PHILADELPHIA—Philadelphia's coworking industry had a good year in 2016 in terms of leasing activity, construction and renovation completions, Cushman & Wakefield says. Cushman's Philadelphia research team released its fourth-quarter 2016 Coworking Space MarketBeat report, which also projects continued demand for coworking office space market-wide through 2017.
“The coworking industry in Philadelphia has grown significantly since 2011,” says Jared Jacobs, Cushman & Wakefield research manager. “In the wake of increased demand by tenants to network and collaborate, the average footprint of occupied coworking space has expanded over the past five years from as small as 3,000 square feet to 17,000 square feet and as high as 56,000 square feet.”
As of the fourth quarter of 2016, Philadelphia was home to 19 operators offering a total of 507,914 square feet of coworking space. Companies expanding their presence in 2016 included New York-based WeWork, The Yard and Joynture, as well as the Philadelphia-based provider Benjamin's Desk.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
