Sep 27, 2018, 12:50pm MDT
Denver has the fifth most coworking spaces per capita in the country and Colorado is the most expensive state for coworking desks, a new study found.
The study, by marketing company SimpleTexting, ranked Colorado No. 1 in an analysis of the average monthly cost of a desk in a coworking space at $1,250. Following Colorado in the rankings were Massachusetts at $1,213, California at $1,079 and New York at $1,063.
The study also found Denver has 222 coworking spaces, ranking only behind Washington, D.C., Atlanta, Miami and San Francisco.
The rankings are based on the number of coworking spaces per 100,000 people in the cities. Denver’s 2017 population of 704,621 is most closely aligned with D.C., which had a population of about 694,000. The study found that D.C. has 297 coworking spaces.
In comparison, San Francisco has 455 coworking spaces to its name, behind only Los Angeles, which clocks in at 818 coworking spaces, and New York, which has 869. However, San Francisco’s 2017 population of around 884,000 is dwarfed by the 2017 populations of Los Angeles and New York, which were about 4 million and 8.6 million, respectively, leaving them No. 12 and No. 20 in the study’s rankings.
A leader in coworking spaces, WeWork is co-headquartered in San Francisco and is valued at around $20 billion. It has gobbled up around 2 million square feet of real estate in about 20 locations across the Bay Area and has five locations in Denver. It also recently became New York City’s largest office tenant with more than 5.2 million square feet of space to its name.
There has been a drastic increase in the amount of coworking spaces worldwide over the last 10 years, according to the study.
There were 75 coworking spaces worldwide in 2007. As of 2017, there were 15,500. Statista predicts that 1.69 million people will use coworking spaces in 2018, up from 1.27 million in 2017.
Jamie Russo, executive director of the Palo Alto-based Global Workspace Association, said that although the industry has “gone through a tremendous evolution over the last 10 or so years,” it is bound to evolve even more and coworking providers will need to adapt in order to “serve the needs of companies outgrowing traditional coworking spaces.”
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