Boston may sometimes seem like it’s only made up of one-way streets, but the coworking market in this vibrant and historic city is easier to navigate than ever. A growing inventory means Boston has 3.7 million commercial square feet devoted to flexible workspaces, putting it just behind the three largest markets in the United States: Manhattan has 15 million square feet, Los Angeles has 5.4 million and Chicago has 3.8 million. In less than a decade, the market has gone from effectively zero to 1.7 percent of the office market and is growing faster than ever, jumping from 1.2 percent in the past two years.
Boston is home to 35 colleges and universities and more than 150,000 students. When they graduate, many of them stay on to work at the city’s tech companies and startups. Boston is a top tech market as well as one of the largest coworking markets, and that culture is responsible for the rise in demand for more flexible leases, modern design, communal workspaces, and multiple locations that are convenient to workers in all parts of the city and suburbs.
Regus is the Boston region’s second-largest flexible workspace operator, with 364,000 square feet of office space and more than 30 locations in sought-after neighborhoods around Boston and Cambridge such as Beacon Hill, Back Bay, the Financial District, the Prudential Tower and Kendall Square. Each location offers short- or long-term agreements, permanent and hot desks, business lounges, high-speed internet and a staffed reception desk.
While Boston’s 1.7% market share of office space is close to the national average of 1.8%, it less than half of San Francisco’s at 4% and Manhattan at 3.6%, suggesting there is much room for continued growth. While 35% of the flexible office space in Boston is in the city’s central business district, the sector’s market strength means that more spaces will open in the smaller submarkets and in the suburbs.
Want to be in the best neighborhoods in Boston? Find your new office with Regus