Coworking Space’s Popularity Continues to Rise
Manhattan, San Francisco locations double the national average rent in some instances.
Coworking spaces are no longer just for urban settings, according to a new report from CoworkingCafé.
They have popped up into several trending American suburbs, highlighting their rising popularity among workers who are no longer location bound.
Coastal areas dominate coworking spaces concentration, with Manhattan, Los Angeles, Washington, D.C., and Boston leading the way.
Houston is another top market as the national coworking space stock as of March had reached a total location count of 5,612.
Thriving business districts are hotbeds for such working environments, but companies’ move to reduce their office footprint and move away from long-term leases is also responsible for the rising trend.
In terms of pricing, the national median rates for open workspaces were $134, while dedicated desks went for $326 and virtual offices for $94, CoworkingCafé reported.
Rates in Manhattan and San Francisco in some instances were twice as high. Specifically, in Manhattan, the median price for an open workspace was $300 per month — more than double the national rate, according to the report.
Washington, D.C., is another market to watch as the government “has been very open about embracing remote and hybrid work as a way of giving jobs in this sector a competitive market advantage,” CoworkingCafé reporter Laura Pop-Badiu writes. “It’s expected that coworking spaces will continue to rise in popularity as a favorable solution for many government employees.”