Coworking Spaces Market in North America Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

the Coworking Spaces Market in North America Report is Segmented by Business Type (new Spaces, Expansions, and Chains), Business Model (sub-Lease Model, Revenue Sharing Model, and Owner-Operator Model), End Users (independent Professionals [freelancers], Startup Teams, Small To Medium-Sized Enterprises (SMEs), and Large-Scale Corporations), and by Country (US, Mexico, and Canada). the Report Offers Market Sizes and Forecasts in Value (USD) for all the Above Segments.

North America Coworking Spaces Market Size

North America Coworking Spaces Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 5.11 Billion
Market Size (2029) USD 8.58 Billion
CAGR (2024 - 2029) > 11.00 %
Market Concentration Low

Major Players

North America Coworking Spaces Market Major Players

*Disclaimer: Major Players sorted in no particular order


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North America Coworking Spaces Market Analysis

The North America Coworking Spaces Market size is estimated at USD 5.11 billion in 2024, and is expected to reach USD 8.58 billion by 2029, growing at a CAGR of greater than 11% during the forecast period (2024-2029).

  • The global expansion in the number of startups significantly impacts the coworking space industry. The United States is the leading country by the number of startups 75,056 in FY 2022-23. The extension of internet space, exposure to entrepreneurial expertise outside the country's borders, and better literacy rates all contribute to the rise.
  • Furthermore, advanced manufacturing and robotics, agriculture technology and novel food, blockchain and artificial intelligence, big data, and analytics were the fastest-expanding startup sub-sectors worldwide. As a result, the growing number of startups in various sectors worldwide raised the demand for coworking spaces, boosting the market over the projection period.
  • Sustainable coworking space development is a significant trend affecting the coworking space industry. Coworking spaces are introducing eco-friendly measures in the workplace to attract entrepreneurs worried about environmental challenges, such as global warming. Sustainable measures used by coworking space providers bring significant benefits and are economically possible.
  • Furthermore, expanding investments in specialty coworking spaces such as women-only spaces, LGBTQ+ spaces, and other social spaces will likely generate profitable opportunities as they become more popular to meet the growing diversity in SMEs such as on-premise childcare.

North America Coworking Spaces Market Trends

Increasing number of Startups Boosting the Market

As the cost of private office space rises, many entrepreneurs opt for coworking spaces, fueling the expansion of the coworking space industry. Last year, investors poured USD 329.5 billion into startup investments at all stages over a year. This is a 92 percent increase above 2020, record-breaking levels. The year also concluded on a high note, with fourth-quarter investment totaling USD 88.9 billion in stages.

In North America, number of business applications was the highest on record in the previous year, a stunning 53 percent increase over the total filed applications in 2019 and a 23 percent increase over the total filed applications in 2020. In 2021, about 5.4 million applications to start new firms were lodged, the highest of any year since 2005. The exceptional filing rate translates into about 1.9 million more business applications in 2021 than in 2019 before the pandemic, a 53 percent increase.

North America Coworking Spaces Market: Number of business establishments in the United States in March 2022, by age

The US leads the Coworking Spaces Market in terms of Real Estate (Sq. feet)

In terms of size, North America has the most coworking spaces, with an average of 9,799 square feet per location. The increased acceptance of flexible work methods, service offices, and remote teams fuel this massive demand for coworking space, with coworking giants like WeWork and Regus managing 23 million square feet.

New York has the largest concentration of flexible working spaces, with over 330 coworking centers. The Instant Group, a global workplace innovation organization, forecasts a 19% growth in flexible office space demand in New York City in 2022 over 2021, while supply - the number of flexible workspace centers in the market - has increased by 7% to 495 spaces. This expansion is most visible in Manhattan and Brooklyn. New York City's flexible office space supply mostly comprises hybrid spaces, which represent 51% of the market. Following that, serviced offices account for 34%, while coworking spaces account for 15%.

This growth is being led not only by freelancers and start-ups looking for casual coworking environments but also by larger corporations utilizing this flexible space to expand their business in a controlled and affordable manner. New York isn't the only place in the US experiencing a growth spurt. Los Angeles, San Francisco, and Chicago have all witnessed more than 15% year-on-year growth in coworking spaces with currently over 566 workspaces.

North America Coworking Spaces Market: Number of Flexible Workspaces Worldwide, by Region, 2022

North America Coworking Spaces Industry Overview

The industry is quite fragmented, with many players existing in the coworking spaces market. Also many more are entering the market to fulfill the rapid demand for casual environment offices. As far as the competitive landscape is concerned, WeWork leads the market, with over 400,000 members across the globe, followed by Regus and Ucommune.

Some other major players in the market include Impact Hub, Alley, Knotel, IWG, Make Office, Industrious Office, Techspace, Serendipity Labs, and Green Desk.

North America Coworking Spaces Market Leaders

  1. Impact Hub

  2. WeWork

  3. Green Desk

  4. Knotel

  5. Regus Coworking

*Disclaimer: Major Players sorted in no particular order

North America Coworking Spaces Market Concentration
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North America Coworking Spaces Market News

  • November 2022: The Newmark-owned firm Knotel secured a long-term lease for 23,700 square feet at Ofizzina, a Coral Gables, Florida, office condo project. Knotel intends to finish three complete stories of the 16-story skyscraper at 1200 Ponce De Leon Boulevard. TSG Group and BF Group created Offizina, which comprises 60 office condominiums.
  • June 2022: IWG, a Swiss coworking pioneer, intends to add up to 700 more flexible-office sites to its US portfolio, which now comprises offices in 300 cities, mainly under the Regus and Spaces brands. In the next 12 months, IWG plans to open 500 to 700 additional offices in the United States.

North America Coworking SpacesMarket Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing demand for flexible office spaces

      2. 4.2.2 Surge in investments in niche co-working spaces such as women-only spaces, LGBTQ+ spaces, and other social groups

    3. 4.3 Market Restraints

      1. 4.3.1 Low Awareness and Privacy Issues

    4. 4.4 Market Oppurtunites

      1. 4.4.1 Increasing Investment for Improvement and Diversification of Coworking Space

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of Covid-19 on the market


    1. 5.1 By Business Type

      1. 5.1.1 New Spaces

      2. 5.1.2 Expansions

      3. 5.1.3 Chains

    2. 5.2 By Business Model

      1. 5.2.1 Sub-lease Model

      2. 5.2.2 Revenue Sharing Model

      3. 5.2.3 Owner-Operator Model

    3. 5.3 By End User

      1. 5.3.1 Independent Professionals (Freelancers)

      2. 5.3.2 Startup Teams

      3. 5.3.3 Small to Medium Sized Enterprises (SMEs)

      4. 5.3.4 Large Scale Corporations

    4. 5.4 By Country

      1. 5.4.1 United States

      2. 5.4.2 Canada

      3. 5.4.3 Mexico


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Impact Hub

      2. 6.2.2 WeWork

      3. 6.2.3 Green Desk

      4. 6.2.4 Knotel

      5. 6.2.5 Regus Coworking

      6. 6.2.6 Industrious Office

      7. 6.2.7 Techspace

      8. 6.2.8 Mix Pace

      9. 6.2.9 Serendipity Labs

      10. 6.2.10 District Cowork*

    3. *List Not Exhaustive

  8. 8. APPENDIX

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North America Coworking Spaces Industry Segmentation

Coworking Space is an environment that accommodates people from different companies who come to work. Shared facilities, services, and tools characterize coworking space.

The report provides a comprehensive background analysis of the North America Coworking Spaces market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the industry's competitive landscape. Additionally, the COVID-19 impact has been incorporated and considered during the study.

The coworking spaces market in North America is segmented by business type (new spaces, expansions, and chains), business model (sub-lease model, revenue sharing model, and owner-operator model), end users (independent professionals [freelancers], startup teams, small to medium-sized enterprises (SMEs), and large-scale corporations), and by country (US, Mexico, and Canada). The report offers market sizes and forecasts in value (USD) for all the above segments. 

By Business Type
New Spaces
By Business Model
Sub-lease Model
Revenue Sharing Model
Owner-Operator Model
By End User
Independent Professionals (Freelancers)
Startup Teams
Small to Medium Sized Enterprises (SMEs)
Large Scale Corporations
By Country
United States
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North America Coworking SpacesMarket Research FAQs

The North America Coworking Spaces Market size is expected to reach USD 5.11 billion in 2024 and grow at a CAGR of greater than 11% to reach USD 8.58 billion by 2029.

In 2024, the North America Coworking Spaces Market size is expected to reach USD 5.11 billion.

Impact Hub, WeWork, Green Desk, Knotel and Regus Coworking are the major companies operating in the North America Coworking Spaces Market.

In 2023, the North America Coworking Spaces Market size was estimated at USD 4.60 billion. The report covers the North America Coworking Spaces Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Coworking Spaces Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

North America Coworking SpacesIndustry Report

Statistics for the 2024 North America Coworking Spaces market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Coworking Spaces analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Coworking Spaces Market in North America Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)