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Shared workspaces: a landlord's perspective on coworking

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The coworking industry now totals 27 million square feet. Clearly, the market is growing and highly attractive to tenants, but here's what owners and landlords can expect.

Published in: Real Estate
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Shared workspaces: a landlord's perspective on coworking

  1. 1. Shared workspaces United States Office | Spring 2016
  2. 2. Leasing activity by coworking providers 1 Overview and statistics 3,715,428 s.f. Leasing by coworking providers since Q3 2014 Source: JLL Research 63.5% WeWork’s share of coworking leasing activity 10.3 years Average lease term 89.8% Share of activity in Class B and C properties 26.9% Share of activity that is new to market 8.2x Cumulative rate of growth of WeWork 994,252 s.f. New York coworking leasing volume 427,137 s.f. DC coworking leasing volume 375,249 s.f. Chciago coworking leasing volume
  3. 3. Quarterly leasing activity 99,964 507,784 412,366 854,605 517,554 394,684 928,471 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Leasingactivity(s.f.) 2 Leasing by coworking providers has trended upward over past seven quarters Source: JLL Research
  4. 4. Tenant Leasing since Q3 2014 (s.f.) WeWork 2,359,565 Regus 851,226 UberOffices 120,837 Cowork|rs 73,000 Pipeline 46,207 Venture 45,896 Spaces 43,680 SilverSuites 43,019 Metro Offices 41,249 Make Offices 35,496 TechSpace 28,190 BusinesSuites 15,375 Crossroads 11,688 Total 3,715,428 Leasing activity by provider 3 WeWork has dominated Source: JLL Research WeWork Regus UberOffices Cowork|rs Pipeline All other companies
  5. 5. Leasing activity by market 31,082 35,707 39,990 44,000 46,063 51,700 67,769 68,822 101,953 147,840 168,556 190,350 190,846 247,568 306,486 375,249 427,137 994,252 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 San Francisco Peninsula Fort Lauderdale New Jersey Orange County Raleigh-Durham Miami Silicon Valley Los Angeles Austin Portland Boston Seattle-Bellevue Philadelphia Denver San Francisco Chicago Washington, DC New York Leasing acitivty (s.f.) 4 New York is the largest coworking market by far, followed by DC, Chicago and the Bay Area Source: JLL Research
  6. 6. Leasing activity by submarket 68,768 68,824 73,000 77,206 96,000 103,468 105,653 108,655 109,361 130,000 134,194 145,937 155,200 160,846 180,000 192,971 197,993 234,879 0 50,000 100,000 150,000 200,000 250,000 East Loop (Chicago) Mid-Market (San Francisco) Financial District (Boston) Austin CBD Gramercy Park (New York) North Financial District (San Francisco) LoDo (Denver) Portland CBD Plaza District (New York) River North (Chicago) South Financial District (San Francisco) Back Bay (Boston) Central Loop (Chicago) Market Street West (Philadelphia) Times Square (New York) East End (Washington, DC) Penn Plaza/Garment (New York) Water Street Corridor Leasing acitivty (s.f.) 5 Urban, mixed-use and amenitized suburbs with creative space are most attractive for providers Source: JLL Research
  7. 7. Leasing activity by class 380,812 1,775,122 1,285,376 274,118 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 Trophy Class A Class B Class C Leasingactivity(s.f.) 6 Leasing by coworking providers has trended upward over past seven quarters Source: JLL Research 89.8% commodity or creative space
  8. 8. Leasing activity by type 2,161,092 1,000,495 392,035 112,790 49,016 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Expansion in market New to market Renewal Relocation within market Expansion in building Leasingactivity(s.f.) 7 Coworking growth is organic: 26.9 percent of leasing is new to market Source: JLL Research
  9. 9. The WeWork effect 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Cumulativeleasingactivity(s.f.) 8 WeWork has leased 2.4 m.s.f. since Q4 2014, growing 8x over the span of six quarters Source: JLL Research
  10. 10. COPYRIGHT © JONES LANG LASALLE IP, INC. 2016 For more information, visit jll.com: >>>>Click here to learn more.

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