Co-working companies have an opportunity as office leasing sags amid the rise of remote and hybrid working due to the pandemic, companies looking for a more flexible workspaces.
Which co-working companies are most primed to meet the moment? Companies have more than 5,700 locations in the United States, but one is head and shoulders above the competition for most spaces.
Here are the 10 largest co-working operators in the nation, according to CommercialEdge data reported by CoworkingCafe, a Yardi-owned platform:
1) Regus | 832 locations
IWG is far and away the biggest co-working operator in the United States, with three of its subsidiaries in this list. Regus is at the top, slowly growing its massive footprint since its establishment in 1989. The Luxembourg-based company is also the largest global operator with more than 3,000 locations, including more than 100 in New York City and the tri-state area.
2) WeWork | 246 locations
Despite an outsized reputation and meteoric rise after its debut in 2010, WeWork doesn’t even have a third of the locations its chief competitor boasts. The company stretches globally, including 70 locations in Manhattan alone. However, the firm recently decided to close 40 locations on its pursuit of profitability.
3) Industrious Office | 135 locations
Another New York-based company is in the bronze medal position. Industrious’ 135 locations are spread across 40 cities in the country, more than half of which are along the East Coast. The company also has a significant number of locations in Europe and Asia. The company is trying to add apartment sites to its office footprint.
4) Spaces | 117 locations
Another IWG subsidiary based in Luxembourg, Spaces is more geared towards a global audience than an American one. The company has only 117 locations in the United States, but 466 locations around the world. Spaces has 29 spots in the Bay Area and Southern California along with significant holdings in Texas and New York City.
5) Premier Workspaces | 87 locations
Irvine-based Premier Workspaces celebrated its 20th anniversary this year. Formerly known by Premier Business Centers, the company operates many of its locations in the Los Angeles area. The firm last spring announced a long-term plan to add 100 managed shared office spaces to its portfolio. It is the largest company operating exclusively in the United States.
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6) Office Evolution | 81 locations
The first of two Colorado-based companies on the list, Office Evolution is nearing its own 20-year anniversary in the sector. It is the second-largest provider to operate exclusively in the United States. Outside of Colorado, its main locations include California, Florida, Texas and New Jersey.
7) Workstyle Flexible Spaces | 67 locations
Workstyle Flexible Spaces also operates exclusively in the U.S. A large majority of its locations are in Texas, including 27 in Houston alone, where Workstyle is based. The company is owned by Boxer Property Management.
8) HQ Global Workspaces | 60 locations
Yet another IWG subsidiary, Texas-based HQ Global Workspaces is ancient by co-working standards, founded 60 years ago. HQ has 17 locations in Texas and 10 in California, but most of its domestic locations are along the East Coast, excluding a notable absence from New York. That could change, as the company plans to expand by more than 30 percent next year.
9) Intelligent Office | 45 locations
Intelligent Office is the oldest operator serving the U.S. exclusively. The Colorado-based company was founded in 1995 counts five locations each in its home state and, intriguingly, Virginia. Intelligent is spread thin throughout the nation, only having multiple locations in three cities: Denver, Las Vegas and El Paso.
10) Expansive Workspace | 43 locations
Once known as Novel Coworking, Expansive Workspace is novel in that it owns and develops its own operating locations. The company is virtually nonexistent in New York and Los Angeles, instead focusing most of its attention on Phoenix and Chicago, the latter of which is the headquarters for the firm.