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Coworking Poised for Significant Growth; Gateway Markets’ Inventory Could Triple

Coworking inventory has grown substantially over the past three years. In fact, half of all current U.S. coworking space has opened since early 2015, with more than five million square feet of new space coming online each of the past three years, according to new research. Cushman & Wakefield’s “Coworking and Flexible Office Space” report shows another three million square feet of new space opened in the first half of 2018.

Cushman & Wakefield’s Revathi Greenwood says, “Based on current near-term projections, coworking space could easily triple from its current share in gateway markets over the next decade. Total inventory could increase to over 5% of office space in many urban markets and as high as 10% in some markets.”

In the largest U.S. coworking market, Manhattan, coworking space accounts for less than 3% of office space. The other gateway markets are in a similar range with somewhere between 1% and 3% of office inventory in coworking space. Roughly half of all coworking inventory is in the six gateway markets: Manhattan, Los Angeles, San Francisco, Chicago, Washington, DC, and Boston. Non-gateway markets with over one million square feet of coworking space include Atlanta, Dallas/Fort Worth, Denver, San Diego and Seattle.

Despite this growth, coworking still accounts for only 1%, or 47.8 million square feet, of the total five billion square feet of office inventory across the 87 markets tracked by the firm.

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Inside The Story

Read more at Cushman & Wakefield’s Coworking and Flexible Office Space reportConnect With Cushman & Wakefield’s Greenwood

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.