With 268 coworking spaces as of the fourth quarter of 2023, Los Angeles now leads the national ranking, surpassing Manhattan by one space, Yardi’s Coworking Cafe reported. With 6.57 million square feet across Los Angeles’s total coworking inventory, almost half the surface covered by Manhattan’s inventory, the market recovered after last quarter’s decreases, with a 1% growth. Meanwhile, Manhattan lost three spaces during the quarter.
Among the top 25 coworking markets nationally, Orange County saw the third largest growth in square footage in Q4, a 6% increase quarter-over-quarter, which puts the Orange County market at 2.38 million square feet.
In terms of subscription prices, both Southern California registered drops in the virtual office median price, going from $149 to $137 per month in Los Angeles and below the $100 mark in Orange County. At the same time, LA reached the national median rate for open workspaces, going up to $149 a month.
Other California markets in the top 25 include the Bay Area at number 12, San Francisco at number 16 and San Diego at number 18.
