The coworking market is evolving rapidly as hybrid and remote work continue to change the traditional office landscape. And, with businesses and professionals increasingly seeking flexible and adaptable workspace solutions, the industry is positioned for sustained growth and innovation. And Phoenix has emerged as a hot coworking market.


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To explore these changes, we leveraged proprietary data from Q4 2024 and compared it to Q3 of the same year. This provides a detailed analysis of coworking trends in the 25 largest U.S. markets by using key metrics such as the total number of coworking spaces, square footage, growth rates and market leaders. For a better comparison to the previous quarter, see the Q3 report.

Salt Lake City Aids National Coworking Growth as Inventory Climbs 2% in Q4

At the end of 2024, the national coworking inventory reached 7,695 spaces. That marked a 2% increase from Q3, which recorded 7,538 spaces. Although the overall quarter-over-quarter (Q-o-Q) growth rate is relatively modest, it signals a continuing upward trend in the coworking sector, driven by increasing demand for flexible workspace solutions. What’s more, a majority (20) of the top 25 markets recorded an increase in the number of coworking spots during Q4.

Of those markets, Salt Lake City stood out with an 8% Q-o-Q increase, after adding six spaces, for a total of 81. With this addition, Salt Lake City saw the highest growth in Q4 among the 25 largest U.S. cities. Other markets also demonstrated notable growth, including Austin, TX, which expanded its inventory by 5% to reach 92 coworking spaces.

In contrast, only a handful of markets — including Manhattan, Orange County and Minneapolis — experienced slight declines in their coworking inventory in the 1-2% range. As such, these markets now register 273, 118 and 101 coworking spaces, respectively. At the same time, Los Angeles and Brooklyn were flat, registering the same number of coworking spaces as they did in Q3, with 292 and 78, respectively.

Phoenix coworking market’s performance in Q4 of 2024

Total coworking square footage: 14th largest and 3rd highest growth, increasing by 8% from over 2.67 million sq. ft. in Q3 to over 2.87 million sq. ft. in Q4. 

Number of coworking spaces: 11th highest number of spaces, increasing by 4% from 149 locations in Q3 to 155 in Q4. 

Average square footage/location: 18th largest, increasing by 3% from 17,927 sq. ft. in Q3 to 18,533 sq. ft. in Q4. 

Median monthly prices of coworking memberships: 

  • Virtual offices: highest increase, reaching $164 from $100 in Q3; 
  • Open workspaces: stagnated at $119, below the national median of $149; 
  • Dedicated desks: stagnated at $289, below the national median of $300. 

The leading coworking operators in the U.S. market remained the same as in Q3 of 2024: Regus, Industrious, WeWork, Spaces and HQ. They all expanded their coworking inventories in top markets, with growth ranging from 6% (Regus) to 13% (HQ and Industrious). Regus leads nationally with 1,018 spaces, while WeWork slightly contracted by 3% but remains a key player.