News flash: Co-working spaces are popular in major U.S. metro areas.
There’s nearly 27 million square feet of coworking 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 coworking 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 coworking 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 coworking 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 coworking 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 coworking 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.