EUROPE With 32 coworking areas leased covering 110,000 sqm, Warsaw was the third largest market coworking in Europe in terms of take up in 2018, according to a report from BNP Paribas Real Estate. The largest amount of space leased was in London with over 180,000 sqm in 70 new developments (+13 pct on 2017) followed by Paris with 118,000 sqm in 28 buildings (+19 pct on 2017). Coworking operators in Warsaw include both well-known companies as well as local operators and developers’ own brands. Most co-working operators are found in central locations: Warsaw’s CBD accounted for 32 pct of the space leased, followed by the city centre (45 pct) and Mokotów-Służewiec (9 pct). “After the explosion in the number of coworking spaces in recent years, which has jumped from about 1,000 worldwide in 2012 to over 18,000 today, the market should stabilise or even start consolidating in certain places. Given that a quarter of coworking space around the world was still unprofitable in 2018, the market needs to have a rethink and evolve over the coming years,” said Richard Malle, global head of research BNP Paribas Real Estate.
London’s co-workspace market grew by 180,000 sqm in 2018, the biggest increase in Europe, according to a report from BNP Paribas Real Estate. The report, which looked at data for all of Europe and North America, found that there was an average growth rate of 5.75% per year between 2016 and 2018. The number of co-working locations globally has grown from about 1,000 in 2012 to more than 18,000 now. With 25% of them still unprofitable in 2018, some consolidation is expected, said Richard Malle, the global head of research at BNP Paribas Real Estate.