NEW YORK CITY—The growth of co-working space in New York City has been phenomenal, scoring a 767% increase in occupied square footage since 2009 and an 86% higher number of co-working locations during that time.
However, despite the heady numbers, co-working remains a small niche in the overall Manhattan office market, registering a 1.2% market share at the moment. Newmark Grubb Knight Frank has released a report entitled: “WeLease: The Growth of Shared Workspace and Its Impact on the New York City Market” that provides concrete data on the relatively new phenomenon of co-working and how it has changed the way people work and how companies grow here and across the country.