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Despite traditional commercial office woes, the U.S. coworking industry continued to grow in the second quarter of 2024, adding 444 new spaces compared to Q1, and bringing the total number of spaces to 7,041 locations nationwide.
The updated figures, published in Coworking Cafe’s Q2 report, show Dallas-Fort Worth has surpassed Manhattan to become the second largest coworking hub in the U.S., with 271 spaces compared to Manhattan’s 264. Meanwhile, Los Angeles maintained its position at the number one spot. The West coast city tallies 279 spaces in Q2.
Despite Manhattan falling one spot in terms of total number of coworking space, it’s still the leading market when it comes to average square footage — at 45,023 square feet.
The lead markets by total number of coworking spaces:
- Los Angeles – 279
- Dallas-Fort Worth – 271
- Manhattan – 264
- Washington, D.C. – 258
- Chicago – 243
- Denver – 227
- Atlanta – 226
- Houston – 222
- Boston – 202
- New Jersey –171
- Miami – 142
- Phoenix –138
- Seattle – 137
- Philadelphia – 137
- Bay Area – 124
- San Diego – 122
- San Francisco – 120
- Orange County – 116
- Minneapolis-St. Paul – 98
- Raleigh-Durham – 94
- Nashville – 90
- Austin – 82
- Brooklyn – 80
- Indianapolis – 76
- Salt Lake City – 75
Nationally, this marks a 7% increase in total inventory from the previous quarter.
Coworking Cafe’s report also shows leading operators including Regus, Industrious, and HQ have expanded — collectively adding 39 new spaces nationwide in Q2 2024. HQ, in particular, experienced a 13% increase in inventory which helped to solidify its position as a major offering in the top markets. Notably, WeWork recorded an 8% decrease in overall inventory nationwide, but still holds a strong position within the top 25 U.S. markets.
In addition to physical office space expansion, the sector’s pricing dynamics have reportedly remained stable. Virtual offices and open workspaces saw minimal price changes, but dedicated desk rates experienced a slight decrease.
The report shows the current median price for dedicated desks fell by $9 to $300 per month. This stability in pricing is seen as key to attracting a diverse range of professionals seeking flexible and affordable work environments.
The coworking industry’s continued growth coincides with a broader trend across the workforce. In the U.S., the most popular work environment is now hybrid work, and both employers and employees are look for greater flexibility and adaptability when it comes to workplaces.
