Co-working operators have tripled their share of new office leases in Manhattan over the past year. With companies like WeWork, Knotel and Spaces gobbling up real estate to feed their voracious expansion plans, co-working and flexible-space tenants have tripled their share of Manhattan’s office-leasing activity over the past year. Led by firms such as WeWork, Knotel and Spaces, the sectoraccounted for 12% of Manhattan's almost 25 million sq ft in leases signed over the first nine months of 2018, triple the proportion that it was responsible for over the same period last year. The number of co-ops has also grown rapidly since 2013, when there were just 1,500.
Co-working operators have tripled their share of new office leases in Manhattan over the past year. Led by firms such as WeWork, Knotel and Spaces, the sectoraccounted for 12% of Manhattan's almost 25 million sq ft in leases signed over the first nine months of 2018, triple the proportion that it was responsible for over the same period last year. The number of co-ops has also grown rapidly since 2013, when there were just 1,500.