Coworking in Dallas-Fort Worth is alive and well and ranking near the top of the list of markets with the most coworking spaces.
That’s according to a recently released state of the coworking industry report from CoworkingCafe, which leveraged the most recent proprietary data (March) to break down the coworking space availability in the 25 largest markets, as well as their size and distribution.
According to the report, Dallas-Fort Worth was the fifth and final market in the nation with more than 200 spots. DFW boasts a total of 225 flexible workspaces, CoworkingCafe said.
The DFW market ranked sixth in terms of total square footage devoted to coworking spaces with nearly 4.34 million square feet of space.
Our market has an average of almost 19,300 square feet per location, the report said.
Nationally, the total amount of space allocated to coworking space square footage totals to more than 113 million, according to the most recent data, which accounts for 1.67% of the total square footage covered by office spaces nationwide.
Growing demand for coworking spaces
When it comes to the number of coworking locations, CoworkingCafe said that the old East Coast-West Coast rivalry still applies.
Manhattan’s stock of 290 spaces was closely followed by the Los Angeles market, which had 265 flexible workspaces, according to the report. In both markets, the large populations and highly developed business sectors justify the need and demand for coworking spaces, as well as traditional offices, Coworking Cafe said.
CoworkingCafe reported that demand for flexible workspaces showed significant growth in recent years, mostly because of wider availability of remote work and hybrid workstyles.
At the same time, uncertain economic tides resulted in many businesses downsizing their office footprints and move past rigid, long-term leases toward more flexible and cost-efficient solutions, the report said.
CoworkingCafe cites a recent JLL report that said the office sector remains under pressure in 2023, with tenants not only looking to increase efficiency and productivity but also to reduce their existing footprint and positively influence their bottom line.
The report said that as of March, the national stock of coworking space had reached a total count of 5,612 locations.
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