Coworking operators have leased more than 1 million square feet across Philadelphia
The 15 largest operators and managers of coworking and other shared and flexible office concepts now control a collective 1,065,000 s.f. of space across Philadelphia
June 26, 2019
- The 15 largest operators and managers of coworking and other shared and flexible office concepts now control a collective 1,065,000 s.f. of space across Philadelphia. This footprint remains small relative to the amount of office space overall, accounting for around 2 percent of the total inventory, but the proliferation and diversification of this sector is still impressive. It was not too long ago that homegrown operators dominated the Philly landscape. Today, 1776 , Off Site at Fitler, and Next Stage Med are the only local names to crack the top 15.
- With its forthcoming fifth location at 1100 Ludlow, WeWork will be the clear frontrunner in Philadelphia with nearly 200,000 s.f. Recent arrival CIC is a close second, though a portion of its space is shared wet labs managed by BioLabs. DC-based MakeOffices will become the third largest presence when its Bourse location opens soon.
- At least a dozen additional operators, many of them local startups, make up the balance of the coworking landscape, including pioneer Indy Hall, THRIVE Philly, and The Exchange. But these groups control less space in aggregate than groups like WeWork, MakeOffices, and Spaces, which are increasingly getting business out of larger corporations seeking temporary spaces to train, complete special projects, or incubate a product.
Source: JLL Research