A huge 37% of office space in New York, Los Angeles, Chicago and San Francisco is now co-working, with the workspace market in each of those key cities growing more than 15% in the past year. Prices have spiked too – the average workstation rates in the US are more than $900 per person per month, making it one of the most expensive locations in the world for co-working, according to the Global Cities report by The Instant Group.
The research also finds that rentals are around one-fifth cheaper in London than in New York, where a deskspace costs a whopping $1,100 on average. Over in Asia, those looking for space in Singapore will need to stump up $472, while the going rate in Shanghai comes in at $505 – flexible workspace centres have grown by 20% in the last three years in the city.
A number of key findings have emerged in the Global Cities report:
Occupier demand will shape the market more than ever before
Operators will be able to observe the customer experience far more quickly, enabling them to adjust offers accordingly
More hybrid spaces are expected to emerge as more operators recognise the co-working trend
More landlords will look to the operator model to drive engagement with occupiers.