Le Bureau / Coworking: how to work in 2024?

While the US giant WeWork's setbacks across the Atlantic were a major focus for coworking and flexible office space in 2023, this in no way detracts from the fundamentals of the industry. Its development and the appeal of operated office spaces are not at half-mast, despite the slowdown seen in 2023. With a few exceptions, players have focused on operating their space rather than expanding it.

In 2024, however, it's time foropportunism and the development of more varied models, illustrating both the segmentation of the offer and the coming of age of several players. It should also be noted that the coworking sector is evolving - perhaps even more rapidly than that of traditional office space - to adapt ever more closely to the expectations of its users, as well as to new market fundamentals. Let's take a look at the latest developments and 2024 forecasts with workin.space. Follow the guide!

Coworking: as popular as ever in 2024!

The world of work has undergone profound changes in recent years, with transformations becoming faster and more radical every year. Today, the trend is even more towards the democratization of telecommuting, bringing with it coworking spaces and flexible offices. All employers have been forced to review their real estate policies and redefine the use of offices and head offices. Meanwhile, hybrid workspaces continue to advance and refine their models. According to coworking player Industrious, if the global coworking market was estimated at 30 billion in 2018, it should reach 120 billion dollars by 2025.

Recent news at the start of the year only confirms these figures, with B'CoWorker, the BMG Group's coworking brand, announcing the opening of 7 new spaces in 2024, and IWG, parent company of the coworking brands, announcing the opening of 7 new spaces in 2024.parent company of the Regus, Spaces, HQ and Signature coworking brands, has announced its intention to add almost 1,000 flexible office and coworking spaces worldwide by the end of 2024. And that's not counting the arrival in France in 2023 of players such as Flex-O, Industrious, Gustave Collection and Now Connected, who are set to continue their expansion.

The coworking phenomenon remains very dynamic in major metropolitan centers. Let's hear it!

The hybrid working model, a must-have in 2024

Agility is more than ever the watchword for businesses in 2024. The conventional office market in France continues to stagnate, forcing companies of all sizes to rethink their organization once again. Flexible office spaces benefit from this situation. Their agility having already been demonstrated in the past, they have become a fully-fledged asset class to be integrated into real estate thinking. However, the arrival of more and more large-scale users has seen these spaces evolve, with closed offices in coworking spaces becoming the preferred model. In fact, open-plan office space now accounts for just 12% of market share, and is very much in the minority. Closed, private offices are the new norm, with demand for spaces ranging from 2 to 40 workstations.

The regionalization of coworking spaces is another key factor in the evolution of user demand. The fastest-growing cities are those located between 1 and 2 hours from the capital, as well as major regional metropolises where the office market was already well-developed. While companies are looking for centrality more than ever, and wish to refocus on Paris for the Ile-de-France region, 2024 should see a surge in companies' desire to set up new offices in the regions.

Finally, on the podium of the major trends working in favor of coworking in 2024, a relative retropedal of the full-remote. Following in the footsteps of the American giants who offered 100% telecommuting to their employees at the end of the covid crisis, before backtracking and calling them back to their place of work in 2023 in the name of productivity, French companies are following the same trend. Some are even issuing directives in favor of a return to face-to-face working. However, both companies and employees agree on the need for a mix of distance and face-to-face working... provided that the employee benefits from an optimal remote workspace. Do you see what we're getting at? Once again, this is in favor of hybrid workspaces.

Finally, according to an OpinionWay survey of 1,000 workers conducted for Slack France at the end of 2023, 62% of managers would like to continue working remotely at least half the week.

Coworking as an engine for transforming corporate real estate strategy

The hybrid model of work organization continues to gain ground, and is driving major changes in corporate real estate strategy.

Despite the efforts made by companies - particularly large corporations - in recent years, the office is still too static, even austere. The head office has suffered from a major image deficit, and employees' idea of what a workspace should be is now very different. The modularity of spaces must correspond to the actual activities of employees, and entertainment areas must be designed with the culture of each company in mind. As coworking centers can't evolve as quickly, companies are incorporating them into their thinking, and even forging partnerships with them.

To define and continually adapt the user experience, coworking spaces have become more technological. By 2024, these developments will be reinforced by the integration of AI (Artificial Intelligence) and IoT (Internet of Things) into coworking spaces. Intelligent spaces require intelligent technologies. There are two such trends: self-service technologies, including air quality control systems and real-time occupancy rate visualization, and coworker productivity.

According to the Slack study mentioned above, 66% of employees surveyed believe that AI could boost their creativity and is seen as useful for improving information searches (77%), analyzing performance (67%) and developing content autonomously (65%).

The advent of turnkey offices

The year 2024 augurs new professional horizons, with the predominance of "ready-to-use" offices. This is a form of office that is immediately operational for companies and workers alike. These are also known as " operated offices" or "flexible offices". The main idea is to provide a fully-equipped, functional workspace, free from any logistical or technological concerns and investment on the part of companies. Most of these spaces offer a complete fit-out, a wide range of services, flexible rental contracts, great agility and a significant reduction in initial rental costs, as well as furniture and IT equipment.

Turnkeyoffices are particularly attractive for companies in need of an immediate solution, contractual flexibility or cost reduction. If you'd like us to help you find ready-to-use office space, don't hesitate to visit workin.space!

We're sure that 2024 will continue to be a hot topic of conversation, bringing the flexible workspace market to life! If you'd like to discuss these mega-trends or your real estate projects, the door is wide open! Contact us for more information.