The coworking market is evolving rapidly as hybrid and remote work continue to change the traditional office landscape. And, with businesses and professionals increasingly seeking flexible and adaptable workspace solutions, the industry is positioned for sustained growth and innovation.
To explore these changes, we leveraged proprietary data from Q4 2024 and compared it to Q3 of the same year. This provides a detailed analysis of coworking trends in the 25 largest U.S. markets by using key metrics such as the total number of coworking spaces, square footage, growth rates and market leaders. For a better comparison to the previous quarter, see the Q3 report.
Salt Lake City Aids National Coworking Growth as Inventory Climbs 2% in Q4
At the end of 2024, the national coworking inventory reached 7,695 spaces. That marked a 2% increase from Q3, which recorded 7,538 spaces. Although the overall quarter-over-quarter (Q-o-Q) growth rate is relatively modest, it signals a continuing upward trend in the coworking sector, driven by increasing demand for flexible workspace solutions. What’s more, a majority (20) of the top 25 markets recorded an increase in the number of coworking spots during Q4.
Of those markets, Salt Lake City stood out with an 8% Q-o-Q increase, after adding six spaces, for a total of 81. With this addition, Salt Lake City saw the highest growth in Q4 among the 25 largest U.S. cities. Other markets also demonstrated notable growth, including Austin, TX, which expanded its inventory by 5% to reach 92 coworking spaces.
In contrast, only a handful of markets — including Manhattan, Orange County and Minneapolis — experienced slight declines in their coworking inventory in the 1-2% range. As such, these markets now register 273, 118 and 101 coworking spaces, respectively. At the same time, Los Angeles and Brooklyn were flat, registering the same number of coworking spaces as they did in Q3, with 292 and 78, respectively.
Open Workspaces & Dedicated Desks See Mixed Trends in Q4 While Virtual Office Prices Hold Steady
When it comes to open workspaces, the national median price dropped slightly from $150 in Q3 to $149 in Q4. That said, some markets experienced sharper movements, such as Manhattan — where prices fell substantially from $299 to $240 — or Dallas-Fort Worth (DFW), which rose from $150 to $199. Interestingly, more than one third of the 25 markets came in below the national median price for this type of subscription.
Dedicated desks also displayed mixed results, with the national median price holding at $300 at the end of Q4. In this case, Denver and Nashville saw the largest increases of $19 to $319 and $324, respectively — surpassing the national threshold. And, despite experiencing the largest price drop of $35 to bring the current cost to $415, San Francisco remains one of the most premium-priced markets in this category, outmatched by only Manhattan, San Diego, Brooklyn and Austin.
During Q4 2024, virtual office pricing held steady with a national median of $120, unchanged from Q3. In particular, Washington D.C., continues to be a beacon of affordability when it comes to virtual office prices, registering the lowest median at $79 — $1 less than in Q3. Only three other markets stood below the $100 mark in this category — Dallas-Fort Worth, Miami and Indianapolis.
Leading Markets by Number of Coworking Spaces
LA & DFW Maintain Top Spots as Washington D.C. Overtakes Manhattan for Third Spot
The two leading markets by number of coworking spaces remained unchanged in Q4 compared to the previous quarter: Los Angeles retained its top position with 292 spaces, holding steady from Q3. Next, Dallas-Fort Worth (DFW) maintained its second spot after adding seven spaces to its total inventory to now reach 286. Then, Washington, D.C. landed in third place by adding 11 spaces, ending the quarter with 277 coworking locations. As a result, Manhattan was bumped into fourth place, after losing two spaces and totaling 273. Overall, 20 of the top 25 markets registered increases in coworking inventory during the quarter.
Chicago bridged the gap to the podium by adding eight spaces to reach 263, while Manhattan dropped slightly, losing two spaces to total 273. Atlanta followed in sixth place, adding three coworking spaces to its inventory and ending Q4 with 240 spaces. Denver (232) and Houston (228) also registered marginal gains of three and six spaces, respectively, while Boston grew its total to 210 spaces, which was an increase of two from Q3. Further down the list, New Jersey added seven coworking spaces, bringing its total to 183 and solidifying its place in the top 10 markets.
Among the smaller markets, Austin (+4), Indianapolis (+3), and Salt Lake City (+6) all registered strong gains, thereby reflecting growing demand for flexible workspaces in these emerging hubs. In contrast, Minneapolis remained the only market in the top 25 to register a decline of 2% in coworking spaces during Q4 with its inventory falling by two spaces to 101.
Leading Markets by Square Footage
U.S. Coworking Space Increases by More Than 3 Million Square Feet in Q4 as Major Markets Continue to Grow
Nationally, coworking space allocations rose by 3% during Q4, reaching a total of 136,852,460 square feet — an increase of more than 3 million square feet from the previous quarter's 133,507,623 square feet.
Among the leading markets, San Diego recorded the most notable expansion with a 15% increase in square footage. The city added nearly 320,000 square feet of coworking space, growing from 2.11 million square feet in Q3 to 2.43 million in Q4. Salt Lake City followed closely with a 230,000 increase in square footage, to reach 1.91 million by the end of the year — up from 1.68 million in the prior quarter.
Notably, several markets — including Phoenix (8%), Raleigh-Durham (6%), and New Jersey (4%) — also showed significant growth and contributed to the national increase. Even so, Manhattan retained its position as the largest coworking market in the U.S., with 11.27 million square feet, representing a modest 1% increase.
Conversely, seven markets saw reductions in their coworking space allocation. Specifically, Brooklyn experienced the sharpest decline at -8%, dropping from 1.96 million square feet to 1.79 million. Similarly, Indianapolis (-4%), Denver (-3%), and Minneapolis-St. Paul (-2%) also reported decreases, while Orange County and Dallas-Fort Worth each logged slight drops of -1%.
Average Square Footage Trends: Modest National Increase, Significant Gains in San Diego & Salt Lake City
In Q4 2025, the average coworking square footage across the nation experienced a slight increase, rising 0.4% to reach 17,785 square feet — up from 17,711 in Q3. This shift reflects a stabilization in the trend toward smaller coworking spaces, although the distribution of growth remains uneven across major markets.
Notably, San Diego recorded the most significant increase, with an 11.6% jump in average coworking space size, climbing from 16,598 square feet in Q3 to 18,522 square feet by the end of Q4. Salt Lake City also saw significant growth, with a 5% rise to 23,530 square feet — up from 22,438 in the previous quarter. Likewise, the Bay Area logged a 5% increase, to bring its average coworking square footage to 22,440.
Several other markets — including Phoenix (3%), Philadelphia (1.7%), and Atlanta (1%) — registered modest gains, continuing the positive trend. Of course, as the market with the largest average coworking spaces, Manhattan grew 2% to 41,286 square feet, further solidifying its position as the top market.
On the other hand, nearby Brooklyn saw the steepest decline, with its average coworking space size dropping by 8.2% from 25,066 square feet in Q3 to 23,017 in Q4. Indianapolis also recorded a significant reduction of 7.2%, bringing its average coworking space size to 19,923 square feet. Other markets with declines included Washington, D.C. (-4%), Denver (-5%), and Dallas-Fort Worth (-3%).
Distribution of Top Coworking Operators
Regus Retains Leadership While Industrious Achieves Most Growth in Q4
The top coworking operators — Regus, Industrious, WeWork, Spaces, and HQ — maintained their dominance in the U.S. market during Q4 2024. Together, these operators experienced a cumulative nationwide increase of 3% in coworking spaces, including a 7% rise specifically in the top 25 markets. Moreover, as of Q4, these five operators collectively accounted for 1,720 coworking spaces nationwide, which underscores their continued role as leaders in the flex workspace market.
Industrious led the way in growth among these operators, adding 13% more locations in the top 25 markets and 9% nationwide. This expansion brought its total inventory to 158 locations nationwide and 147 in the leading markets.
Not to be outdone, HQ also had a strong performance after growing by 13% in the top 25 markets to reach 119 locations and by 3% nationwide for a current total of 243 coworking spaces. Coworking provider Spaces also reported a respectable 10% increase in the top 25 markets and 4% nationally, reaching 124 and 153 locations, respectively.
Meanwhile Regus — the largest operator in the U.S. — maintained steady growth with a 6% increase in the top 25 markets to reach 613 locations and a 2% expansion nationwide, bringing its inventory to 1,018 spaces.
Conversely, WeWork experienced a slight contraction after decreasing its nationwide and top 25 market inventory by 3%. Despite this, the operator remains a key player with 137 spaces in the top 25 markets and 148 nationwide.
The coworking landscape continued its evolution in Q4 with the ongoing impact of strategic moves made earlier in the year. One notable development from Q3 was the establishment of Vast Coworking, a collaboration between leading coworking brands Intelligent Office, VentureX, and Office Evolution. At the end of Q3, the VAST Network stood at 174 locations and have seen a net increase in the last three months to 175.
Methodology
- To compile this report, we used proprietary data from CoworkingCafe to determine the number of coworking spaces per market, as well as the total square footage and leading operators.
- The study relied solely on the listing data available on CoworkingCafe as of January 2025.
- The top 25 markets analyzed were established by our sister company Yardi Matrix and were ranked based on allocated square footage.
- In terms of pricing, we looked at the national median starting prices per person per month for virtual office, open workspace and dedicated desk coworking subscriptions.
Fair Use & Redistribution
We encourage and freely grant you permission to reuse, host or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to CoworkingCafe.com or this page so that your readers can learn more about this project, the research behind it and its methodology.
