November 12, 2019
Driven by the gig economy, booming tech employments and corporations seeking lease flexibility, shared space is on the rise. A recent Yardi Matrix special report titled “Shared Space: Coworking’s Rapid Growth Set to be Tested,” showed that coworking accounted for one-third of office leases over the last 18 months.
The top 50 markets contain 93.2 million square feet of shared space, representing 1.7% of total office space. The metros with the most shared space as a percentage of stock are New York City boroughs Manhattan and Brooklyn with 3.9% and 3.7%, respectively. Miami falls close behind with 3.5%.
The top metro for coworking space is Manhattan, with 17.3 million square feet of space, followed by Los Angeles, Washington, D.C., Chicago and Boston. Manhattan has added 4.1 million square feet of coworking space since the fourth quarter of 2018, followed by Los Angeles (2.7 million square feet), San Francisco and Dallas (1.2 million square feet each) and Atlanta and Miami (1.1 million square feet each).
*Pictured above: WeWork’s location at Dock 72 in the Brooklyn Navy Yard
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