With 268 coworking spaces as of the fourth quarter of 2023, Los Angeles now leads the national ranking, surpassing Manhattan by one space, Yardi’s Coworking Cafe reported. With 6.57 million square feet across Los Angeles’s total coworking inventory, almost half the surface covered by Manhattan’s inventory, the market recovered after last quarter’s decreases, with a 1% growth. Meanwhile, Manhattan lost three spaces during the quarter.
Among the top 25 coworking markets nationally, Orange County saw the third largest growth in square footage in Q4, a 6% increase quarter-over-quarter, which puts the Orange County market at 2.38 million square feet.
In terms of subscription prices, both Southern California registered drops in the virtual office median price, going from $149 to $137 per month in Los Angeles and below the $100 mark in Orange County. At the same time, LA reached the national median rate for open workspaces, going up to $149 a month.
Other California markets in the top 25 include the Bay Area at number 12, San Francisco at number 16 and San Diego at number 18.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).