NYC Coworking Sees Uneven Growth

New York City coworking space recorded a small hiccup in the second quarter of 2026. The total stock contracted slightly, to 15.2 million square feet, from the 15.3 million square feet recorded in the first quarter of 2026. This comes amid a wider trend of smaller coworking spaces nationwide, even as the number of overall locations remains on the rise.

Somewhat surprisingly, not only did Manhattan register a downtick, but it was the only borough to do so, according to a recent Hubble report. Although this decrease is likely temporary, the borough saw a net reduction of 200,800 square feet of coworking, creative offices and shared lab space between the two quarters. The World Trade Center submarket lost 61,900 square feet, United Nations-Turtle Bay an additional 64,500 and Times Square-Hell’s Kitchen shed 73,900 square feet. On the other hand, gains were recorded in Gramercy Park (27,800 square feet) and Greenwich Village (62,000 square feet).

Brooklyn, however, added 122,600 square feet of coworking inventory, marking a 6.2 percent increase quarter-over-quarter and reaching a total of 2.1 million square feet. Meanwhile, Queens recorded a 1.3 percent growth rate, while inventory remained unchanged in the Bronx.

The average per-desk price for private offices in Manhattan rose 4.6 percent in the second quarter, to $821. Lower Manhattan distinguished itself as NYC’s most expensive area, with an average reaching $947 after a 15.7 percent spike. Brooklyn prices, meanwhile, were virtually flat, recording an uptick from $716 to an average of $720 per desk.

Manhattan is office king, Brooklyn fundamentals closely behind

Meanwhile, on the general office front, asking rates for Manhattan leases rose 3.2 percent in the second quarter, to just above $72 per square foot—more than double the $33.67 U.S. figure. The Plaza District continues to be the most expensive submarket for traditional office across all of NYC, with an average asking price of $107.46 per square foot, followed by Chelsea and SoHo.

Brooklyn’s average asking rent jumped 6.9 percent compared to the first quarter, with Brooklyn Heights as the borough’s most expensive submarket. Average rents in Queens were up 4.6 percent quarter-over-quarter, while rates in the Bronx slid 0.4 percent.