NYC Coworking Grows Some More, Boosting Office Comeback
Continuously adding more space, the city remains the country's largest flex office market.
In the first quarter of 2026, New York City’s coworking office spaces reached a total of 15.3 million square feet, or 2.6 percent of total office stock, above the 2.3 percent national average. Out of the city’s total coworking inventory, 12.8 million is spread across Manhattan, according to a recent report by Hubble. This keeps the Big Apple as the nation’s largest coworking market by square footage, by far.
Quarter-over-quarter, Manhattan’s coworking inventory grew by 328,000 net square feet. The areas with the largest gains were the Harlem-North Manhattan submarket (+132,500 square feet), Manhattan’s Plaza District (+107,800 square feet) and Grammercy Park (+91,900 square feet). Brooklyn (+70,000 square feet), Queens (+21,500 square feet) and the Bronx (+2,800 square feet) also saw net rises in coworking footprints.
However, the average per-desk asking price for private offices across Manhattan fell to $785 per month at the end of the first quarter, below the average of $791 recorded in the prior quarter.
While Manhattan had the largest coworking growth by square footage, Brooklyn recorded the largest percentage growth during the first quarter of 2026, namely 3.7 percent, with Williamsburg-Greenpoint adding 42,800 square feet and Dumbo another 21,500 square feet.
Asking rents rise, vacancy drops across NYC office overall
The larger New York City office space market also continues to recover, underpinning the coworking momentum. In Manhattan, overall office asking rates rose 2.1 percent quarter-over-quarter, to $69.80 per square foot, through the end of March, the Hubble report shows. The most expensive submarkets were the Plaza District, Chelsea and SoHo.
Brooklyn’s average asking rent increased by 3.2 percent during the same time frame, while the same metric dropped across the Bronx (-1.7 percent) and Queens (-0.5 percent).
As of March, the average office vacancy rate in Manhattan slid to 13.1 percent, marking a sizeable, 50-basis-point decrease quarter-over-quarter. Brooklyn vacancy stood at 15.4 percent, marking the lowest figure the borough has recorded since the third quarter of 2024, though not yet to pre-2020 numbers.
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