The total square footage attributed to coworking spaces has grown by 3 percent in the past quarter, now claiming 136.85 million square feet (with 3.3 million more sq. ft. added in the last three months). This headline figure has rich detail within it.
CoworkingCafe’s latest quarterly report on the coworking industry leverages proprietary data as of December 2024. In this study, the company has broken down coworking space stock availability across the 25 largest markets, along with their size and distribution, subscription prices and top coworking operators.
The top leading coworking operators among the top 25 U.S. markets remain the same ones as in the previous quarters: Regus, Industrious, WeWork, Spaces and HQ, Industrious taking WeWork’s second spot.
Coworking is an arrangement in which workers for different companies share an office space. This concept enables cost savings to be made and provides convenience through the use of common infrastructures, such as equipment, utilities and receptionist and custodial services, and in some cases refreshments and parcel acceptance services. The biggest global market is within the U.S.
The main trend reveals that U.S. national coworking inventory increased by 2 percent in Q4 2024. This translates to 147 more coworking spaces throughout the country, reaching a total of 7,695.
The three leading markets with the highest number of coworking spaces saw a slight shift: Los Angeles still leads with 292 spaces (same as Q3), while Dallas-Fort Worth held on to its runner-up position with 286 flex workspaces. Washington, D.C. moved to the third position with 277 spaces, bumping Manhattan to the fourth spot.
These data indicate how the coworking market performed in Q4 2024:
- Inventory: National coworking inventory reached 7,695 spaces, after a 2% quarter-over-quarter (Q-o-Q) increase.
- Square Footage: The U.S. coworking sector added over 3.3 million square feet in Q4, pushing the total to over 136.8 million square feet nationwide, reflecting a 3% Q-o-Q increase.
- Top Market Performance in Inventory: Salt Lake City saw the largest inventory surge, growing by 8%, followed by Austin with a 5% increase. The two leading markets by number of coworking spaces remained unchanged in Q4 compared to Q3: Los Angeles in first spot with 292 spaces, while Dallas-Fort Worth maintained its second spot with 286 spaces. Washington, D.C. landed in third place by adding 11 spaces, ending the quarter with 277 coworking locations. As a result, Manhattan was bumped into fourth place, after losing two spaces and totaling 273.
- Leaders in Square Footage Growth: San Diego recorded a 15.1% increase in coworking surface, reaching 2.4 million square feet by the end of Q4. At the same time, Salt Lake City posted a 13% gain in coworking square footage, reaching 1.9M square feet of coworking space.
- Stable Pricing: Coworking membership prices remained stable, with national median prices for dedicated desks and virtual offices holding steady at $300 and $120/month, respectively. Meanwhile, open workspace rates decreased slightly, by just $1, reaching $149/month.
- Operators: Among the top 25 markets, Regus remained in the lead, with Industrious replacing WeWork in the second spot. Spaces and HQ remained in the top 5. Regus maintained its lead with 1,018 locations across the country after a slight 2% increase Q-o-Q, while Industrious recorded a 9% increase nationwide and a 13% growth among top 25 markets.
- Q4 2024 vs. Q4 2023: In December 2023 there were 6,251 coworking spaces nationwide – marking a 23% growth in the span of a year. In terms of total square footage, the registered growth was of 13%, equivalent to more than 16 million sq. ft. added in 2024.
From the above analysis, the most interesting trend is that among the three leading markets with the highest number of coworking spaces, this sector saw a slight shift: Los Angeles still leads with 292 spaces (same as Q3), while Dallas-Fort Worth held on to its runner-up position with 286 flex workspaces. Washington, D.C. moved to the third position with 277 spaces, bumping Manhattan to the fourth spot.
Salt Lake City saw the biggest increase in inventory — registering 8% more coworking spaces Q-o-Q. At the same time, Minneapolis-St. Paul’s supply decreased the most — by 2%.
