Global Co-working Spaces Market Set for -12.9% Decline Amid Move to Work from Home In Response to COVID-19 Pandemic

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Dublin, Sept. 11, 2020 (GLOBE NEWSWIRE) — The “Coworking Spaces Global Market Report 2020-30: COVID-19 Growth and Change” report has been added to ResearchAndMarkets.com’s offering. The global coworking spaces market is expected to decline from $9.27 billion in 2019 to $8.24 billion in 2020 at a compound annual growth rate (CAGR) of -12.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $11.52 billion in 2023 at CAGR of 11.8%.The increase in the number of people working from home or remotely owing to COVID-19 lockdown limits the growth of the market. For instance, in March 2020, many companies working from home owing to COVID-19 pandemic, operators of coworking spaces have seen an almost 50% decline in footfalls. Furthermore, according to Business 2 Community publication in April 2020, the number of people working remotely has grown by 44% in the last five years, with 7 million people (3.4% of the population) were working remotely in the USA before the arrival of COVID-19. Nevertheless, the number of people working remotely is tremendously increased owing to the coronavirus outbreak over the last few months. Consequently, declining the revenues generated by the coworking spaces market during 2020. This …

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