The coworking market is still expanding, but the fourth quarter marked a clear shift from unchecked footprint growth to strategic, data-driven expansion. Operators are refining portfolios, investing in larger, more versatile spaces and consolidating in markets where demand is strongest, according to a CoworkingCafe report.
"Coworking's next chapter is portfolio discipline," said Sam Rosen, Yardi's director of coworking.
"The winners won't be the ones with the most pins on a map, they'll be the ones who can scale consistent occupancy and experience, trending toward larger footprints and the right submarkets to serve teams that are actually back in motion."
Los Angeles remained the largest coworking market by location count, ending 2025 with 338 active spaces. California continues to maintain a fragmented but resilient ecosystem, with operators layering new sites into established submarkets rather than opening entirely new territories.
Chicago increased to 328 spaces, reflecting incremental growth in a dense market where flexible workspaces have long been part of the office mix. Dallas-Fort Worth also surpassed 320 locations in Q4, reinforcing the metro's role as one of the country's most expansive coworking hubs.
Meanwhile, Washington, D.C., and Manhattan posted modest quarter-over-quarter growth, reaching 310 and 299 locations, respectively.
In contrast, several mid-sized markets, including Raleigh–Durham, Nashville and Columbus, recorded flat or near-flat location counts, suggesting operators are focusing on maximizing performance at existing sites before committing to new expansion, CoworkingCafe noted.
Nationally, the average coworking site size remained steady at more than 18,000 square feet, but there is a widening gap between large and smaller markets, the report said. In dense urban centers such as Manhattan and Chicago, average sites exceed 25,000 to 40,000 square feet, while many secondary and suburban markets remain near or below the national average.
Pricing across the U.S. was largely stable in Q4. National median rates for open and dedicated desk memberships dipped slightly from $225 to $220 per month, while day passes held at $30, meeting rooms averaged $45 per hour and virtual offices hovered near $159 per month. The Northeast remains the most expensive region, with the South offering a more balanced value proposition and the West ranges from premium coastal hubs to more cost-efficient inland metros.
Operator data highlights a market consolidating at the top while smaller players refine strategies rather than chase scale, according to CoworkingCafe. Regus remains the national leader with nearly 1,200 U.S. locations, including more than 950 in the top 50 markets. HQ operates nearly 300 locations, while Industrious and Spaces each maintain slightly more than 150 locations nationwide.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.