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The 15 Leading Operators in America’s Coworking Sector

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With the rising interest in remote work and the gig economy, the coworking industry is experiencing encouraging growth, thereby offering a pathway to greater flexibility and connectivity. What’s more, a new CoworkingMag report shows that the market registered a 20% increase in coworking spaces from December 2022 to May 2024. During this time, the dynamic between the largest coworking operators experienced some notable changes.

Regus (IWG) maintained its leading position with 972 locations across the country as of May 2024 after recording 17% growth in inventory since 2022, which is almost on par with the national increase. However, the fastest-growing coworking operator was HQ, which had 204 spaces in 2024 and a 240% rise in the same time span.

Ranking third, WeWork decreased its footprint to 173 venues and had a reduction of 30% overall. Following at a difference of 28 spaces, Industrious logged 145 locations throughout the country, which resulted in 7% growth since 2022. Rounding out the top five, Spaces (IWG) had 137 areas across the U.S. after a 17% surge in inventory, opening 20 new spots since December 2022.

Next, Premier Workspaces ranked sixth with 86 areas across the U.S. by the end of May after dropping one spot since the 2022 ranking. Not to be outdone, Office Evolution held 79 spaces and experienced a 2% reduction in its portfolio after closing two locations in the last year and a half.

Similarly, Workstyle Flexible Spaces dropped by two locations, but still ranked eighth with 65 coworking spaces throughout the U.S. Then, 19 spaces away was Venture X, which moved up two positions since 2022. Similarly, Venture X’s 46 spaces led to a 10% increase in its portfolio. And, completing the top 10, Intelligent Office held 43 locations this year after a minor 4% decline.

Meanwhile, after closing one spot since 2022, Expansive had 42 spaces in the U.S. and ranked 11th. It was followed by LocalWorks, which reached 36 locations, translating into a 16% increase as of May 2024. Likewise, COhatch kept its 13th spot with 34 coworking spaces after a 13% growth since 2022. And, Serendipity Labs’ gain of one location since 2022 resulted in an inventory of 28 spaces and a 4% rise in its portfolio. Rounding out the top 15, Lucid Private Offices reached 27 locations after an impressive 23% growth by May 2024 to make its way onto the list of the largest coworking operators in the U.S.

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In light of these events, Doug Ressler, manager of business intelligence at Yardi Matrix, expressed the following about Lucid Private Office’s impressive rise:

“Lucid Private Offices has made a significant impact on the coworking space industry by rebranding and expanding beyond its Texas footprint. Lucid is opening new locations outside of Texas, including in the Atlanta area, and is planning to expand into the Phoenix area, as well,” said Doug Ressler, manager of business intelligence at Yardi Matrix.

The expansion of the largest coworking operators showcases the sector’s constant growth and popularity amid a period of constant change. Moreover, the 252 locations that the operators added to the national coworking inventory between December 2022 and May 2024 show an active response to the public demand for innovative and flexible working spaces.

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