The co-working industry is graciously changing and altering the workforce of today by replacing the cubicles of old. Just within the last five years, reports have it that shared workspaces have increased at a rate of 200 percent and it shows no signs of halting.
Also, the recent pandemic has taught Americans that they don’t really need to be in an office to have careers. Reports have it that about 71 percent of Americans are now working from home and a growing number of young teleworkers are also learning that home can be wherever they want.
This new freedom has given millions of Americans the opportunity to abandon their home offices and opt for flexible offices and co-working environments.
According to reports, the United States presently boasts of the fastest-growing co-working space, with Coworker reporting a +19.7 percent change between 2019 and 2020. Have it in mind that even the biggest names in the game, such as Microsoft and Facebook have embraced the idea, owing to the results they have witnessed with strategic outsourcing and shared work environments.
Within the past 8 years, reports have it that the square footage of shared workspace in the U.S. has increased by an average of 23 percent annually. Currently, a co-working space can be found in almost every city in the United States. Howbeit, what cities provide the ideal communities, best resources, and viable environment to attract the co-working crowd?
Best Cities to Start a Coworking Space
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1. Miami, Florida
Renowned as one of the youngest coworking scenes in the United States, the Miami market is witnessing a growth that could lead to the city’s explosion as a prime co-working location in the next couple of years.
According to recent reports, Miami tops the chart in co-working as a percentage of total stock, taking up 2.7 percent of the city’s 50.5 million square feet of space. Coupled with an ever-vibrant nightlife and adjacency to some of the country’s most gorgeous beaches, Miami is an attractive location for entrepreneurs.
Seattle boasts of a massive freelance economy and this is responsible for the growing demand for co-working spaces in the city. Here are a few are pros and cons of starting a co-working space in this city:
- A growing freelancing market
- No personal income taxes here unless you reach the high-income threshold
- Affordable commercial rent
- The freezing temperatures can be a challenge for those from a warmer state
- Commuting to and from the office can be very slow due to heavy traffic during peak hours
- A crime rate that’s 115 percent higher than the national average crime rate may not make it ideal for a long-term stay
More commonly referred to as the mile-high city, Denver is popular amongst outdoor enthusiasts and entrepreneurs alike.
It is home to around 60 co-working spaces and is ranked as a top 10 city for millennials. Denver has in recent years emerged as a hotspot for young startups and the innovative ideas pushed by the city have helped fuel its growth as a popular spot for entrepreneurs looking to disrupt the norm.
Owing to its average download speed of 168 Mbps and home costs, Racine is becoming a preferred location for entrepreneurs and startups. Since it is located on the shores of Lake Michigan and is divided by the Root River, the city also offers residents breathtaking views of the water and a multitude of water sports.
Although the cost of living can be quite high and the traffic can be discouraging, Los Angeles is not just a great place for entrepreneurs but also a great place to move in with the family if you can afford it. Have it in mind that resources are abundant in the City of Angels, and when it comes to finding quality furnished apartments, Los Angeles has a long list to choose from.
The city is also renowned for promoting partnerships and collaborations across various industries and this makes Los Angeles one of the preferred American cities for entrepreneurs and freelancers alike.
Note that throughout the summer months, the City of Festivals holds cultural festivals almost every weekend. Summerfest, the country’s oldest – and one of the most popular – music festivals, draws in a huge amount of musicians to its lakefront festival grounds for a week and a half of concerts.
The city also boasts of an above-average number of startups as well as rising startup salaries. One of the key elements behind the Milwaukee market growth is that millennials have been shifting their attention to entrepreneurship and technology, which are two popular markets for co-working spaces.
The Boston startup ecosystem remains one of the most active and thriving in the world, which also means that there are a lot of top startups in Boston. Much like Chicago, Boston has witnessed an explosion of new co-working spaces in the last couple of years.
The resources and professionals made available by Harvard, MIT, and Tufts have also helped to accelerate startups in the city for decades. Reports have it that the growing number of co-working spaces will only continue to make Boston more attractive to more and more entrepreneurs.
Boasting of a massive metropolitan city, the Windy City is still reasonably priced. Although the average house price is just 2.6 percent higher than the United States average, Chicago still boasts of two international airports that are located 30 minutes from the downtown area for those that want to have an established home but enjoy being digital nomads.
Experts in the industry expect 9 million sq. ft. of co-working space in downtown Chicago by the end of 2023. Chicago also remains one of the most famous cities in the world and the city’s startup ecosystem is reflective of this, making it a good location to start and manage a co-working space.
Located on Florida’s Space Coast, Melbourne is perfectly suited for anyone who wants to be an astronaut. Residents tend to love satellite sightings and launches from the International Space Station, which is just a 40-minute drive away.
This city is also well-known for its developments in aerospace technology, and also has a vast range of leisure opportunities. Melbourne may not be that popular a hub for remote workers and digital nomads, however, in recent years it has given room to many co-working providers to get in on the ground floor and get to work.
This is one of the best cities to start a co-working space because aside from low-cost broadband service – the most affordable package costs only $31 a month – it is a vibrant environment. Note that the city ranges from 52°F in the colder months to 90°F in the hotter months, and boasts of numerous recreational opportunities owing to the city’s 178 parks and the surrounding white, pristine beaches.
It is also a top place for people who are working remotely or shifting jobs because of remote work opportunities. Also note that Tampa is a top destination for entrepreneurs because Tampa has a tech presence where you can stay connected to your clients, create new ideas, and see your future through entrepreneurial eyes.