Austin’s coworking industry has always been turbulent, with new sites opening and closing.
In recent times, WeWork announced that it had exited its lease at the SXSW Center on Lavaca Street last October, according to an article in The Real Deal. It stopped operations at that site in January, although WeWork is still operating in the Domain, Congress, Barton Springs and University Park in Austin
The Riveter, a female-focused coworking site, shut down during the Pandemic and never reopened. Galvanize, a coworking site at Nueces and Second Street shuttered its operations in August 2022.
But Austin’s coworking supply is ticking up, with 78 sites now, according to CoworkingCafe’s recently released quarterly report on the coworking industry. The site’s researchers examined data from April and the coworking space stock availability in the nation’s 25 largest markets.
According to the report, Austin’s coworking market saw a 4 percent increase in coworking spaces in the last quarter, with three more. That ranks Austin 21st in the nation, up from 22nd at the end of last year.
- In terms of square footage, Austin has a total of 1.65 million square feet, a slight increase of 0.5% compared to Q4 2023.
- The average square foot in the Austin market dropped by 3% from 21,888 sqft in Q4 of last year to 21,144 sqft in Q1 of 2024.
- Regarding pricing, virtual offices dropped to $109 from $119 in Q4. Dedicated desks increased to $405 from $403, while open workspaces increased to $199 from $150.
- Other Texan markets in our top 25 include Dallas-Fort Worth, which logged 259 spaces in Q1 – a 4% increase; and Houston. which logs 216 spaces in Q1 – a 0.5% increase.
- The national coworking supply now stands at 6,597 spaces, registering a 6% increase from Q4 2023.
The full industry report here: