{"id":20558,"date":"2019-01-24T16:27:29","date_gmt":"2019-01-24T14:27:29","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=20558"},"modified":"2025-07-23T13:53:44","modified_gmt":"2025-07-23T10:53:44","slug":"yardi-matrix-coworking-special-report-shared-space-disrupting-traditional-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/yardi-matrix-coworking-special-report-shared-space-disrupting-traditional-office\/","title":{"rendered":"Yardi Matrix Special Report: How Coworking Is Disrupting The Traditional Office"},"content":{"rendered":"<p>Last month Yardi Matrix published its Q4 2018 study of coworking space in the top 20 U.S. office markets, highlighting a dramatic increase in the trend&#8217;s popularity. The key findings from the report, dubbed &#8216;<a href=\"https:\/\/www.yardi.com\/news\/press-releases\/yardi-matrix-reports-a-dramatic-increase-in-coworkings-popularity\/\" target=\"_blank\" rel=\"noopener noreferrer\">Shared Space: Disrupting the Traditional Office<\/a>,&#8217; are the following:<\/p>\n<ul>\n<li><strong>Coworking space in the top 20 U.S. office markets<\/strong> increased nearly 62% year-over-year, from 27 million square feet in Q4 2017 to 44 million square feet of <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/\" target=\"_blank\" rel=\"noopener noreferrer\">coworking office space<\/a> in Q4 2018;<\/li>\n<li><strong>Metropolitan office markets<\/strong> with the highest concentrations of high-tech employment are also markets with the largest percentages of shared office space;<\/li>\n<li><strong>Urban office market coworking space<\/strong> is nearly double that of suburban office markets.<\/li>\n<\/ul>\n<h4>The Five\u00a0Factors\u00a0Driving Demand for Coworking Office Space<\/h4>\n<p>The Yardi Matrix report found that there are five major factors responsible for bringing nearly 17 million square feet of <a title=\"23 Awesome Coworking Spaces With On-Site Gyms\" href=\"https:\/\/www.commercialcafe.com\/blog\/23-awesome-coworking-spaces-site-gyms\/\" target=\"_blank\" rel=\"noopener noreferrer\">new coworking space<\/a> to the U.S. office market in 2018 alone:<\/p>\n<ul>\n<li>The gig economy and independent worker growth \u2013 think Uber, Airbnb, and Upwork;<\/li>\n<li>Corporations employing more remote workers;<\/li>\n<li>Competition to hire skilled workers demanding a more relaxed office environment;<\/li>\n<li>Businesses viewing office space as a flexible service rather than a fixed cost;<\/li>\n<li>The rapid growth of large coworking office operators such as <a title=\"WeWork Continues Manhattan Leasing Spree, Takes Over 45K SF for HQ by WeWork\" href=\"https:\/\/www.commercialcafe.com\/blog\/wework-continues-manhattan-leasing-spree-takes-over-45k-sf-for-hq-by-wework\/\" target=\"_blank\" rel=\"noopener noreferrer\">WeWork<\/a> and <a title=\"Company Spotlight: Knotel\" href=\"https:\/\/www.commercialcafe.com\/blog\/company-spotlight-knotel\/\" target=\"_blank\" rel=\"noopener noreferrer\">Knotel.<\/a><\/li>\n<\/ul>\n<h4>Top Coworking Office Markets in the US in 2018<\/h4>\n<p>The <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\">Manhattan office market<\/a> is the largest in the U.S. With 13.5 million square feet of <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">coworking space in Manhattan<\/a> \u2013 representing 3% of the total office stock in the market \u2013 this New York City borough also holds the title of \u2018Coworking Capital of the U.S.\u2019.<\/p>\n<p>Right behind Manhattan, the markets with over 2 million square feet of coworking\u00a0 space are: <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Los Angeles<\/a> \u2013 4.7 million square feet;\u00a0<a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noopener noreferrer\">San Francisco<\/a> &#8211; 3 million square feet;\u00a0<a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/tx\/dallas\/\">Dallas<\/a> \u2013 2.2 million square feet; and\u00a0<a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener noreferrer\">Seattle<\/a> \u2013 2.2 million square feet.<\/p>\n<p>These top 20 office markets contain over 42 million square feet of space from over 1,520 coworking locations:<\/p>\n<ul>\n<li><strong>East:<\/strong> Manhattan;<\/li>\n<li><strong>Southeast:<\/strong> <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ga\/atlanta\/\" target=\"_blank\" rel=\"noopener noreferrer\">Atlanta<\/a>, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noopener noreferrer\">Miami<\/a>, West Palm Beach, Fort Lauderdale;<\/li>\n<li><strong>Central:<\/strong> <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/tx\/dallas\/\" target=\"_blank\" rel=\"noopener noreferrer\">Dallas<\/a>, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/tx\/houston\/\" target=\"_blank\" rel=\"noopener noreferrer\">Houston<\/a>, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/co\/denver\/\" target=\"_blank\" rel=\"noopener noreferrer\">Denver<\/a>, Austin, San Antonio;<\/li>\n<li><strong>Southwest:<\/strong> <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/az\/phoenix\/\" target=\"_blank\" rel=\"noopener noreferrer\">Phoenix;<\/a><\/li>\n<li><strong>West:<\/strong> <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener noreferrer\">Los Angeles<\/a>, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/south-bay-peninsula\/\" target=\"_blank\" rel=\"noopener noreferrer\">San Francisco Bay Area<\/a>, Orange County, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/san-diego\/\" target=\"_blank\" rel=\"noopener noreferrer\">San Diego<\/a>, Sacramento, <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ca\/inland-empire\/\" target=\"_blank\" rel=\"noopener noreferrer\">Inland Empire;<\/a><\/li>\n<li><strong>Northwest:<\/strong> <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener noreferrer\">Seattle<\/a>, Portland.<\/li>\n<\/ul>\n<h4>Urban Areas Have Nearly Twice as Much Coworking Office Space<\/h4>\n<p>With nearly 28 million square feet of space, coworking offices in urban areas make up nearly 66% of the total coworking office inventory in the U.S. When measured by total office stock, coworking space in urban areas represents 2.2% of office inventory, while suburban coworking space accounts for just 1.2% of total stock.<\/p>\n<p>While coworking space as a percentage of total office inventory is growing in all areas, there are three main reasons why <a title=\"4 Major Trends Shaping the Future of Coworking\" href=\"https:\/\/www.commercialcafe.com\/blog\/4-major-trends-shaping-future-coworking\/\" target=\"_blank\" rel=\"noopener noreferrer\">coworking office space in urban areas<\/a> has nearly double the market share:<\/p>\n<ul>\n<li>There are more workers near urban areas;<\/li>\n<li>Commuting to urban areas is easier;<\/li>\n<li>More small rental space is available in suburban areas.<\/li>\n<\/ul>\n<h4>Technology Businesses + Office Vacancy Rates = More Coworking Spaces<\/h4>\n<p>The technology industry and the vacancy rates also create demand for coworking office space.<\/p>\n<p>Small and startup businesses in the tech sector that are ramping up, business plans that eschew long-term office leases, and <a title=\"23 Awesome Coworking Spaces With On-Site Gyms\" href=\"https:\/\/www.commercialcafe.com\/blog\/23-awesome-coworking-spaces-site-gyms\/\" target=\"_blank\" rel=\"noopener noreferrer\">younger workforces expecting an amenity-rich office environment<\/a> from their high-tech employers can all benefit from coworking facilities. Office markets with a higher tech industry presence also have larger amounts of coworking space square footage or are areas where coworking space makes up a higher percentage of the total office stock in the market.<\/p>\n<p>There also appears to be a direct relationship between low office vacancy rates and a higher amount and demand for coworking office space. Markets such as Manhattan, San Francisco, Seattle, <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/or\/portland\/\">Portland<\/a>, and <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/austin\/\">Austin<\/a> \u2013 where vacancy rates are 10% or less \u2013 have a higher percentage of coworking office inventory.<\/p>\n<p>Markets with lower office occupancy rates such as <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/houston\/\">Houston<\/a>, <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/az\/phoenix\/\">Phoenix<\/a>, and <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ga\/atlanta\/\">Atlanta<\/a> are also areas where coworking space account for a lower share of total office stock. There\u2019s still demand for coworking office space in higher vacancy markets, there\u2019s just less of it due to overall office market fundamentals.<\/p>\n<h4>Coworking Office Space is an Evolving Business Model<\/h4>\n<p>At the same time that the office sector is changing due to coworking space, the coworking sector is rapidly changing as well. The initial traditional coworking business model involves one company leasing a large amount of space from a landlord, building out and furnishing the space, adding amenities such as kitchens and concierge services, then leasing small amounts of the space to users.<\/p>\n<p>In the beginning, office landlords were happy to sign long-term leases for large amounts of unused office space to coworking operators. But today, having seen the rapid growth in demand for coworking space, building owners and operators increasingly want their piece of the coworking pie.<\/p>\n<p>Joint venture arrangements between building owners and coworking office operators are becoming increasingly common. Under a joint venture partnership, coworking operators don\u2019t master lease the space. Instead, they build out, operate, and manage the landlord\u2019s coworking space in exchange for a percentage of revenue \u2013 and sometimes for a share of the increase in building value.<\/p>\n<h4>Top 10 Operators of Coworking Office Space<\/h4>\n<p>This doesn\u2019t mean that coworking office operators are going away, only that their business models are beginning to change. The top 10 coworking office operators in the U.S. control nearly 28 million square feet of coworking office space in over 1,450 locations:<\/p>\n<ol>\n<li><a title=\"Regus\u2019 Take on the Revolutionary Coworking Industry\" href=\"https:\/\/www.commercialcafe.com\/blog\/regus-take-revolutionary-coworking-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">Regus<\/a><\/li>\n<li><a title=\"WeWork Updates: What Is Manhattan\u2019s Largest Office Tenant up to?\" href=\"https:\/\/www.commercialcafe.com\/blog\/wework-updates-what-is-manhattans-largest-office-tenant-up-to\/\" target=\"_blank\" rel=\"noopener noreferrer\">WeWork<\/a><\/li>\n<li><a href=\"https:\/\/www.pbcenters.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Premier Business Centers<\/a><\/li>\n<li><a title=\"Why Coworking Hotels Are The Newest Trend in Town\" href=\"https:\/\/www.commercialcafe.com\/blog\/coworking-hotels-growing-trend\/\" target=\"_blank\" rel=\"noopener noreferrer\">Knotel<\/a><\/li>\n<li><a title=\"Company Spotlight: Industrious\" href=\"https:\/\/www.commercialcafe.com\/blog\/coworking-spotlight-industrious-office\/\" target=\"_blank\" rel=\"noopener noreferrer\">Industrious<\/a><\/li>\n<li><a title=\"Company Spotlight: Spaces Coworking\" href=\"https:\/\/www.commercialcafe.com\/blog\/company-spotlight-spaces-coworking\/\" target=\"_blank\" rel=\"noopener noreferrer\">Spaces<\/a><\/li>\n<li><a href=\"https:\/\/www.boxerproperty.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Boxer Property<\/a><\/li>\n<li><a href=\"https:\/\/breather.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Breather<\/a><\/li>\n<li><a title=\"Expert Insights: Office Evolution CEO on Staying Competitive on the Coworking Market\" href=\"https:\/\/www.commercialcafe.com\/blog\/expert-insights-office-evolution-ceo-staying-competitive-coworking-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Office Evolution<\/a><\/li>\n<li><a href=\"https:\/\/www.intelligentoffice.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Intelligent Office<\/a><\/li>\n<\/ol>\n<h4>Long-Term Growth Prospects of Coworking Office Space<\/h4>\n<p>The coworking office model has thrived during this long and sustained period of economic growth. Any business that is growing as rapidly as coworking attracts competition.<\/p>\n<p>Barriers to entry are still relatively low, and owners and operators with vacant office space on their hands are choosing to become coworking operators themselves. It\u2019s possible that in the short-term, some markets could see a saturation of coworking office space.<\/p>\n<p>As businesses increasingly view office space as a flexible service rather than an expense, and as the high technology and gig sectors of the economy continue to grow, it\u2019s almost certain that the <a title=\"Yardi On The Future Of Coworking\" href=\"https:\/\/www.commercialcafe.com\/blog\/yardi-future-coworking\/\" target=\"_blank\" rel=\"noopener noreferrer\">long-term demand for coworking office space<\/a> will keep growing as well.<\/p>\n<p><em>You can find the full report in pdf format <a href=\"https:\/\/www.yardimatrix.com\/Publications\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">here<\/a>.\u00a0<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/?utm_source=blog&amp;utm_medium=banner&amp;utm_campaign=coworking_banner\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-41371 size-large\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/02\/Coworking-banner_800x150px.png?w=800\" alt=\"\" width=\"800\" height=\"150\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/02\/Coworking-banner_800x150px.png 800w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/02\/Coworking-banner_800x150px.png?resize=150,28 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/02\/Coworking-banner_800x150px.png?resize=591,111 591w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2025\/02\/Coworking-banner_800x150px.png?resize=768,144 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/p>\n<div id=\"awebChromeHelper\" data-version=\"1.24.0\"><\/div>\n<div id=\"awebChromeHelper\" data-version=\"1.24.0\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coworking space in the top 20 U.S. office markets increased 62% Y-o-Y, from 27 million square feet in Q4 2017 to 44 million square feet in Q4 2018.<\/p>\n","protected":false},"author":203,"featured_media":20794,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,2256,4014,39],"tags":[2725],"class_list":["post-20558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-coworking","category-featured","category-office","tag-cre-resources","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Matrix Shared Space 2018 Report: Coworking Keeps Growing<\/title>\n<meta name=\"description\" content=\"The latest shared office space report from Yardi Matrix shows that the coworking industry is on the rise in the top 20 office markets in the US.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/yardi-matrix-coworking-special-report-shared-space-disrupting-traditional-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yardi Matrix Special Report: How Coworking Is Disrupting The Traditional Office\" \/>\n<meta property=\"og:description\" content=\"Coworking space in the top 20 U.S. office markets increased by nearly 62% Y-o-Y, from 27 million square feet in Q4 2017. Check out this report for more insights.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/yardi-matrix-coworking-special-report-shared-space-disrupting-traditional-office\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-24T14:27:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-23T10:53:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/coworking_idea_collaboration_shutterstock_1122554711_Featured-image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jeff Rohde\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta 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