Content of the study: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 ...
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 ...
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 ...
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 ...
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 ...
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 (International Workspace group)
- Ateac
- Insitu Groupe
- Bureaux and co
- Now Coworking
- La Ruche CoWorking
- Coworkings communautaires
- Cardinal Groupe
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The stationary toilet market - France
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