Yardi Matrix has put together the most comprehensive study of the Coworking industry to date. It is the first to quantify the amount of square footage of Coworking space in relation to total office space within markets. This report features the following data:
Stats on Top Markets: Manhattan has by far the most Coworking space, with 7.7M sq ft. Los Angeles is next with 3.7M. Miami has the most space as a percentage of stock, at 2.7%.
Industry Trends: Despite some limitations, Coworking provides an alternative to a growing number of entrepreneurs and remote workers. It also allows companies to reduce long-term fixed costs associated with leasing commercial space.
Urban vs. Suburban: Coworking comprises 1.4% of office space in urban areas, as opposed to 0.9% of space in suburban areas. The gap is much wider in cities such as Miami, Austin, and San Francisco, where the percentage of urban Coworking spaces is anywhere from 2x to 4x that of suburban areas.