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🇺🇸 US coworking supply grows 7% to 7,041 spaces
In the second quarter of 2024, the national coworking supply surpassed the 7,000 mark, more Expand 👇 precisely, standing at 7,041 spaces. CoworkingCafe’s recently released quarterly report breaks down the coworking space stock availability in the 25 largest markets across the US, the spaces’ size and distribution, their prices and the distribution of the largest coworking operators.
Snapshot of the numbers, compared to last quarter: 7% growth in inventory in Q2 2024 (444 more spaces nationwide). LA kept top spot with 279 spaces, but Dallas-Forth Worth surpassed Manhattan for second place (with 271 and 264 spaces). Biggest growth: Indianapolis (up 9%). Biggest dip: Brooklyn (down 2%). Total sqft-age up 2% to 127.67M sqft. Median dedicated desk rates down $9 to $300, with open desk rates also down by a dollar to $149. Virtual office rates steady at $119 p/month.
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🗞 Week 29, 2024
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📈 Data
⏱ 8 days ago.
🏡 US sees 1% growth in suburban coworking spaces in 2024
According to CoworkingCafe’s annual Coworking Suburbs Report, the number of coworking spaces in Expand 👇 suburban areas in 2024 saw a 1% increase nationwide compared to the previous year. There are 43 suburbs nationwide that each boast at least 10 coworking spaces. At the metro level, they focused on the ones that have at least three such suburbs, to highlight the top 5.
Other findings include that in 2024, 45% of all US spaces were in suburban areas, totaling over 2,500 suburban spaces vs 3,100 urban ones. Regus led the suburban expansion (with 427 locations) followed by OpusVO and HQ with 79 and 61 spaces, respectively.
Los Angeles metro area takes the crown for the highest number of US suburban coworking (303), with Irvine as the top suburb in the nation, featuring 38 flex spaces. Washington, D.C., and Dallas round up the podium, checking 84 and 66 flex spaces, respectively. Los Angeles, Washington, D.C., Boston, Dallas and San Francisco all have more coworking spaces in their suburbs than their urban centers, highlighting a significant shift in coworking space distribution.
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🗞 Week 22, 2024
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📈 Data
⏱ 57 days ago.
💥 About that WeWork + Yardi emergence financing deal
Key events: WeWork announced that they’d taken significant steps towards emerging from Chapter 11, Expand 👇 including raising $450M in new financing. This followed reporting that they’d gone to Softbank and Yardi to raise the capital and fend off Adam Neumann’s takeover bid. When the details emerged about the secured funding, people lost their marbles that Yardi had swooped in to secure 60% stake of the global coworking brand.
This does makes some sense – as a strong WeWork is good for Yardi and their existing software collaborations, and we all kinda called it back in Week 10 of 2023 (yeap, 2023!).
The question I keep hearing is… "what does this mean for Yardi customers who compete directly/indirectly with WeWork?". I’d suggest another angle, in questioning if this lines Yardi (and their web properties like CoworkingCafe) to better compete with (or even buy out) Instant/Worka?"
(Personally still shocked that IWG didn’t dive in and bring the brand in as a new franchise play.)
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🗞 Week 18, 2024
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🤝 Market Moves
⏱ 85 days ago.
📐 Is profitability being held back by square footage?
Forbes shares a piece by PilotoMail’s Sofia Stolberg that looks at how, even with coworking demand Expand 👇 growing 240% on some platforms, the combination of high ops costs, revenue instability, competition and the pandemic make reaching profitability harder.
A sure-fire way to get to higher profits? Breaking away from revenue tied to square footage.
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🗞 Week 18, 2024
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📰 News & Views
⏱ 85 days ago.
🇺🇸 US coworking supply grows 6% as total coverage nears 125M sqft
According to CoworkingCafe’s recently released coworking industry quarterly report, the national Expand 👇 coworking supply continued its upward trajectory, now standing at a total of 6,597 spaces. In contrast with this growth, the average square footage registered a 2% decrease compared to the previous quarter, signaling a focus on smaller coworking spaces across the nation.
They broke down the coworking space stock availability in the 25 largest markets, the spaces’ size and distribution, as well as the leading coworking operators. They also compared the most recent numbers to those registered in the fourth quarter of 2023 to determine the evolution of coworking throughout the nation.
National inventory is up by 6% (or 346 more spaces). LA pulled away from Manhattan, retaining 1st position with 270 spaces compared to to 263 in the Big Apple. Salt Lake City saw the biggest increase in inventory (up 15% totaling 71) while the Bay Area dipped 8% (123 spaces from 133 at the end of 2024).
Total square footage of coworking spaces is up 3% spanning 124.79 million sqft. (up from 113.74 million sqft. at the beginning of 2023). Indianapolis saw the highest rise in coworking surface – 13%, while Brooklyn’s square footage decreased the most by 6%.
The largest operators in the U.S. market remain the same ones as in Q4 of 2023: Regus, WeWork, Industrious, Spaces and HQ. HQ registered the fastest portfolio expansion Q-o-Q – 17% more spaces among the top 25 markets and 14% nationwide. Before Q4 of 2023, it didn’t even make the top 5 leading operators, but it doubled its inventory in 3 months and now it keeps on expanding at a rapid pace. HQ now stands at 91 spaces within the main markets and a total of 190 spaces nationwide.
With regards to pricing, dedicated desks registered a notable dip Q-o-Q, to $309 in April from $322 in December. Open workspaces slightly increased to a monthly median of $150, compared to $149 in Q4. New Jersey, Phoenix, Salt Lake City and Indianapolis all log a monthly median price of only $119, while the Manhattan and Brooklyn rates are almost double the national median, at $299. Virtual offices in Q1 kept the same monthly rate of $119. Washington, D.C. registers the lowest median — only $79 —, while New Jersey is the most expensive, at $199.
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🗞 Week 16, 2024
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📈 Data
⏱ 99 days ago.

 

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