{"id":3995,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/www.coworkingcafe.com\/blog\/?p=3995"},"modified":"2025-01-27T11:16:41","modified_gmt":"2025-01-27T11:16:41","slug":"coworking-industry-report-q3-2024","status":"publish","type":"post","link":"https:\/\/www.coworkingcafe.com\/blog\/coworking-industry-report-q3-2024\/","title":{"rendered":"Coworking Industry Report Q3 2024: Total U.S. Inventory Surpasses 7,500 Mark as Almost All Leading MSAs Add Spaces"},"content":{"rendered":"<p><span data-contrast=\"auto\">The U.S. coworking sector continues to gain momentum, fueled by the rising demand for flexible workspaces and the shifting work patterns of the post-pandemic world. With more companies emphasizing remote and hybrid models than ever before, coworking spaces across the nation have become more popular and accessible, spanning central business districts and suburbs alike.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Once again, we looked back at the last quarter to determine the evolution of the national coworking inventory, as well as the state of the industry in the 25 leading markets. We also broke down the total and average square footage covered by coworking spaces in each market, in addition to the top operators, to provide a comprehensive analysis of the coworking industry in the U.S., as seen in Q3 of 2024. For a comparison to the previous quarter, see the <a href=\"https:\/\/www.coworkingcafe.com\/blog\/national-coworking-report-q2-2024\/\">Q2 report<\/a>.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span class=\"TextRun SCXW124636961 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW124636961 BCX0\">National Inventory <\/span><span class=\"NormalTextRun SCXW124636961 BCX0\">Grows by Another 7%<\/span> <span class=\"NormalTextRun SCXW124636961 BCX0\">with Nashville\u2019s <\/span><span class=\"NormalTextRun SCXW124636961 BCX0\">Total<\/span><span class=\"NormalTextRun SCXW124636961 BCX0\"> Increasing by a Signifi<\/span><span class=\"NormalTextRun SCXW124636961 BCX0\">cant 24% Q-o-Q<\/span><span class=\"NormalTextRun SCXW124636961 BCX0\">\u00a0<\/span><\/span><span class=\"EOP SCXW124636961 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW107943111 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107943111 BCX0\">I<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">n Q2, the total number of coworking spaces in the U.S. surpassed <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">7,000 <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">for the first time<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">. Now<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">, it has reached <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">more than <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">7,500 <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">flex workspaces <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">\u2014<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\"> 7,538<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\"> to be precise<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">. This <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">represents<\/span> <span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW107943111 BCX0\">a 7<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">% <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">quarter-over-quarter (<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">Q-o-Q<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">)<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\"> growth<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">, <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">once again <\/span><span class=\"NormalTextRun SCXW107943111 BCX0\">demonstrating<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\"> a positive evolution of the coworking sector and a healthy <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW107943111 BCX0\">demand<\/span><span class=\"NormalTextRun SCXW107943111 BCX0\"> and supply of flexible workspaces to support remote and hybrid work.<\/span><\/span><span class=\"EOP SCXW107943111 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-6qR4N\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\" Coworking Spaces in America's Top Markets Q3 2024\" src=\" https:\/\/datawrapper.dwcdn.net\/6qR4N\/2\/\" height=\"523\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Locator map\" data-external=\"1\" loading=\"lazy\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span class=\"TextRun SCXW191473421 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW191473421 BCX0\">Of the <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">25 <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">leading markets, only <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">two<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"> stagnated in terms of coworking spaces <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">\u2014 the<\/span> <span class=\"NormalTextRun SCXW191473421 BCX0\">Bay Area (124) and <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ut\/salt-lake-city\/\">Salt Lake City<\/a> (75). <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">A<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">dditionally, a<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">ll <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">but one (Brooklyn<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">, NY<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">) of <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">the remaining <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">locations saw increases in their coworking inventor<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">ies<\/span> <span class=\"NormalTextRun SCXW191473421 BCX0\">during <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">Q3 of this year<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW191473421 BCX0\">T<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">he <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">most notable <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">was<\/span> <span class=\"NormalTextRun SCXW191473421 BCX0\">in <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/tn\/nashville\/\">Nashville<\/a>, where the <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">total supply grew by 22 spaces<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">,<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"> or the equivalent of a 2<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">4<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">% growth.<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"> Meanwhile, <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"><a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/in\/indianapolis\/\">Indianapolis<\/a> ended this quarter with a total of <\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">85 spaces<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"> to<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\"> account for a 12% increase since Q2<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">.<\/span> <span class=\"NormalTextRun SCXW191473421 BCX0\">T<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">he third<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">-<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">most notable surge in inventory was seen in <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/pa\/philadelphia\/\">Philadelphia<\/a> (<\/span><span class=\"NormalTextRun SCXW191473421 BCX0\">9%), which went from 137 spaces to 150 in the span of three months.<\/span><\/span><span class=\"EOP SCXW191473421 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span class=\"TextRun SCXW265534525 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW265534525 BCX0\">National <\/span><span class=\"NormalTextRun SCXW265534525 BCX0\">Rates for <\/span><span class=\"NormalTextRun SCXW265534525 BCX0\">Coworking Memberships<\/span> <span class=\"NormalTextRun SCXW265534525 BCX0\">Remain Stable Across the Board<\/span><\/span><span class=\"EOP SCXW265534525 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span class=\"TextRun SCXW109498400 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW109498400 BCX0\">During the third quarter of 2024, the prices for coworking memberships <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">r<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">emained <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">generally stable<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> with dedicated desks registering the same monthly median as in Q2 <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">(<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">precisely $300<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">)<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">. <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">At the same time, <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">virtual offices and open workspaces<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> saw very slight fluctuations<\/span> <span class=\"NormalTextRun SCXW109498400 BCX0\">quarter-over-quarter:<\/span> b<span class=\"NormalTextRun SCXW109498400 BCX0\">oth <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">of the<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">ir<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> national rates <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">increas<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">ed<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> by just $1 <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">to $120<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> per <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">month for a virtual office and $150<\/span><span class=\"NormalTextRun SCXW109498400 BCX0\"> per <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">month for <\/span><span class=\"NormalTextRun SCXW109498400 BCX0\">open workspaces.<\/span><\/span><span class=\"EOP SCXW109498400 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3527 aligncenter\" src=\"https:\/\/www.coworkingcafe.com\/blog\/wp-content\/uploads\/sites\/79\/2024\/07\/Median-Monthly-Subscription-National-Level-Octomber-2024.png\" alt=\"Q3 prices\" width=\"705\" height=\"360\" srcset=\"https:\/\/www.coworkingcafe.com\/blog\/wp-content\/uploads\/sites\/79\/2024\/07\/Median-Monthly-Subscription-National-Level-Octomber-2024.png 705w, https:\/\/www.coworkingcafe.com\/blog\/wp-content\/uploads\/sites\/79\/2024\/07\/Median-Monthly-Subscription-National-Level-Octomber-2024.png?resize=300,153 300w\" sizes=\"auto, (max-width: 705px) 100vw, 705px\" \/>Virtual Offices<\/strong><\/h3>\n<p><span data-contrast=\"auto\">The nation\u2019s capital continues to boast the lowest rate for virtual offices at only $80 per month. Perhaps surprisingly, <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/dc\/washington\/\">Washington, D.C.<\/a> has been consistently the most affordable market in terms of this type of coworking membership. <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/co\/denver\/\">Denver<\/a> and Brooklyn are the only other markets to stand below the $100, more specifically, at $99\/month for a virtual office.\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Some markets also experienced significant price drops Q-o-Q. For instance, in <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/az\/phoenix\/\">Phoenix<\/a> and Philadelphia virtual offices dropped by $64 and $59, respectively.\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Conversely, virtual offices in New Jersey and <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/il\/chicago\/\">Chicago<\/a> were the most expensive in the country, standing at $210 and $205, respectively, at the end of Q3. But, the highest price increases in the span of the last quarter occurred in <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ga\/atlanta\/\">Atlanta<\/a> (a $32 hike in price to reach $179) and in Chicago (a $16 increase).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><strong>Open Workspaces<\/strong><\/h3>\n<p><span data-contrast=\"auto\">In markets such as <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ny\/manhattan\/\">Manhattan<\/a>, ($299), Brooklyn ($277) and Washington, D.C. ($249), the monthly rate for open workspaces is significantly higher than the national median of $150 (almost double the rate in Manhattan\u2019s case). Even so, nine of the top 25 markets log prices below the national median with New Jersey, Philadelphia, Phoenix and Orange County all boasting a median price of $119 per month for open workspaces.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Yet, during Q3, the highest price surges for this type of coworking membership were registered in (perhaps surprisingly) <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/mn\/minneapolis\/\">Minneapolis<\/a>-St. Paul ($50 more to reach $199 per month) and Washington, D.C. (up by $49 since Q2 to now stand at a monthly rate of $249).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">On the other hand, some markets saw notable price reductions in terms of open workspaces. The most significant (down $74) was in <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ca\/san-francisco\/\">San Francisco<\/a>, which went from $299 per month in July to just $225 at the end of the third quarter. Further south, Orange County also dropped its open workspace rate by $68 from the previous $187, as did <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/tx\/dallas\/\">Dallas<\/a>-Fort Worth. In the latter, the coworking membership is now on par with the national median after dropping $48 from $198 in Q2.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><strong>Dedicated Desks<\/strong><\/h3>\n<p><span data-contrast=\"auto\">The most affordable dedicated desks in the country are found in Indianapolis, where the $209 monthly rate is significantly below the national median of $300. Similarly, <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/nc\/raleigh\/\">Raleigh<\/a>-Durham ($263) and Salt Lake City ($269) are the only other markets standing below the $270 mark. Not to be outdone, five other locations \u2014 DFW, Chicago, Atlanta, Phoenix and <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/tx\/houston\/\">Houston<\/a> \u2014 also boast more affordable rates below the national average.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the other end of the spectrum, dedicated desks in Manhattan go for $510 per month \u2014 more than $200 more than the national rate \u2014 while the same coworking subscription stands at $450 in San Francisco.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Interestingly enough, Manhattan\u2019s pricey rate is even after a $10 price drop since Q2. That\u2019s the same reduction registered in Atlanta, which now logs a $279 monthly rate for dedicated desks. For comparison, other markets \u2014 like LA and D.C. \u2014 increased their subscriptions by $25 and $24, respectively, in the span of a quarter to land at $375 and $364. Likewise, <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ma\/boston\/\">Boston<\/a> is another market where dedicated desk subscriptions saw a $24 surcharge to reach $399 per month.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><strong>Leading Markets by Number of Coworking Spaces<\/strong><\/h2>\n<h3><span class=\"TextRun SCXW132428058 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW132428058 BCX0\">LA, DFW &amp; Manhattan Still on Podium,<\/span><span class=\"NormalTextRun SCXW132428058 BCX0\"> Brooklyn Only Market to Decrease Inventory in Q3<\/span><\/span><span class=\"EOP SCXW132428058 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span class=\"TextRun SCXW212422122 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW212422122 BCX0\">The three leading markets with the highest number<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">s<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> of coworking spaces <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">remained<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> the same in Q3<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> as <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">they were <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">in the previous quarter<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">: <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ca\/los-angeles\/\">Los Angeles<\/a> still leads with <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">292 spaces after adding 13 more to its total inventory during the last three months, while Dallas-Fort Worth<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> (DFW)<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> held onto <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">the <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">runner<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">-<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">up position<\/span> <span class=\"NormalTextRun SCXW212422122 BCX0\">it <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">gained during Q2. <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">Specifically<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">, DFW reached 279 flex workspaces after a slight 3% growth in inventory, while Manhattan <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">\u2014<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> the long-time <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">national <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">leader <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">\u2014<\/span> <span class=\"NormalTextRun SCXW212422122 BCX0\">remain<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">s<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> in thir<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">d<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\"> place <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">with <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">275 spaces after adding 11 more locations in Q3 <\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">(<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">or the equivalent of a 4% increase in inventory<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">)<\/span><span class=\"NormalTextRun SCXW212422122 BCX0\">.\u00a0<\/span><\/span><span class=\"EOP SCXW212422122 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<div id=\"datawrapper-vis-ZmZsM\" style=\"min-height: 1425px;\"><script type=\"text\/javascript\" defer src=\" https:\/\/datawrapper.dwcdn.net\/ZmZsM\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-ZmZsM\"><\/script><noscript><img decoding=\"async\" src=\" https:\/\/datawrapper.dwcdn.net\/ZmZsM\/full.png\" alt=\"\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">Rounding out the top five MSAs with the most coworking spaces are, once again, Washington, D.C. with 266 shared workspaces (3% growth Q-o-Q) and Chicago with 255 (5% increase).\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">However, the most significant surges in inventory were seen elsewhere. Namely, Nashville achieved an impressive 24% surge in coworking supply after going from 90 spaces in Q2 to 122 at the end of Q3. To the north, half of that growth rate (12%) was registered in Indianapolis, which grew its total inventory to 85 spaces from the previous 76.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Notably, the only market among the top 25 to decrease its number of coworking spaces this quarter was <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ny\/brooklyn\/\">Brooklyn<\/a>, where a minor 3% decrease took place for the equivalent of three coworking spaces (from 80 in Q2 to 78 now).\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><strong>Leading Markets by Square Footage<\/strong><\/h2>\n<h3><span class=\"TextRun SCXW41497725 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41497725 BCX0\">U.S. Adds <\/span><span class=\"NormalTextRun SCXW41497725 BCX0\">Almost<\/span><span class=\"NormalTextRun SCXW41497725 BCX0\"> 5M Sq<\/span><span class=\"NormalTextRun SCXW41497725 BCX0\">uare Fee<\/span><span class=\"NormalTextRun SCXW41497725 BCX0\">t <\/span><span class=\"NormalTextRun SCXW41497725 BCX0\">in Q3<\/span><span class=\"NormalTextRun SCXW41497725 BCX0\"> as<\/span> <span class=\"NormalTextRun SCXW41497725 BCX0\">80% of Leading Markets <\/span><span class=\"NormalTextRun SCXW41497725 BCX0\">Gain<\/span><span class=\"NormalTextRun SCXW41497725 BCX0\"> More Coworking Ground\u00a0<\/span><\/span><span class=\"EOP SCXW41497725 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span class=\"TextRun SCXW23330560 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW23330560 BCX0\">Nationally, the total square footage attributed to coworking spaces grew by another 5% in the last quarter<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">:<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\"> it now claims a total of 133,507,623 square feet (up from the <\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">previous<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\"> 127,671,340<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\"> to<\/span> <span class=\"NormalTextRun SCXW23330560 BCX0\">represent<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\"> almost <\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">5<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\"> million <\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">sq<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">uare <\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">f<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">ee<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">t<\/span> <span class=\"NormalTextRun SCXW23330560 BCX0\">a<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">dded in the last three <\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">months<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">)<\/span><span class=\"NormalTextRun SCXW23330560 BCX0\">.\u00a0<\/span><\/span><span class=\"EOP SCXW23330560 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-iJR5P\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\" Total Coworking Square Footage Q3 2024 vs. Q2 2024\" src=\" https:\/\/datawrapper.dwcdn.net\/iJR5P\/1\/\" height=\"1425\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Grouped Bars\" data-external=\"1\" loading=\"lazy\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span data-contrast=\"auto\">Naturally, after seeing the highest surge in coworking inventory, Nashville also leads in terms of total square footage growth with a 13% rise in surface covered by flex workspace. The metro area went from 1.84 million square feet at the end of Q2 to 2.09 million square feet as of Q3. A similar increase in surface area (12%) was also logged in San Francisco, where 3.62 million square feet is now attributed to coworking spaces, as opposed to 3.23 million back in July. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Of the 25 leading markets, only five decreased their total coworking surface during Q3. The most significant drop of 17% was in Brooklyn, which took the market from a previous 2.36 million square feet down to 1.96 million. Nearby, Manhattan also lost 6% of its total surface, although it remains the top market with the most coworking ground at 11.16 million square feet \u2014 almost double that of the runner-up in this category, Chicago. Other MSAs where the total coworking ground decreased were <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/tx\/austin\/\">Austin<\/a> (-4% to a current 1.65 million square feet); Denver (-3%); and DFW (-2%). <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><span class=\"TextRun SCXW3682087 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW3682087 BCX0\">Average Sq<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">uare F<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">oo<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">t<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">age<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\"> Continues to Decrease in <\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">15<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\"> of <\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">25 Markets<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">,<\/span> <span class=\"NormalTextRun SCXW3682087 BCX0\">Most Drastic <\/span><span class=\"NormalTextRun SCXW3682087 BCX0\">Declines<\/span><span class=\"NormalTextRun SCXW3682087 BCX0\"> in Brooklyn, Manhattan &amp; Austin<\/span><\/span><span class=\"EOP SCXW3682087 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Although total national coworking square footage continues to increase, the average size of individual coworking spaces in most markets is dwindling, thereby reflecting the same trend observed during past quarters. This is likely due to the rising focus on smaller coworking spaces that may be more focused on communities and niche audiences.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Accordingly, in Q3 of 2024, the average coworking square footage at the national level stood at 17,711 million after a slight 2% decrease from last quarter, when it landed at 18,133 million square feet. Then, this quarter, only 10 of the top 25 markets registered increases in their average square footage covered by coworking spaces.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-5r093\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\" Average Coworking Space Square Footage Q3 2024 vs. Q2 2024\" src=\" https:\/\/datawrapper.dwcdn.net\/5r093\/1\/\" height=\"1476\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Grouped Bars\" data-external=\"1\" loading=\"lazy\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span data-contrast=\"auto\">Consequently, the largest coworking spaces as seen through the average square footage can now be found in Manhattan (40,597 square feet); San Francisco (29,397); and Chicago (26,068). Moreover, San Francisco registered the highest gains in terms of coworking surface as a result of its rise in total square footage. Here, the average square feet per space grew by 9% since Q2.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Then, at a distance, the New Jersey market increased its average surface by 4% Q-o-Q to now log 16,909 square feet per space. Similarly, other increases above the 1% growth rate were registered in the Bay Area and <a href=\"https:\/\/www.coworkingcafe.com\/coworking-space\/us\/ca\/san-diego\/\">San Diego<\/a> (2%), as well as in Washington, D.C. and Raleigh-Durham (1%).\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Conversely, Brooklyn was the MSA with the most drastic loss in average coworking surface with a 15% drop since Q2 to now settle at 25,066 average square feet per space this quarter. Neighboring Manhattan also decreased in this metric by 10% Q-o-Q to now land at 40,597. The same 10% loss was noted in Austin, Texas, where the average square footage per coworking space stood at 18,767 at the end of Q3.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><strong>Distribution of Top Coworking Operators<\/strong><\/h2>\n<h3><span class=\"TextRun SCXW261750435 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW261750435 BCX0\">HQ <\/span><span class=\"NormalTextRun SCXW261750435 BCX0\">Remains<\/span><span class=\"NormalTextRun SCXW261750435 BCX0\"> Operator <\/span><span class=\"NormalTextRun SCXW261750435 BCX0\">w<\/span><span class=\"NormalTextRun SCXW261750435 BCX0\">ith Fastest Expansion, Adding 10% More Spaces in Q3<\/span><\/span><span class=\"EOP SCXW261750435 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span class=\"TextRun SCXW77368785 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW77368785 BCX0\">The top leading coworking operators in the U.S. market <\/span><span class=\"NormalTextRun SCXW77368785 BCX0\">remained<\/span><span class=\"NormalTextRun SCXW77368785 BCX0\"> the same as they were in Q<\/span><span class=\"NormalTextRun SCXW77368785 BCX0\">2<\/span><span class=\"NormalTextRun SCXW77368785 BCX0\"> of 2024 \u2014 Regus, WeWork, Industrious, Spaces and HQ. All of them logged the highest numbers of coworking spaces both on a national level (a cumulated, quarter-over-quarter increase of 3%) and within the top 25 markets analyzed (a cumulated, quarter-over-quarter increase of 1%).<\/span><\/span><span class=\"EOP SCXW77368785 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><script id=\"infogram_0__\/kkzV9Nas4FOKUxEUSFoY\" title=\"Top Coworking Operators: Distribution in Largest 25 Markets vs. Nationally Q3 &amp;amp;#39;24 vs. Q2 &amp;amp;#39;24\" src=\" https:\/\/e.infogram.com\/js\/dist\/embed.js?7Wa\" type=\"text\/javascript\"><\/script><\/p>\n<p><span data-contrast=\"auto\">Following last quarter\u2019s trend, the most impressive growth in portfolio nationwide was attributed to HQ, which added 10% more spaces across the U.S. in Q3 alone to now reach a total of 236. The operator also had 5% more locations among the leading markets, now amounting to 105.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the same time, Spaces grew its U.S. inventory by 7% after adding nine more flex workspaces in Q3 to a total of 147. In particular, in the top 25 markets, Spaces now checks 113 coworking locations for a 5% Q-o-Q growth.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In the same way, the leading operator in the country, Regus, registered slight increases in inventory during Q3 \u2014 2% nationwide (to reach 998 spaces) and 1% among the top MSAs (580 spaces).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Coworking Niche Begins Maturing with Entry of Coworking Networks<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">As with most emerging sectors, the coworking industry has also been subject to strategic partnerships and consolidations, meant to bring disparate brands together under a single umbrella and cater to a large and diverse range of users. \u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Recently, three established coworking brands \u2014 Office Evolution, Venture X, and Intelligent Office \u2014 have come together to form VAST Coworking. The network currently stands at a total of 174 spaces across the U.S. This type of consolidation is a solid reinforcement of the coworking industry's prominence and popularity, among businesses and workers alike.\u202f\u202f<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">Methodology<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">To compile this report, we used proprietary data from CoworkingCafe to determine the number of coworking spaces per market, as well as the total square footage and leading operators.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The study relied solely on the listing data available on CoworkingCafe as of October 2024.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">The top 25 markets analyzed were established by our sister company Yardi Matrix and were ranked based on allocated square footage.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">In terms of pricing, we looked at the national median starting prices per person per month for virtual office, open workspace and dedicated desk coworking subscriptions.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"auto\">Fair Use &amp; Redistribution<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">We encourage and freely grant you permission to reuse, host or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to <a href=\"https:\/\/www.coworkingcafe.com\/\">CoworkingCafe.com<\/a> or this page so that your readers can learn more about this project, the research behind it and its methodology.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. coworking sector continues to gain momentum, fueled by the rising demand for flexible workspaces and the shifting work patterns of the post-pandemic world. With more companies emphasizing remote and hybrid models than ever before, coworking spaces across the nation have become more popular and accessible, spanning central business districts and suburbs alike.\u00a0 Once<\/p>\n","protected":false},"author":2470,"featured_media":3526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[15],"class_list":{"0":"post-3995","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market-studies","8":"tag-new-market-studies"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coworking Industry Report Q3 2024: Total U.S. Inventory Surpasses 7,500 Mark as Almost All Leading MSAs Add Spaces - CoworkingCafe Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.coworkingcafe.com\/blog\/coworking-industry-report-q3-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coworking Industry Report Q3 2024: Total U.S. Inventory Surpasses 7,500 Mark as Almost All Leading MSAs Add Spaces\" \/>\n<meta property=\"og:description\" content=\"The U.S. coworking sector continues to gain momentum, fueled by the rising demand for flexible workspaces and the shifting work patterns of the post-pandemic world. 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