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Download 2020-Desk-Price-Index 2020 DESK PRICE INDEX FROM 12,000+ COWORKING SPACES AROUND THE WORLD BROUGHT TO YOU BY CI COWORKING INSIGHTS PAGE 02 03 TABLE OF PREFACE 04 CONTENTS KEY INSIGHTS 05 GLOBAL COWORKING SPACE DISTRIBUTION 06 HOT DESK PRICE WORLD AVERAGE 07 CONTINENT COMPARISONS 2018-2020 08 PRICING EVOLUTION BY CONTINENT 2018-2020 09 HOT DESK PRICE BY COUNTRY 16 TOP 100 COUNTRIES PRICE INDEX 17 HOT DESK PRICE BY CITY 26 TTYT TOP 250 CITIES PRICE INDEX 31 NOTABLE CITIES - PRICE CHANGES 2019-2020 PAGE 2 PAGE 03 03 2020 DESK PRICE PREFACE INDEX REPORT 04 Have you ever wondered how your coworking space’s desk prices compare to spaces in, say, Barcelona? If you’re looking to expand operations, which city would allow you 05 to generate the most income? With each new year, evolving desk prices provide evidence of the continued demand for new shared offices and available workspace. As a result, these 06 average desk prices offer useful insights into the coworking industry’s ongoing development, such as the most and least expensive markets as well as the top emerging cities across the globe. 07 This is our second annual Desk Price Index Report, where we explore key data related to global hot desk (or open/flexible seating) prices on an international scale. The data is provide by Coworker and is representative of over 14,000 coworking spaces in 170 countries. 08 The numbers are based on cities and countries with more than three coworking spaces (three desk prices) to ensure a large enough data set, which helps with comparison metrics. This report ultimately illustrates a data-led view of the 09 coworking industry’s future, including how top markets are pricing their hot desks to remain competitive. 16 17 ABOUT COWORKING INSIGHTS Coworking Insights is the leading source for data, advice, and trends in 26 the flexible office industry. TTYT CI Founded in 2015, Coworking Insights is Coworker's partner publication that is COWORKING INSIGHTS committed to sharing expert insights on the coworking industry's evolution and latest news. All data is based on information shared with Coworker by the platform's member coworking spaces, 31 which has expanded to include over 14,000 spaces in 171 countries worldwide. PAGE 04 Our findings this year have led us to conclude that hot desk prices dropped by 2.14% globally between 2019-2020 which illustrates the increasing supply of new flex office spaces. KEY The statistics give evidence of the further maturation of coworking markets as demand for shared workspace INSIGHTS continues to grow across all continents. In 2020, global desk prices decreased 2.14%, from $187 to $183 per month. This was driven both by the increasing supply — and demand — in capital cities as well as the expansion of coworking across less-developed markets. On the whole, we saw much less price volatility in 2020 as we did in 2019. The biggest continental price change was in South America, where desks prices fell 6.4%, compared to a rapid 28% increase in 2018. The reduction of price volatility signals the ongoing maturation of coworking markets, with more spaces basing their pricing on market demand. The data also illustrated the notably broad range of hot desk pricing in Asia. For instance, India (the country that represented the most global supply growth in 2019) came in at $95 per month, while Hong Kong remains at an average of $346 per month (the fourth most-expensive country in our 2020 Desk Price Index). In terms of country rankings, Monaco took the top spot this year for most expensive monthly hot desk price, coming in at $397 per month. Switzerland came in second place at $395 per month, and Malta is third with $347 per month. Also worth noting is Sweden’s huge jump from 13th to 6th in the rankings of most expensive countries for monthly hot desks. When comparing the world’s most expensive cities for coworking, Palo Alto in California — also known as the startup haven Silicon Valley — claimed the top spot, with monthly hot desk prices of $511 on average. Zurich came in second place at $456 per month, with Santa Monica claiming third place at $404 per month. Interestingly, our data shed light on just how expensive real estate is in California — 8 of the state’s top cities were among the top 25 most expensive cities in the world. Overall, our findings illustrate the expansion of available hot desks in not just major urban markets but also smaller, two and three-tier cities and even small, rural towns. Many private operators are expanding into newer, largely undeveloped markets, which has ultimately led to an average price decline from 2019-2020 as more spaces open their doors. With greater supply comes greater demand for more competitive pricing — a fact that is clearly illustrated by the data points in this report. PAGEPAGE 05 04 GLOBALPREFACE COWORKING 12,601 SPACE COWORKING DISTRIBUTION SPACES IN 158 COUNTRIES NORTH AMERICA 3,048 EUROPE 3,801 ASIA 3,821 CENTRAL AMERICA 110 AFRICA 592 SOUTH AMERICA 801 OCEANIA 428 ASIA EUROPE AFRICA Oceania NORTH SOUTH Central 3,821 3,801 592 428 AMERICA AMERICA America 3,048 801 110 NOTE: This map is representative of the 12,601 spaces that have joined the Coworker marketplace with confirmed and updated data as of Jan. 2020. PAGE 06 2020 MONTHLY HOT DESK PRICE WORLD HOT DESK PRICE AVERAGE WORLD AVERAGE $183 usd $206 2018 $187 2019 $183 2020 NOTE: All prices are calculated in USD PAGE 07 AVERAGE HOT DESK CONTINENT PRICING BY CONTINENT COMPARISONS 2018-2020 2018-2020 Monthly AVG (2020) Monthly AVG (2019) Monthly AVG (2018) $347 Oceania $273 $262 $268 North America $243 $243 $188 Europe $206 $210 $163 Central America $180 $176 $160 Asia $149 $146 $197 South America $141 $132 $112 Africa $116 $110 NOTE: All prices are calculated in USD. PAGE 08 PAGE 07 PRICECONTINENT EVOLUTIONCOMPARISONS BY Continent Monthly AVG Monthly AVG Monthly AVG (2020) (2019) (2018) CONTINENT2018-2020 Oceania $262 $273 $347 North America $243 $243 $268 2018-2020 Europe $210 $206 $188 Central America $176 $180 $163 Asia $146 $149 $160 South America $132 $141 $197 Africa $110 $116 $112 $400 $300 $200 $100 2017 2018 2019 Oceania South America Africa Asia Europe North America Central America NOTE: All prices are calculated in USD. PAGE 09 HOT DESK PRICE BY COUNTRY THESE ARE THE COUNTRIES WITH THE MOST EXPENSIVE MONTHLY HOT DESK PRICES, BASED ON AVERAGES FROM COWORKER'S DATABASE OF 12,000+ COWORKING SPACES. ALL PRICES ARE CALCULATED IN USD. PAGE 10 EUROPE $400 $397 $395 $347 $311 $300 $280 $267 $265 $254 $250 $244 $238 $215 $215 $207 $200 $100 0 Monaco Switzer- Malta Sweden Ireland France Luxem- Belgium United Germany Austria Italy Nether land bourg Kingdom lands NOTE: All prices are calculated in USD. PAGE 11 ASIA $400 $346 $336 $300 $296 $291 $267 $225 $230 $224 $200 $187 $167 $100 $95 0 Hong Israel China Singapore Saudi UAE South Qatar Taiwan Japan INDIA Kong Arabia Korea NOTE: All prices are calculated in USD. PAGE 12 AFRICA $400 $300 $235 $204 $200 $183 $165 $153 $147 $140 $136 $100 $101 $98 0 Cameroon Libya Reunion Cote Ghana Kenya Morocco South Nigeria Burkina D’ivoire Africa Faso NOTE: All prices are calculated in USD. PAGE 13 OCEANIA $400 $300 $264 $253 $200 $100 0 Australia New zealand NOTE: All prices are calculated in USD. PAGE 14 NORTH AMERICA $400 $300 $271 $130 $200 $201 $138 $100 0 Puerto Rico United CANADA Mexico States NOTE: All prices are calculated in USD. PAGE 15 CENTRAL AMERICA $400 $300 $211 $200 $194 $155 $141 $135 $100 0 El Salvador Panama Costa Rica Guatemala Honduras NOTE: All prices are calculated in USD. PAGE 16 SOUTH AMERICA $400 $300 $200 $158 $136 $135 $68 $124 $120 $107 $100 $92 0 Brazil Chile Colombia Peru Paraguay Ecuador Uruguay Argentina NOTE: All prices are calculated in USD. PAGE 17 TOP 100 COUNTRIES PRICE INDEX AVERAGE MONTHLY AVERAGE MONTHLY AVERAGE MONTHLY COUNTRY DESK PRICE COUNTRY DESK PRICE COUNTRY DESK PRICE Monaco $397 Canada $201 Latvia $129 Switzerland $395 Finland $198 Philippines $128 Malta $347 Norway $196 Indonesia $124 Hong Kong $346 Denmark $195 Bosnia and Herzegovina $121 Israel $336 Panama $194 Czech Republic $117 Sweden $311 Taiwan $187 Bulgaria $115 China $296 Reunion $183 Vietnam $115 Singapore $291 Japan $182 Kyrgyzstan $115 Ireland $280 Cyprus $178 Romania $112 Puerto Rico $271 Greece $176 Slovakia $110 Saudi Arabia $267 Spain $169 Ukraine $105 France $267 Cote D'ivoire $165 Mongolia $102 Luxembourg $265 Bahrain $164 Nigeria $101 Australia $264 Thailand $159 Iran $101 United States $260 Lithuania $157 Azerbaijan $101 Belgium $254 Costa Rica $155 Burkina Faso $98 New Zealand $253 Ghana $153 Sri Lanka $97 United Kingdom $250 Brunei $152 Bangladesh $97 Montenegro $244 Croatia $150 India $95 Germany $244 Kenya $147 Turkey $95 Austria $238 Portugal $143 Malaysia $94 Cameroon $235 Guatemala $141 Moldova $92 United Arab Emirates $230 Morocco $140 Georgia $92 South Korea $225 Russia $140 Serbia $91 Qatar $224 Estonia $140 Uganda $89 Italy $215 Mexico $138 Armenia $89 El Salvador $211 South Africa $136 Angola $87 Netherlands $207 Honduras $135 Uzbekistan $86 Libya $204 Hungary $134 Macedonia $82 Andorra $202 Poland $130 Egypt $76 NOTE: All prices are calculated in USD. PAGEPAGE 18 07 HOTCONTINENT DESK PRICE BYCOMPARISONS CITY THESE2018-2020 ARE THE AVERAGE MONTHLY HOT DESK PRICES IN CITIES REPRESENTING THE MOST INVENTORY (OR NUMBER OF SPACES) IN COWORKER'S DATABASE OF 12,000+ COWORKING SPACES. PAGE 19 TOP CITIES IN ASIA $400 $311 $300 $229 $235 $200 $166 $148 $117 $114 $100 $91 $88 $85 $89 0 Tokyo Bengaluru Mumbai New Delhi Pune Gurugram Bangkok Dubai Shanghai Hyderabad Kuala lumpur 131 225 124 141 106 104 87 79 79 76 73 spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces NOTE: All prices are calculated in USD.
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