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Summary
As of 2020, despite facing the challenges of the global pandemic, the coworking market continued to exhibit growth, with Italy alone witnessing the opening of 50 new coworking spaces, contributing to over 800 spaces nationwide, predominantly concentrated in northern regions like Lombardy and cities like Milan. Globally, the sector is on an upward trajectory with forecasts predicting that about 5 million people will utilize coworking spaces by 2024, and an anticipated 41,975 coworking spaces worldwide by the end of the same year. The demand drivers in the Italian market include a rise in requests for daily workstations, indicating a trend towards balancing remote work with office environments. Additionally, growth indicators such as the number of employees and enterprises in the sector have shown positive signs, with a 16% increase in employment from 2019 to 2021 and a significant share of the market concentrated in urban areas. Key market players, particularly International Workplace Group, have capitalized on these trends, broadening coverage and responding to shifts in workstyles post-pandemic.
Coworking Spaces Flourish in Italy's Evolving Work Landscape
Italy's coworking market is witnessing an evolution as the concept of shared office spaces gains traction in the country. Initially trailing behind other European nations, Italy has seen a staggering growth in coworking spaces, with the numbers increasing by more than 7600% in a decade, reaching approximately between 800 and 1050 facilities. Lombardy emerges as the epicenter of this trend, with Milan alone housing around 120 to 130 spaces. Demand for these collaborative work environments is driven by a variety of professionals, but primarily it is the freelancers, remote workers, startups, and small businesses that frequent these spaces. A trend towards suburban coworking offices coupled with a demand for proximity to public transportation highlights the market's response to workers' needs for shorter commutes and accessible locations. The market structure of coworking spaces in Italy shows a positive upward trajectory despite a slight decline in 2018, with an increase of about 25% in the number of active enterprises from 2019 to 2021.
The dominant legal form for these enterprises is individual entrepreneurship, which signifies a market still in its development stage, although limited liability companies are also prevalent, signaling growth. Employee numbers in the sector follow a similar pattern of recovery post-2018. Geographically speaking, Northern Italy is home to about 60% of the coworking spaces, with a notable presence in the Northwest and steady growth in other parts, such as Puglia and Tuscany. Urban centers, particularly those in the North like Milan and Rome, host the majority of coworking spaces, reflecting the market's concentration in metropolitan areas. The profitability of coworking spaces varies, with approximately between 20% and 40% reportedly turning profits. These figures correlate to the locations' population size and regional distribution, indicating that smaller to medium-sized cities and those in the northeast and center of Italy fare better in terms of profit. The trend is driven by online sales channels and the presence of coworking networks like Regus, Copernico, WeWork, Talent Garden, and Spaces, which not only manage spaces but often provide support services for fledgling coworking enterprises. Regarding market leaders, International Workplace Group dominates both the Italian and global coworking landscape, expanding its presence forcefully post-pandemic to deliver flexible workspace solutions in line with emerging hybrid work models.
Key Players Shaping the Italian Coworking Landscape
The Italian coworking market has evolved to become a dynamic and diverse ecosystem, hosting a range of players that cater to the needs of freelancers, startups, SMEs, and even large enterprises seeking flexibility and community-driven work environments. Let's take a closer look at the major companies that are leading the charge in this innovative sector.
- Regus Business Centre Italia s.r.l As part of the International Workplace Group, Regus has been instrumental in providing businesses with the ideal coworking spaces for over three decades. With an expansive global network, Regus has cultivated a substantial community of professionals, bringing together 2.5 million people in collaborative and flexible work environments. Their reach and experience have positioned them as a cornerstone of the coworking market, offering an extensive array of options for various types of users.
- Copernico s.r.l Distinguishing itself with multifaceted spaces, Copernico serves a wide spectrum of clients, from digital creators to communication companies. Besides providing coworking solutions, Copernico prides itself on owning an array of versatile areas, including meeting rooms, event spaces, and extensive dining facilities. These amenities foster an informal yet productive atmosphere for networking and collaboration, which is one of the many competitive advantages that Copernico enjoys.
- WeWork Italy s.r.l A global player in the coworking industry, WeWork has made its mark by offering shared workspace services with a strong emphasis on community and design. Their spaces are known for their aesthetic appeal and fostering a culture of openness, making them a popular choice for forward-thinking companies and independent professionals alike. WeWork's commitment to creating a vibrant professional community has helped them secure a firm foothold in the Italian market.
- Talent Garden Italia s.r.l Emerging from an idea spawned in 2011, Talent Garden has rapidly spread its wings across Europe, prioritizing coworking and innovation at every turn. With locations in major Italian cities like Milan, Rome, and Turin, Talent Garden's network continues to champion the notion of shared growth and innovation. Their spaces are much more than mere offices; they are incubators for talent and ideas, accelerating business growth and fostering entrepreneurial spirit.
- Spaces As a globally recognized brand of flexible workspaces, Spaces offers modern, functional environments for a variety of clients. Whether you're a startup in need of a launchpad, a freelancer seeking a professional base, or an enterprise after a flexible solution.
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Inforamtion
- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 19/10/2023
Summary and extracts
1 Market Overview
1.1 Definition and scope of the study
Coworking is a work style that involves sharing a work environment, usually an office, while maintaining an independent business. Unlike the typical office environment, coworkers are not usually employed in the same organization
The first Italian coworking spaces were opened just over a decade ago, following the example of the United States, which opened its first coworking spaces in 2005. Today, there are about more than 800 coworking spaces in Italy, well distributed in major Italian cities. They are most present in northern Italy, with 472 coworking spaces, especially in Lombardy, with Milan having 121 spaces. In 2020, 50 more coworking spaces were opened in Italy despite the crisis period.
These places welcome not only freelancers, but also start-ups, entire sectors of a company or work groups. In addition, it is possible to "rent" a meeting room for the morning or just for an hour, without having to think about tidying it up or cleaning it. With the pandemic, the concept of work is being rethought. Employees are getting used to working in places other than the traditional office. Companies are encouraging this evolution with the spread of telecommuting, and coworking is a promising trend for the future.
Regarding the profitability of the sector, based on data from the Italian Coworking Survey 2021, it is estimated that there will be a decrease in the number of profitable companies, from 41 percent to 21 percent in 2020-21 compared to 2018-19, to be considered the period of crisis related to the latter two years. In general, the sector currently appears to be in an expansion phase.
1.2 The global market
The growing number of startups is boosting the growth of the coworking market, as, due to the rising cost of private office rents, businesses of this type and others are increasingly opting for shared workspaces.
According to some forecasts, about * million people will be using coworking spaces by ****.
Number of users ...
1.3 The Italian market
Today, coworking spaces are seen as viable alternatives to traditional offices in Italy. However, this was not always the case as, in ****, there were only ** registered coworking spaces in this country.
In fact, this market has been characterized by impressive growth: the number of open coworking spaces has increased by more ...
1.4 Covid Impact
Flexible offices, temporary offices, coliving and coworking, what we call Shared Workspaces, like so many businesses across the country have been heavily affected by the restrictions imposed to deal with the pandemic. At the beginning of the **** health emergency, the sector was in a strong phase of expansion after years of ...
2 Demand analysis
2.1 Demand in Italy
In Italy coworking arrived a few years later than in other European states and has also developed more slowly, but maintaining a certain constancy.
From the composition of demand, it can be understood which categories of workers/businesses and with which characteristics opt for coworking solutions.
Types of workers/businesses using ...
2.2 Demand drivers
The main drivers of demand for coworking spaces in Italy are and have been in the past[***]:
Increase in the amount of professionals and freelancers;
Considering the fact that the number of freelancers and professionals in Italy is an important determinant of the demand for coworking spaces, data on new VAT ...
2.3 The geographical distribution of demand
Most coworking spaces operate in Northern Italy (***), particularly in the North West. Compared to ****, +** spaces were opened, but the growth is significant only in Lombardy: in fact, the market has established itself in this area and shows great vitality.
The region is undoubtedly the most dynamic in Italy, not only because ...
2.4 New trends in demand
Demand for coworking offices in the suburbs
An important factor that is increasingly being considered by workers is the distance between home and workplace. Despite the upswing in urban centers, the demand for coworking offices in the suburbs is growing. This phenomenon is due to the inconvenience created by long commutes ...
3 Market structure
3.1 Market structure
The analysis of the size of the market related to coworking offices is carried out on the basis of data belonging to the category related to ATECO code **.**, which includes integrated support services for office functions (***). Specifically, * magnitudes are considered: number of active enterprises, number of employees and legal form of ...
3.2 Value chain
The value chain of the coworking market is exemplified below.
3.3 Distribution
The preferred sales channel for coworking spaces consists of online sales.
The digitization of sales has inevitably accelerated with the advent of the pandemic, which has necessitated the use of non-physical channels. Regardless of the exogenous event, online sales is a natural evolution of distribution channels, especially in the case of ...
3.4 Main actors in the market
The coworking market is driven by coworking networks, which focus on creating a dynamic and innovative workplace for different types of consumers. The main players in Italy by turnover are:
Regus Business Centre Italia s.r.l: has been helping companies find and create the perfect coworking space for their employees ...
3.5 The market leader: the International Workplace Group
International Workplace Group is a leader in Italy and worldwide in the flexible workspace sector. Present in the country with the Regus, Spaces and Signature brands, it has now announced the addition of Copernico to its portfolio, bringing the number of its centers in Italy to **, for a total of more ...
4 Supply analysis
4.1 Overview of the offer
Coworking facilities offer a simple and affordable solution. They are aimed at all those professionals or companies that, doing their work in a flexible way, do not have a permanent location or, if large enough, to accommodate more people in case of meetings and conferences. But also to all those up-and-coming ...
4.2 Price analysis
Coworking spaces offer a variety of services and facilities, varying in cost and price.One of the most important determinants of price is the location of a coworking space: a coworking space in northern Italy or in a larger city is likely to be more expensive than one in the ...
4.3 Innovation and supply trends
Innovation
Frontier of innovation, Fablab and Coliving are the less traditional shared work spaces. The Fablab (***) is the evolution of the workshop in a digital key. In fact, these spaces offer the use of customized digital fabrication equipment and services, training and collaboration paths. Places for the first prototyping or low-cost ...
5 Regulations
5.1 Coworking contract: what services it offers and who can enter into it
With a coworking contract, the grantor provides a furnished work space to a user, who can then enjoy a comfortable and functional environment in which to carry out his or her professional activities.
The coworking contract is atypical, for consideration (***), contains elements of a lease, i.e., rent, and elements of ...
5.2 What it takes to open a coworking space in Italy
Coworking spaces must comply with two main rules:
The first concerns the use of the premises, which must be used for office purposes. The second concerns compliance with normal safety regulations (***)
Opening a coworking space requires a simple application to the police headquarters, marked by silent consent (***).
From a bureaucratic point ...
6 Positioning of actors
6.1 Segmentation
- Cowo
- Impact Hub
- Regus Business Centres Italia S.r.l (IWG)
- WeWork
- Copernico s.r.l
- Talent Garden Italia s.r.l
- IWG Regus (International Workspace group)
List of charts
- Number of coworking spaces
- Nombre d'utilisateurs d'espaces de coworking
- Evolutions du nombre d'espaces de coworking
- Raisons principales pour choisir un espace de coworking
- Répartition des nouveaux comptes percevant la TVA, par type d'activité
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Latest news
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
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