2020 DESK PRICE INDEX FROM 12,000+ COWORKING SPACES AROUND THE WORLD
BROUGHT TO YOU BY CI COWORKING INSIGHTS PAGE 02 03 TABLE OF PREFACE 04 CONTENTS KEY INSIGHTS 05 GLOBAL COWORKING SPACE DISTRIBUTION 06 HOT DESK PRICE WORLD AVERAGE 07 CONTINENT COMPARISONS 2018-2020 08 PRICING EVOLUTION BY CONTINENT 2018-2020 09 HOT DESK PRICE BY COUNTRY 16 TOP 100 COUNTRIES PRICE INDEX 17 HOT DESK PRICE BY CITY 26 TTYT TOP 250 CITIES PRICE INDEX 31 NOTABLE CITIES - PRICE CHANGES 2019-2020
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PAGE 03 03 2020 DESK PRICE PREFACE INDEX REPORT 04 Have you ever wondered how your coworking space’s desk prices compare to spaces in, say, Barcelona? If you’re looking to expand operations, which city would allow you 05 to generate the most income?
With each new year, evolving desk prices provide evidence of the continued demand for new shared offices and available workspace. As a result, these 06 average desk prices offer useful insights into the coworking industry’s ongoing development, such as the most and least expensive markets as well as the top emerging cities across the globe.
07 This is our second annual Desk Price Index Report, where we explore key data related to global hot desk (or open/flexible seating) prices on an international scale. The data is provide by Coworker and is representative of over 14,000 coworking spaces in 170 countries. 08 The numbers are based on cities and countries with more than three coworking spaces (three desk prices) to ensure a large enough data set, which helps with comparison metrics. This report ultimately illustrates a data-led view of the 09 coworking industry’s future, including how top markets are pricing their hot desks to remain competitive. 16
17 ABOUT COWORKING INSIGHTS Coworking Insights is the leading source for data, advice, and trends in 26 the flexible office industry. TTYT CI Founded in 2015, Coworking Insights is Coworker's partner publication that is COWORKING INSIGHTS committed to sharing expert insights on the coworking industry's evolution and latest news. All data is based on information shared with Coworker by the platform's member coworking spaces, 31 which has expanded to include over 14,000 spaces in 171 countries worldwide.
PAGE 04 Our findings this year have led us to conclude that hot desk prices dropped by 2.14% globally between 2019-2020 which illustrates the increasing supply of new flex office spaces. KEY The statistics give evidence of the further maturation of coworking markets as demand for shared workspace INSIGHTS continues to grow across all continents. In 2020, global desk prices decreased 2.14%, from $187 to $183 per month. This was driven both by the increasing supply — and demand — in capital cities as well as the expansion of coworking across less-developed markets.
On the whole, we saw much less price volatility in 2020 as we did in 2019. The biggest continental price change was in South America, where desks prices fell 6.4%, compared to a rapid 28% increase in 2018. The reduction of price volatility signals the ongoing maturation of coworking markets, with more spaces basing their pricing on market demand.
The data also illustrated the notably broad range of hot desk pricing in Asia. For instance, India (the country that represented the most global supply growth in 2019) came in at $95 per month, while Hong Kong remains at an average of $346 per month (the fourth most-expensive country in our 2020 Desk Price Index).
In terms of country rankings, Monaco took the top spot this year for most expensive monthly hot desk price, coming in at $397 per month. Switzerland came in second place at $395 per month, and Malta is third with $347 per month. Also worth noting is Sweden’s huge jump from 13th to 6th in the rankings of most expensive countries for monthly hot desks.
When comparing the world’s most expensive cities for coworking, Palo Alto in California — also known as the startup haven Silicon Valley — claimed the top spot, with monthly hot desk prices of $511 on average. Zurich came in second place at $456 per month, with Santa Monica claiming third place at $404 per month. Interestingly, our data shed light on just how expensive real estate is in California — 8 of the state’s top cities were among the top 25 most expensive cities in the world.
Overall, our findings illustrate the expansion of available hot desks in not just major urban markets but also smaller, two and three-tier cities and even small, rural towns. Many private operators are expanding into newer, largely undeveloped markets, which has ultimately led to an average price decline from 2019-2020 as more spaces open their doors. With greater supply comes greater
demand for more competitive pricing — a fact that is clearly illustrated by the data points in this report.
PAGEPAGE 05 04 GLOBALPREFACE COWORKING 12,601 SPACE COWORKING DISTRIBUTION SPACES IN 158 COUNTRIES
NORTH AMERICA 3,048
EUROPE 3,801 ASIA 3,821
CENTRAL AMERICA 110 AFRICA 592 SOUTH AMERICA 801 OCEANIA 428
ASIA EUROPE AFRICA Oceania NORTH SOUTH Central 3,821 3,801 592 428 AMERICA AMERICA America 3,048 801 110
NOTE: This map is representative of the 12,601 spaces that have joined the Coworker marketplace with confirmed and updated data as of Jan. 2020. PAGE 06 2020 MONTHLY HOT DESK PRICE WORLD HOT DESK PRICE AVERAGE WORLD AVERAGE $183 usd
$206 2018
$187 2019
$183 2020
NOTE: All prices are calculated in USD PAGE 07 AVERAGE HOT DESK CONTINENT PRICING BY CONTINENT COMPARISONS 2018-2020 2018-2020
Monthly AVG (2020) Monthly AVG (2019) Monthly AVG (2018)
$347 Oceania $273 $262
$268 North America $243 $243
$188 Europe $206 $210
$163 Central America $180 $176
$160 Asia $149 $146
$197 South America $141 $132
$112 Africa $116 $110
NOTE: All prices are calculated in USD. PAGE 08 PAGE 07 PRICECONTINENT EVOLUTIONCOMPARISONS BY Continent Monthly AVG Monthly AVG Monthly AVG (2020) (2019) (2018)
CONTINENT2018-2020 Oceania $262 $273 $347 North America $243 $243 $268 2018-2020 Europe $210 $206 $188 Central America $176 $180 $163 Asia $146 $149 $160 South America $132 $141 $197 Africa $110 $116 $112
$400
$300
$200
$100 2017 2018 2019
Oceania South America Africa Asia Europe North America Central America
NOTE: All prices are calculated in USD. PAGE 09 HOT DESK PRICE BY COUNTRY
THESE ARE THE COUNTRIES WITH THE MOST EXPENSIVE MONTHLY HOT DESK PRICES, BASED ON AVERAGES FROM COWORKER'S DATABASE OF 12,000+ COWORKING SPACES. ALL PRICES ARE CALCULATED IN USD. PAGE 10 EUROPE
$400 $397 $395
$347
$311
$300 $280 $267 $265 $254 $250 $244 $238
$215 $215 $207
$200
$100
0 Monaco Switzer- Malta Sweden Ireland France Luxem- Belgium United Germany Austria Italy Nether land bourg Kingdom lands
NOTE: All prices are calculated in USD. PAGE 11 ASIA
$400
$346 $336
$300 $296 $291
$267 $225 $230 $224
$200 $187 $167
$100 $95
0 Hong Israel China Singapore Saudi UAE South Qatar Taiwan Japan INDIA Kong Arabia Korea
NOTE: All prices are calculated in USD. PAGE 12 AFRICA
$400
$300
$235
$204 $200 $183 $165 $153 $147 $140 $136
$100 $101 $98
0 Cameroon Libya Reunion Cote Ghana Kenya Morocco South Nigeria Burkina D’ivoire Africa Faso
NOTE: All prices are calculated in USD. PAGE 13 OCEANIA
$400
$300 $264 $253
$200
$100
NOTE: All prices are calculated in USD. PAGE 14 NORTH AMERICA
$400
$300 $271 $130
$200 $201
$138
$100
0 Puerto Rico United CANADA Mexico States
NOTE: All prices are calculated in USD. PAGE 15 CENTRAL AMERICA
$400
$300
$211 $200 $194
$155 $141 $135
$100
0 El Salvador Panama Costa Rica Guatemala Honduras
NOTE: All prices are calculated in USD. PAGE 16 SOUTH AMERICA
$400
$300
$200
$158 $136 $135 $68 $124 $120 $107 $100 $92
0 Brazil Chile Colombia Peru Paraguay Ecuador Uruguay Argentina
NOTE: All prices are calculated in USD. PAGE 17 TOP 100 COUNTRIES PRICE INDEX
AVERAGE MONTHLY AVERAGE MONTHLY AVERAGE MONTHLY COUNTRY DESK PRICE COUNTRY DESK PRICE COUNTRY DESK PRICE
Monaco $397 Canada $201 Latvia $129
Switzerland $395 Finland $198 Philippines $128
Malta $347 Norway $196 Indonesia $124
Hong Kong $346 Denmark $195 Bosnia and Herzegovina $121
Israel $336 Panama $194 Czech Republic $117
Sweden $311 Taiwan $187 Bulgaria $115
China $296 Reunion $183 Vietnam $115
Singapore $291 Japan $182 Kyrgyzstan $115
Ireland $280 Cyprus $178 Romania $112
Puerto Rico $271 Greece $176 Slovakia $110
Saudi Arabia $267 Spain $169 Ukraine $105
France $267 Cote D'ivoire $165 Mongolia $102
Luxembourg $265 Bahrain $164 Nigeria $101
Australia $264 Thailand $159 Iran $101
United States $260 Lithuania $157 Azerbaijan $101
Belgium $254 Costa Rica $155 Burkina Faso $98
New Zealand $253 Ghana $153 Sri Lanka $97
United Kingdom $250 Brunei $152 Bangladesh $97
Montenegro $244 Croatia $150 India $95
Germany $244 Kenya $147 Turkey $95
Austria $238 Portugal $143 Malaysia $94
Cameroon $235 Guatemala $141 Moldova $92
United Arab Emirates $230 Morocco $140 Georgia $92
South Korea $225 Russia $140 Serbia $91
Qatar $224 Estonia $140 Uganda $89
Italy $215 Mexico $138 Armenia $89
El Salvador $211 South Africa $136 Angola $87
Netherlands $207 Honduras $135 Uzbekistan $86
Libya $204 Hungary $134 Macedonia $82
Andorra $202 Poland $130 Egypt $76
NOTE: All prices are calculated in USD. PAGEPAGE 18 07 HOTCONTINENT DESK PRICE BYCOMPARISONS CITY
THESE2018-2020 ARE THE AVERAGE MONTHLY HOT DESK PRICES IN CITIES REPRESENTING THE MOST INVENTORY (OR NUMBER OF SPACES) IN COWORKER'S DATABASE OF 12,000+ COWORKING SPACES. PAGE 19 TOP CITIES IN ASIA
$400
$311 $300
$229 $235
$200
$166 $148
$117 $114 $100 $91 $88 $85 $89
0 Tokyo Bengaluru Mumbai New Delhi Pune Gurugram Bangkok Dubai Shanghai Hyderabad Kuala lumpur 131 225 124 141 106 104 87 79 79 76 73 spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 20 TOP CITIES IN AFRICA
$400
$300
$200
$151 $152 $152
$109 $100 $78 $75
$40
0 Cairo Lagos Cape Town Johannesburg Tunis Nairobi Alexandria 47 45 40 31 28 26 13 spaces spaces spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 21 TOP CITIES IN EUROPE
$400
$344
$312
$300
$263 $249 $240 $227 $214 $210 $200 $182 $181 $157 $156
$100
0 London Barcelona Madrid Berlin Lisbon Amsterdam Vienna Valencia Brussels Milan Dublin Copenhagen 227 123 122 87 61 59 48 44 38 38 36 36 spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 22 TOP CITIES IN NORTH AMERICA
$400 $374 $355
$325 $316 $305 $300 $278 $258 $250 $242 $245
$207 $200
$100
0 New York Los Angeles Chicago Toronto San Denver Washington Austin Dallas Seattle Montreal City 95 85 78 Francisco 67 D.C. 48 45 44 43 213 spaces spaces spaces spaces 76 spaces spaces 56 spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 23 TOP CITIES IN CENTRAL AMERICA
$400
$300
$202 $200 $196 $169 $155 $144
$100
0 Panama San Guatemala San Jose Tegucigalpa City Salvador City 6 4 28 spaces 9 spaces 8 spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 24 TOP CITIES IN SOUTH AMERICA
$400
$300
$200 $199 $170 $156 $139 $134 $118 $121 $104 $100 $74
0 Bogota Sao Paulo Lima Buenos Aires Santiago Medellin Quito Rio de Janeiro Guayaquil 68 62 48 41 38 36 34 16 14 spaces spaces Spaces spaces spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 25 TOP CITIES IN OCEANIA
$400
$310 $306 $300 $289 $264 $249 $248 $222
$200 $180
$100
0 Sydney Melbourne Brisbane Perth Auckland Adelaide Christchurch Wellington 87 82 34 20 18 12 11 10 spaces spaces Spaces spaces spaces spaces spaces spaces
NOTE: All prices are calculated in USD. PAGE 26 TOP 250 CITIES PRICE INDEX
CITY COUNTRY AVERAGE MONTHLY CITY COUNTRY AVERAGE MONTHLY DESK PRICE DESK PRICE
Palo Alto, CA United States $511 Dublin Ireland $312
Zurich Switzerland $456 Stamford, CT United States $312
Santa Monica, CA United States $404 Shanghai China $311
Basel Switzerland $404 Irvine, CA United States $311
Durham, NC United States $401 Sydney Australia $310
Monaco Monaco $397 Beijing China $309
Mill Valley, CA United States $379 Perth Australia $306
San Francisco, CA United States $374 Seattle, WA United States $305
Boca Raton, FL United States $370 Bournemouth United Kingdom $302
Cambridge, MA United States $369 Philadelphia, PA United States $300
Stockholm Sweden $367 Bethesda, MD United States $300
Tel Aviv Israel $360 Somerville, MA United States $297
Bern Switzerland $359 Singapore Singapore $296
Munich Germany $356 San Juan Puerto Rico $295
New York City, NY United States $355 Raleigh, NC United States $294
Arlington, VA United States $355 Gold Coast Australia $292
Lausanne Switzerland $351 Minneapolis, MN United States $290
Sunnyvale, CA United States $350 Saint Paul, MN United States $290
London United Kingdom $344 San Diego. CA United States $290
Hong Kong Hong Kong $343 Roseville, CA United States $290
Geneva Switzerland $340 Auckland New Zealand $289
Encinitas, CA United States $338 Portland, WA United States $286
Oakland, CA United States $337 Boulder, CO United States $286
Boston, MA United States $326 Stuttgart Germany $285
Los Angeles, CA United States $325 Plano, TX United States $284
Berkeley, CA United States $322 Al Khobar Saudi Arabia $280
Southampton United Kingdom $321 Frankfurt Germany $280
San Mateo, CA United States $318 Utrecht Netherlands $279
Paris France $317 Washington D.C. United States $278
Austin, TX United States $316 New Orleans, LA United States $278
NOTE: All prices are calculated in USD. PAGE 27 TOP 250 CITIES PRICE INDEX
CITY COUNTRY AVERAGE MONTHLY CITY COUNTRY AVERAGE MONTHLY DESK PRICE DESK PRICE
Jacksonville, FL United States $278 Christchurch New Zealand $249
Bordeaux France $277 Milan Italy $249
Luxembourg City Luxembourg $275 Atlanta, GA United States $248
Nashville, TN United States $267 Prahran Australia $248
Riyadh Saudi Arabia $266 Wellington New Zealand $248
Santa Clara, CA United States $265 Malmo Sweden $248
Birmingham, AL United States $265 Dallas, TX United States $245
Melbourne Australia $264 Westlake Village, CA United States $244
Brussels Belgium $263 Santa Cruz, CA United States $244
San Jose, CA United States $263 Lyon France $243
Toulouse France $261 Orlando, FL United States $242
Costa Mesa, CA United States $259 Denver, CO United States $242
Jeddah Saudi Arabia $259 Hamburg Germany $241
Chicago, IL United States $258 Calgary Canada $241
Lexington, KY United States $258 Seoul South Korea $241
Scottsdale, AZ United States $256 Richmond, VA United States $241
Gothenburg Sweden $256 Fort Collins, CO United States $240
Miami, FL United States $255 Essen Germany $240
Cologne Germany $255 Vienna Austria $240
Dusseldorf Germany $254 Manchester United Kingdom $239
The Hague Netherlands $254 Sunshine Coast Australia $238
Ghent Belgium $253 Victoria Canada $238
Biel Switzerland $253 Springfield, MA United States $238
Antwerp Belgium $252 Pittsburgh, PA United States $235
Alexandria, VA United States $252 Dubai United Arab Emirates $235
Rome Italy $251 Columbus, OH United States $234
Innsbruck Austria $251 Fort Worth, TX United States $233
Oxford United Kingdom $250 Helsinki Finland $232
Toronto Canada $250 Brighton United Kingdom $230
West Palm Beach, FL United States $250 Reading United Kingdom $230
NOTE: All prices are calculated in USD. PAGE 28 TOP 250 CITIES PRICE INDEX
CITY COUNTRY AVERAGE MONTHLY CITY COUNTRY AVERAGE MONTHLY DESK PRICE DESK PRICE
Tokyo Japan $229 Akron, OH United States $210
Cork Ireland $229 York United Kingdom $210
Nottingham United Kingdom $227 Kansas City, KS United States $210
Konstanz Germany $227 Shenzhen China $210
Berlin Germany $227 Copenhagen Denmark $210
Vancouver Canada $225 Bergen Norway $209
Baltimore, MD United States $225 Edinburgh United Kingdom $209
Doha Qatar $224 Nantes France $209
Darmstadt Germany $223 Graz Austria $209
Brisbane Australia $222 Mecca Saudi Arabia $208
Long Beach, CA United States $221 Split Croatia $208
Cali Colombia $221 Montreal Canada $207
Klagenfurt Austria $220 Fort Lauderdale, FL United States $205
Valladolid Spain $220 Salt Lake City, UT United States $205
Burlington, VT United States $220 Marseille France $205
Cambridge United Kingdom $220 Linz Austria $203
Fukuoka Japan $219 Grand Rapids, MI United States $203
Bristol United Kingdom $219 San Salvador El Salvador $202
Charlotte, NC United States $218 Newcastle Australia $202
St. Louis, MO United States $216 Mississauga Canada $200
Oslo Norway $216 Worcester, MA United States $200
Lille France $216 Greenville, SC United States $200
Marbella Spain $216 Sao Paulo Brazil $199
Croydon United Kingdom $215 Bonn Germany $198
Doral, FL United States $215 Taguig Philippines $197
Houston, TX United States $214 Richmond Canada $197
Bologna Italy $214 Oklahoma City, OK United States $197
Amsterdam Netherlands $214 Panama City Panama $196
Moscow Russia $212 Eindhoven Netherlands $196
Rennes France $211 Regina Canada $195
NOTE: All prices are calculated in USD. PAGE 29 TOP 250 CITIES PRICE INDEX
CITY COUNTRY AVERAGE MONTHLY CITY COUNTRY AVERAGE MONTHLY DESK PRICE DESK PRICE
Exeter United Kingdom $195 Yokohama Japan $177
Tampa, FL United States $194 Phuket Thailand $176
Seville Spain $192 Accra Ghana $176
Wuppertal Germany $190 Rotterdam Netherlands $176
Burnaby Canada $189 Spokane, WA United States $175
Neuss Germany $189 Glasgow United Kingdom $175
Leipzig Germany $189 Liverpool United Kingdom $175
Athens Greece $188 Phoenix, AZ United States $174
Florence Italy $186 Edmonton Canada $173
Birmingham United Kingdom $185 Taipei Taiwan $173
Lekki Nigeria $185 La Paz Bolivia $173
Wroclaw Poland $185 Albuquerque, NM United States $173
Bilbao Spain $183 Pamplona Spain $172
Casablanca Morocco $183 Aachen Germany $172
Turin Italy $183 Ottawa Canada $171
Barcelona Spain $182 Honolulu, HI United States $171
Makati Philippines $182 Pasig Philippines $171
Recife Brazil $182 Rio de Janeiro Brazil $170
San Sebastian Spain $182 Rochester, NY United States $170
Madrid Spain $181 Sacramento, CA United States $170
Uppsala Sweden $181 Troy, MI United States $170
Canberra Australia $180 Kanpur India $169
Cardiff United Kingdom $180 Guatemala City Guatemala $169
Adelaide Australia $180 Vilnius Lithuania $169
Limassol Cyprus $180 Mexico City Mexico $169
Visakhapatnam India $179 Reno, NV United States $168
Aguascalientes Mexico $178 Louisville, KY United States $168
Madison United States $178 Carmel, IN United States $168
Kyoto Japan $178 Pattaya Thailand $168
Quebec Canada $178 Abu Dhabi United Arab Emirates $167
NOTE: All prices are calculated in USD. PAGE 30 TOP 250 CITIES PRICE INDEX
CITY COUNTRY AVERAGE MONTHLY DESK PRICE
Strasbourg France $167
Almeria Spain $167
Bangkok Thailand $166
Cartagena Colombia $166
Abidjan Cote D'ivoire $165
Chengdu China $164
Manama Bahrain $164
Dresden Germany $163
Pontevedra Spain $163
Tulsa, OK United States $162
NOTE: All prices are calculated in USD. PAGEPAGE 3107 CONTINENTNOTABLE CITIES COMPARISONSPRICE CHANGES 2019-2020 2018-2020
City 2019 2020 % change
Sydney $302 $310 2.65%
Jakarta $128 $140 9.37%
Hong Kong $322 $343 6.52%
Shanghai $318 $311 -2.20%
Bangkok $172 $166 -3.49%
Dubai $292 $235 -19.52%
New York City $401 $355 -11.47%
San Francisco $392 $374 -4.59%
Bogota $144 $139 -3.47%
São Paulo $177 $199 12.43%
Austin $341 $316 -7.33%
Barcelona $175 $182 4.00%
NOTE: All prices are calculated in USD. ARE YOU LOOKING FOR ADDITIONAL IN- Are you looking for additional industry data to help your organization? Contact us at [email protected]. to learn about our bespoke client solutions.
BROUGHT TO YOU BY CI COWORKING INSIGHTS