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Coworking’s Growth Spurt is Long-Term
If any office market dominates the rapidly-growing coworking sector, it’s New York. Not only are three sector leaders—WeWork, Regus and Knotel—all native to Manhattan, but the city also has nearly as much coworking space as the next five gateway markets combined. WeWork is now the second largest occupier of space across New York, next to municipal government, up from No. 11 at the start of 2017.
That being said, Cushman & Wakefield reports that coworking space still accounts for less than 3% of the city’s total office inventory.
Yet,the growth spurt is far from over. “Based on current near-term projections, coworking space could easily triple from its current share in gateway markets over the next decade,” said Cushman & Wakefield’s Revathi Greenwood. “Total inventory could increase to over 5% of office space in many urban markets, and as high as 10% in some markets.”
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