Coworking memberships were rarely (if ever) considered a serious contender for traditional office leases. However, the inherent flexibility of subscription-based office access is proving to be a useful asset for businesses of all sizes, especially during vigorous growth or restructuring.
With this in mind, CoworkingCafe — part of Yardi’s network of listings platforms — delved into a detailed comparison between the prices of traditional office leases and coworking space subscriptions in 146 U.S. cities, using the hypothetical scenario of a team of 10 — taking the average price for 10 dedicated desks or 2,000 feet of leased office space projected over a one-year period.
Key takeaways:
- In 96% of the cities analyzed, coworking was more affordable than office leasing.
- Coworking subscriptions cost less than half the price of an office lease in 17 U.S. cities.
- Broomfield was among the leaders in the Western region with a significant 49% discount for coworking prices compared to traditional office leases, which placed it in the 18th spot nationwide.
- In Broomfield, choosing coworking spaces leads to more than $32,000 in average annual savings for a 10-strong team.
- Remaining in the area, in Denver, choosing a coworking subscription over an office lease gets businesses a 38% discount with annual savings of almost $27,000. Meanwhile, in Loveland, the discount is 44% with annual savings of over $24,000.
- Nationally, compared to office leasing, California dominated the top of the list with 10 cities in the top 20 with the biggest discounts in coworking subscription prices.
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