NEW YORK CITY – WeWork may have disrupted the coworking sector, but smaller and local coworking spaces are catching up, according to a new survey from Clutch, a ratings and reviews platform.

In September flexible workspace provider WeWork had its valuation fall from $47 million on the private markets to $10 to $12 billion in the process of gearing up to launch its initial public offering. The sequence of events eventually led the company’s CEO Adam Neumann to step down, and an eventual bailout from its largest investor SoftBank for $1.7 billion.

Aside from the firestorm experience WeWork has faced in recent months, there is no debating that the company dominates co-working, with 39% of coworking employees working in a WeWork space. But local coworking spaces are catching up, at 36%, leaving room for them to pass WeWork, according to the Clutch data report.

Coworking investors bet that local shops will soon dethrone WeWork, based on coworking’s overall growth and the need to meet the demand, which a range of independent real estate investors are trying to capitalize on. The number of coworking spaces worldwide is expected to reach 26,000 in 2022, up from 18,000 in 2019 and 8,000 in 2015, according to the report.

Graph - Top 6 coworking spaces
Graph - where coworking employees also work

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

More from this author



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.