The recent report by CoworkingMag (part of Yardi) highlights key developments and trends among the top 15 coworking brands in the U.S. this year.

The top 15 US brands (by number of locations) are: Regus (972), HQ (204), WeWork, (173) Industrious (145), Spaces (117), Premier Workspaces (86), Office Evolution (79), Workstyle Flexible Spaces (65), Venture X (46), Intelligent Office (43), Expansive (42), LocalWorks (36), COhatch (34), Serendipity Labs (28) and Lucid Private Offices (27).

What’s changed since the last report? Regus (part of IWG) saw a 17% growth since December 2022, keeping first position. HQ climbed to second place with a meteoric 240% growth from May 2022. WeWork dropped 1 place after closing 73 US locations. Lucid Private Offices joined the top 15 with the second largest growth rate of 23%.

Overall, the U.S. coworking market added 1,166 new locations from December 2022 to the beginning of May 2024 – a 20% increase in the span of more than one year. Meanwhile, the top 15 coworking operators grew their inventory by 14% in total – a sum of 252 new locations.

In Sofia Stolberg’s latest Forbes EQ piece, we hear what industry leaders Ashley Buckner, Flip Howard and Michelle Stiegler (from well-established firms Carr Workplaces, Lucid Private Offices and Premier Workspaces respectively) think about Virtual Office (VO) products.

Flip notes that VO memberships represent nearly 70% of his profit margins across 26 locations, and "represent the highest revenue per square foot offering in the business". Michelle notes that over the last 22 years, VO plans have been a big part of their book of business, while Ashley noted how VO sales have a unique ability to go straight through to the bottom line.

Tosha Bontrager shares that Lucid Private Offices are opening their second location in Arizona

Flip Howard from Lucid (prev. WorkSuites) chats with Liz Elam about how he picks where to put his locations, why he won’t be going to Florida and that he probably did too many locations in Dallas on the GCUC Podcast.

John Egan shares that Lucid Private Offices (pka WorkSuites) have continue to expand out Texas with their newest location opening on Camelback Road in Phoenix, Arizona. The 26,910 sqft leased space will be based in a building owned and developed by Hines and Invesco Real Estate, and is expected to open in March 2024.