure at La Défense, the company says it intends to maintain a strong presence in Paris, where it has 14 possible sites.
Vinci Immobilier, the first major property developer to launch a redundancy plan - 17/01/2024
  • Vinci Immobilier has set up a job protection plan and begun a voluntary redundancy scheme.
  • The French Federation of Property Developers (FPI) expects sales to be down by half in 2023 compared with 2022.
  • Housing starts were down 19.6% year-on-year at the end of November, with 294,700 units built.
  • In 2023, the number of business failures rose, with 122 developers going out of business, compared with 96 in 2022.
  • For homebuilders, 867 insolvencies were recorded in 2023, after 624 in 2022 and 579 in 2021.
Coworking: Regus moves into "up-On" in Montrouge - 25/10/2023
  • IWG opened more than 600 new sites worldwide in one year.
  • IWG opened 13 new sites in France between January and September 2023.
  • The "up-On" building, where IWG recently established a site, is located at two different addresses: one in Montrouge (Hauts-de-Seine), the other in Paris.
Offices: coworking expands regionally - 16/02/2023
  • Coworking, the offering of shared offices with services, first developed in Paris
  • By 2022, the coworking market was largely driven by regional development
  • WeWork , the number one coworking company in France with its Regus, Spaces, HQ and Signature spaces, operates just over 130 sites in 78 cities.
  • Coworking accounts for less than 5% of contracts signed in France in terms of office space take-up
IWG has declared France a teleworking and co-working paradise. - 18/08/2022
  • World leader in co-working spaces
  • More than 130 centers in France, the Group's second-largest market after the United States
  • 45% increase in visits to French centers in the first half of 2022
  • More than 3,300 sites in 175 countries
  • Sales of €2.7 billion in 2021
  • Telecommuting accounts for 29% of business
  • IWG relies on a franchise development strategy to "build the world's leading provider of digital workspaces".
  • The holding company employs over 12,000 people
  • Opened 70 new sites in the first half of the year, of which 76% are franchises
"Real estate: Lyon-based Cardinal joins forces with Belgian Eagleston" - 10/06/2022
  • Cardinal sales in 2021: 180 million euros, 50% of which in the Paris region
  • Eaglestone achieves sales of 700 million euros following the transaction
  • Value of Eaglestone real estate projects: 1.5 billion euros
  • The subsidiary, Cardinal Campus, specializes in student residences, co-living (40 student residences under management) and co-working

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

La Cordée
Wojo
WeWork
Spacesworks (International Workplace group)
Wellio
Morning Coworking
Kwerk
Multibureau
Giboire groupe
Industrious Office
Start way (La poste Immobilier)
DIGITAL VILLAGE Coworking

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