Coworking Vs. Office Prices in Boston – Coworking at 58% Discount
Coworking spaces are proving to be a more cost-effective option compared to traditional office leasing in 96% of the cities studied, according to a recent analysis from CoworkingCafe.
In 17 major U.S. cities, coworking subscriptions were discovered to be priced at less than 50% of the cost of office leases. The Northeastern region of the U.S. showcased a dynamic pattern where coworking emerged as a financially advantageous option, prevailing in most cities. Notably, Boston, MA, and New York City took the lead in the Northeast, securing significant cost savings, ranking third and fifth, respectively, in the nationwide trend.
In Boston, coworking rates displayed a 58% markdown in comparison to traditional office leases, translating to over $72,000 in average annual savings for a team of 10. Similarly, New York demonstrated a 57% reduction, resulting in annual savings of $80,000 under the same conditions.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.