What does the term "Coworking" refer to?

Coworking is an arrangement in which workers of different companies share an office space. The term refers to the use of an office or other working environmental place by people who are self- employed or working for different employers, typically so as to share equipment, ideas, and knowledge.

Coworking spaces are essentially shared workspaces. They offer affordable office space to escape the isolation of a home office or coffee shop. These shared workspaces offer a suit of office-like amenities such as hot-desks, private meeting rooms, kitchens, coffee and more. It is perceived to be an "office" environment offering flexible memberships to suit most needs. Many players that began as light- bulb moments in Coworking spaces include: Uber, Instagram, Indiegogo, Wanderfly and so on. Many surveys have shown that people at Coworking spaces tend to be more productive at work and are generally happier than their counterparts at traditional offices.

San Francisco hosts the first Coworking space in 2005 and since than during 2019-2020, New Coworking platforms like DropDesk are rising to the scene to fill the void between coworking software, spaces, and remote workers. Prior to the pandemic, Coworking spaces were the fastest- growing type of office space in commercial real estate. While they currently comprise less than 5% of the market, they're expected to make up 30% by 2030.