Which US big city is king of co-working?

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

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

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Daily Digest Miami

Ten-X Commercial laid off half of its workforce, Miami professor who taught class on money laundering allegedly laundered millions

From left: BGI Capital’s Kenneth A. Baboun and Robert Barthelmess, 299 Alhambra Circle, Local Ventures' Rishi Kapoor (Credit: Google Maps, BGI)

Developer snags $12M loan for co-working project in Coral Gables

Daily Digest Miami

Compass sweetens agent stock program for 2020, affordable housing project in downtown Fort Lauderdale lands $27M loan: Daily digest

Easton & Associates Vice President Elliot LaBreche (Credit: iStock)

The doctors will see you now: Co-working medical office space operator plans major expansion

Daily Digest Miami

Panattoni drops $24M to build new industrial project near Opa-locka, One Sotheby’s International Realty acquired Treasure Coast Sotheby’s: Daily digest

Rendering of Urbin Coconut Grove and Rishi Kapoor

Co-living venture Urbin expanding to Miami Beach