Description
The global Flexible Space market was valued at USD 28334.81 million in 2021 and is projected to hit around USD 48461.74 million by 2028, expected to grow at a compound annual growth rate (CAGR) of 8.03% from 2022 to 2028. The market’s expansion can be ascribed to an increase in demand for gig workers worldwide, fueled by the rising number of start-ups and a growing desire among businesses to expand their operations outside their local geographies. In addition, the industry’s rapid expansion is due to increased demand from entrepreneurs, start-ups, and freelancers who are focused on convenience, price, flexibility, and growth since a firm with less than 50 employees can save up to 25%-30% in renting expenses. The millennial population, combined with the expanding start-up culture, has created a worldwide demand for low-cost, flexible coworking spaces, further anticipated to fuel the global market at a significant rate during the forecasted 2022-2028. Moreover, rising trends in space-as-a-service business models and the expanding e-commerce industry are expected to boost market growth during the forecast period.
