Co-Working Space Growing, But Still Small Part of NYC Market

NEW YORK CITY—WeWork opened its first location, a 42,604-square-foot space at 349 Fifth Ave. in 2010 and has since expanded its portfolio in New York City to 32 locations totaling 2.7 million square feet across Manhattan, Brooklyn and Long Island City.

By: John Jordan

The growth of co-working space in New York City has been phenomenal, scoring a 767% increase in occupied square footage since 2009 and an 86% higher number of co-working locations during that time.

However, despite the heady numbers, co-working remains a small niche in the overall Manhattan office market, registering a 1.2% market share at the moment. Newmark Grubb Knight Frank has released a report entitled: “WeLease: The Growth of Shared Workspace and Its Impact on the New York City Market” that provides concrete data on the relatively new phenomenon of co-working and how it has changed the way people work and how companies grow here and across the country. [Read More]

Source: New York