A study by Cushman & Wakefield reveals that flexible workspace in San Diego, Southern California, has grown consistently over the past eight years and is expected to continue increasing this year.
San Diego’s current footprint of 1.5 million square feet across 107 locations “marks a significant increase of 1.2 million square feet over the last eight years”, says Jolanta Campion, Cushman & Wakefield’s director of research in San Diego.
It has averaged 25% year-over-year growth during that time.
“Continuing to gain in popularity, we fully anticipate for coworking inventory growth to continue ahead, with more openings on the horizon.”
Downtown San Diego has the largest share of the market with 21%, followed by Carlsbad, with 14%. The operators with the largest flexible workspace footprint in San Diego include IWG’s Regus, Premier Workspaces, and WeWork.
IWG’s coworking arm, Spaces, is set to open a new location in San Diego as is Industrious, which is also planning its first location.
According to Cushman & Wakefield, San Diego’s coworking spaces represent 1.9% of the 80 million square feet of total office inventory countywide, compared to 1.2 million square feet across 90 locations a year ago.