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New York & Tri-State  + New York  + Office  |  February 8, 2024
The Green Street Commercial Property Price Index decreased by 0.8% in June from the previous month, with "sizable bid-ask spreads" a major factor
Emily Fu
By: Emily Fu

NYC Ranks 3rd Most Expensive MSA for Open Workspaces 

Albany, NY, and Santa Maria, CA, boast the highest median rates for open workspaces at $250/month at the end of Q4 of 2023, with Santa Maria leading in dedicated desks at nearly $500/month, according to analysis from CoworkingCafe.  

Colorado Springs, CO, rises to fourth place nationally with open workspace rates matching Washington, D.C. at $200/month in Q4. Meanwhile, virtual offices in Rochester, NY, cost a quarter of those in Trenton, NJ, at $50/month.  

Albany has emerged as a research and tech hub anchored by the IBM Research Center. In contrast, the New York City metro area ranks as the third-most expensive for open workspaces, with a median monthly rate of $239, a $40 increase from 2023. With 304 coworking spaces, including 70 by Regus and 37 by WeWork. 

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Inside The Story

About Emily Fu

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.
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