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Raleigh-Durham Coworking Spaces Grow 13% in Q3 2023

| Commercial Real Estate News, Coworking| Views: 0

The coworking industry in Raleigh-Durham, N.C., is experiencing significant growth, despite a slowdown in national growth. According to a recent report by CoworkingCafe, the number of coworking spaces in the Raleigh-Durham metro area increased by 13% between the second and third quarters of 2023. This growth rate is considerably faster than the national growth rate of 0.15% during the same period. The strong demand for coworking spaces in Raleigh-Durham can be attributed to several factors, including the region’s growing economy; its appeal to businesses and professionals; and the flexible and affordable nature of coworking spaces.

To meet the increasing demand, coworking firms in Raleigh-Durham are adopting new strategies. One example is Office Evolution, which is located in downtown Raleigh’s Time and Temp building. It has introduced unique amenities, such as a visually appealing, Barbie-inspired themed office. This 152-square-foot office is adorned with pink walls, chairs, curtains, and other decorations to create a distinctive and eye-catching workspace. Furthermore, when unoccupied, the themed office can also be used for photoshoots, adding an extra layer of appeal.

Additionally, Office Evolution offers various flexible workspace options, including private offices, micro-offices, team rooms, conference rooms and a modern coworking space. The building also features a seven-story parking deck that provides ample free parking for members’ convenience.

Another trend embraced by coworking companies in Raleigh-Durham is the opening of coworking spaces in the suburbs, following a national trend. This trend aims to provide flexible workspaces for a growing number of remote workers who prefer not to work from home.

An example of this trend in the Raleigh-Durham market is THRIVE Coworking’s recent acquisition of Coworking Station in Holly Springs, N.C. Through this acquisition, THRIVE Coworking has expanded its network to include a 12,320-square-foot flex office space with various amenities. These amenities include flex and designated desks; private offices; meeting rooms; high-speed internet; complimentary local beer and coffee; special events; and lunches. Conveniently located near retail and dining options, as well as green spaces, the flex office space caters to the growing demand for flexible workspaces in the Raleigh-Durham market. Notably, THRIVE Coworking has plans to open another coworking location in Chapel Hill in the near future, as stated on their website.

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