Report: California, Bay Area among tops in coworking spaces

The San Francisco and Bay Area coworking markets showed notable growth in the total square footage and number of locations across the fourth quarter of 2024, according to a new report from CoworkingCafe.

Coworking allows for workers from different companies to share office space allowing for cost savings through the use of common equipment, utilities and receptionist and other services.

CoworkingCafe used data from its directory of more than 21,000 coworking spaces to analyze the industry’s evolution in Q4 of 2024. The report tracks key metrics such as the total number of coworking spaces, square footage, growth rates, prices and market leaders, all while exploring the top 25 coworking hubs.

Among highlights showing how San Francisco and the Bay Area's coworking markets evolved in Q4 of 2024:

• While still hosting the second-largest coworking spaces in the nation, San Francisco's average coworking space size decreased by 3%, dropping to 28,583 square feet.
• Overall, the Bay Area has the 8th largest coworking spaces, following a 5% increase that brought the typical space size up to 22,440 square feet.
• San Francisco surpassed Denver after increasing its square footage by 1%, reaching 3.66 million square feet, making it the market with the 9th largest coworking surface.
• The Bay Area overtook Philadelphia following a significant 7% rise in total square footage, reaching 2.85 million square feet and joining the top 15 markets with the largest coworking surfaces.
• Ranking in the top 20 markets with the most coworking locations, San Francisco (128 spaces) and the Bay Area (127 spaces) increased their inventories by 4%, respectively 2%.
• Open workspace prices fell by $4 in Bay Area ($140) and $25 in San Francisco ($200), now ranking as the 3rd most expensive market. Meanwhile, dedicated desks became $2 cheaper in the Bay Area ($373) and $35 cheaper in San Francisco ($415), making it the 5th most expensive market for dedicated desks. Finally, virtual office prices dropped by $10 in the Bay Area ($149) but increased by $2 in San Francisco ($127).

Read the full coworking industry report for Q4 2024: https://www.coworkingcafe.com/blog/national-coworking-report/