June Coworking Report: Denver 6th Largest Market for Inventory

Coworking spaces in America's top markets, Q2, 2024. Credit: Coworking Cafe

The Denver coworking market continued its growth in the second quarter of 2024 and now has a total of 227 coworking spaces.

CoworkingCafe’s latest coworking industry quarterly report leveraged the most recent proprietary data (June) to break down the coworking space stock availability in the 25 largest markets. To get a more granular overview of the coworking market, we also looked at the spaces’ size and distribution, the prices and the leading operators

The report also compared the most recent numbers to those registered in the first quarter of 2024 to determine the industry’s evolution throughout the nation.

Here’s how the Denver coworking market performed in the last quarter:

  • Denver saw an 4% increase in the coworking spaces supply, which translates to 8 more coworking spaces. The market kept its 6th place nationally for the number of spaces.
  • In terms of total square footage, Denver remained 9th nationwide with 3.79 million sqft., an increase of 4% compared to Q1.
  • The average sqft. in Denver dropped by a mere 0.03% from 16,697 sqft. last quarter to 16,692 sqft. in Q2.
  • In terms of pricing, dedicated desks dropped $23 in Q2, now standing at $300, and open workspaces dropped $26 reaching $149 in Q2. Virtual offices kept the same rates – $99.

Here are a few national highlights:

  • The national coworking inventory increased by 7% in Q2 2024. This translates to 444 more coworking spaces throughout the country.
  • The total square footage attributed to coworking spaces grew by 2% in the past quarter. It now claims a total of 127,671,340 sqft.
  • The rates for virtual offices and open workspaces remained stable in Q2 – at $119 and $149, respectively. Dedicated desks went down in price from $309 to $300.
  • The top leading coworking operators in the U.S. market remained the same as they were in Q1 of 2024: Regus, WeWork, Industrious, Spaces and HQ.

Peter Kolaczynski, director of data & research at CommercialEdge shared his opinion on the main factors that are driving the constant growth of the coworking sector, “As the workers’ relationship with the office continues to evolve, individuals and corporations have agreed that there is a need for flexibility within a company’s space footprint. As this demand further ingrains itself in the marketplace, the demand will be met by operators.”

Read the full industry report here: https://www.coworkingcafe.com/blog/national-coworking-report/

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