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A new report from Coworking Cafe has identified the cities with the largest stock of coworking spaces in the U.S.
Topping the list is New York City, clocking in at 594 coworking spaces, followed closely by Los Angeles area with 588 coworking spaces.
Rounding out the top three is the Washington D.C. metro, which was shown to have 295 coworking spaces.
“Given the high demand from this demographic, it’s likely that coworking spaces will continue to grow — both in the New York metro and in other places across the country,” the company stated.
The main factors driving coworking spaces? The technology industry and cost-cutting strategies.
Even in its early days, coworking spaces became synonymous with startup and tech culture. While the audience these shared offices attract has expanded, many still have roots in these industries.
Additionally, as inflation continues to impact the cost of business operations, companies are more likely to offload their expensive, long-term leases and instead adopt flexible workspaces.
“As most companies are uncertain of their occupancy levels, coworking is a low-capital expenditure, short-term solution during an uncertain time allowing for a gradual return to office strategy with elevated amenities, programming and the ability to decrease or increase their headcount quickly,” said Jon Moeller, Managing Director at Raise Commercial Real Estate Silicon Valley.
This expansion isn’t set to slow down anytime soon, either. According to a forecast from Avison Young, coworking stock could see a five-to-ten-fold spike over the next ten years.
