In San Diego, there are over 1.2 million square feet of coworking spaces across 90 locations, representing 1.6 percent of the total 77 million square feet of office inventory countywide, according to a report from Cushman & Wakefield (C&W). By submarket, Downtown San Diego comprises the largest share, with 20 percent of total coworking inventory per square foot, followed by Carlsbad (15 percent) and UTC (10 percent).
“Coworking is gaining popularity among tech startups and creatives such as marketing and web design companies, along with freelancers and independent contractors from the FIRE employment sector,” says Jolanta Campion, research director for C&W in San Diego. “Physical and financial flexibility are becoming the new ‘normal’ for the 21st-Century workforce, and coworking supports these needs.”
Over 960,000 square feet of existing coworking spaces, or 78 percent of the total coworking inventory, in San Diego have opened in the past eight years, Campion adds. “A number of providers are seeking to expand their footprint in San Diego, hoping to ink deals for space within the next year.”
According to the report, Regus is the largest coworking space user in San Diego with 288,000 square feet or 22 percent of the region’s inventory. Regus has 18 locations, just one of which falls under its Spaces brand factored into the totals. WeWork has the second largest market share with nearly 141,000 square feet. The coworking giant’s local San Diego footprint consists of just two locations: Downtown, plus its recently occupied location in UTC. Other significant occupiers include Premier Business Centers, Boxer Workstyle, Small Offices 4 Rent, and Barrister Executive Suites, with a number of other coworking businesses making up the remainder.