Which US big city is king of co-working?

The top metro is no surprise, but the one with the highest concentration might be

Miami /
Feb.February 26, 2018 06:00 PM

(Credit: Wikipedia)

News flash: Co-working spaces are popular in major U.S. metro areas.

There’s nearly 27 million square feet of co-working spaces around the country and unsurprisingly, much of it is concentrated in major metro areas, according to a report by Yardi.

Manhattan is by far the co-working capital, at least in terms of sheer square footage. More than a quarter of all co-working space, or 7.65 million square feet, is in Manhattan across 245 locations.

That’s twice as much as the second largest, Los Angeles, which has 3.7 million square feet. L.A. is the only other city with more than 1.6 million square feet.

Miami ranked seventh in square footage, at 1.38 million square feet. But the city topped all other metros in terms of co-working as a percentage of overall office stock.

Around 2.7 percent of Miami’s 50.5 million square feet of office space is co-working.

Yardi suggested that Miami’s unusually high percentage of co-working space could be because of high demand from the city’s large number of startups, telecommunications and medical centers. Another reason for Miami’s high proportion of co-working spaces, according to the survey, is the city’s “many small import-export businesses related to trade with Latin America that produce demand for small, flexible office spaces.”

In New York, the biggest name in the co-working business is WeWork. The company has been in aggressive expansion mode in the last several years. In 2017, it grew its revenue to $900 million, its president, Artie Minson, announced on Monday.


Related Articles

arrow_forward_ios
Renderings of the project with Minto Communities CEO Michael Waters (Minto, Konover South)
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
Software firm Chetu buys Sunrise office property for $25M
Software firm Chetu buys Sunrise office property for $25M
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield buys Comcast-leased Miramar building for $29M
Brookfield buys Comcast-leased Miramar building for $29M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...