August 28, 2018 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.” Download the report Connect With Cushman & Wakefield’s Greenwood Subscribe to Connect Daily New York For comments, questions or concerns, please contact Paul Bubny Tags: Lease, Office, Research lease office research new-york-news top-ny Coworking’s Growth Spurt is Long-Term Paul Bubny
The rise of co-working in New York continues, with the city having almost as much as the next five US gateway markets combined. In fact, there are more than a dozen co-living spaces across Manhattan, including one at 1 World Trade Center that has been open for just over two years. Co-working space currently accounts for under 3% of New York's total office inventory, according to Cushman & Wakefield.