Austin has failed to flex in the co-working space recently, losing available square footage with that designation as other parts of of the nation increase their stock.
Thats' according to researchers at Yardi Matrix site CoworkingCafe, who leveraged proprietary data to break down the coworking space stock availability in the 25 largest markets, as well as their size and distribution.
The report also compared the most recent numbers to those registered in the second quarter of 2023 to determine the evolution of coworking throughout the nation.
Highlights from the report include:
- In Q3, Austin remained on the 23rd spot for the number of coworking spaces, with a total of 71 flexible workspaces – the market kept the same number of coworking spaces compared to Q2 and Q1.
- The market took the 21st spot in terms of the total square footage covered by coworking spaces – with over 1.63 million sqft. – a 1% decrease in this area.
- When looking at the square footage per market, Austin ranks 9th with an average of 23,030 sqft. – a decrease of 1% compared to Q2.
- Looking at the coworking subscriptions in the Austin market, virtual office median prices decreased to $149 from $150 in Q2, and open workspaces to $134 from $200 in Q2. In the meantime, dedicated desks increased to $407 from $400 in Q2.
- Nationally, the coworking space stock reached a total of 6,172 spaces, representing a slight 0.15% increase from Q2 of 2023.