coworking spaces report expansion and occupancy

 

In November 2016, the GWA phone-surveyed a national sample of coworking spaces, those that identify as coworking spaces, regardless of layout. (See here for an explanation of why we use the term coworking). We called 300 spaces and 85 responded. See this post on our surprising insight about how coworking spaces do not answer their phone, missing really important inbound calls like customer leads and calls from the GWA!

Notes about our sample:

  • The sample size for this specific data was 80.
  • The sample does not include WeWork, Industrious or Regus’ Spaces brand
  • The average square feet of the paces sampled is 9,710; the range is 700 square feet to 35,000 square feet

States sampled include: 

  • California, Colorado, Connecticut, Florida, Illinois, Indiana, Kansas, Massachusetts, Minnesota, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Oregon, Tennessee, Texas, Virginia, Washington DC.

Coworking spaces are overwhelmingly optimistic about the future.

87% of Coworking Spaces Surveyed Expect Increased Occupancy

87% of the eight-five spaces we spoke to reported that they expect occupancy to go up in the next 24 months and 12% expecting to remain flat.gwa-2016-occupancy expectation-results-coworking-spaces report

69% of Spaces expect to expand within their current space while 5% are opening additional locations.

gwa-2016-survey expansion plans-results

 

  • All spaces with expansion plans expect their occupancy to go up
  • No Spaces expect to contract, indicating a demand for such spaces
  • 87% of Spaces expect an increase in occupancy, which correlates to their expansion plans

Of the Spaces that expect an increase in occupancy:

  • 2.9% are expanding into additional locations
  • 79.7% are expanding in their current space
  • 15.9% are staying the same

Note: Our research did not dig into the actual feasibility into the expansion into current space - i.,e are there other spaces in the building or adjacent to the current space that are coming on the market within the next 24 months.

This research did not ask how long the operator has been open which would lend additional insight into expansion plans - i.e., newer operators may be overly optimistic. Our 8th Annual Coworking Industry Financial Survey does ask that question and will provide the ability to cut all of the data by years of operation. If you are a shared workspace operator (coworking, business center, executive suites, privately owned business offering extra space, landlord offering flex office space), please fill out our survey before it closes.

 

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