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November 29, 2023
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San Diego Sees Coworking Growth

9/22/23

San Diego has seen a recent resurgence of coworking operators, especially in suburban regions. Here is a quick update on the sector, put together by real estate services firm JLL.

Prior to the pandemic, the flexible/coworking office sector saw phenomenal growth into 2019, but recently there has been some acceleration of locations shuttering since the onset of the pandemic from 2020 to 2022.
Despite news of WeWork and other coworking operators scaling back, flexible office operators such as Regus and Kiln have been on the offense here locally.
This has been particularly noticeable in the suburban office nodes such as the I-15 Corridor and North County submarket clusters. Coworking operators remain optimistic that smaller businesses are more focused on flexible office terms with the shift to the hybrid work model.
Even though the market has seen about 150k sf of net new leasing by coworking operators, San Diego has the least exposure to WeWork of any national core office market with only two locations.
San Diego still has a minimal flexible office space share of its office inventory at 1.6%, compared to other leading west coast markets like the Bay Area (4.5%) and Los Angeles (2.5%).

This report was prepared by Pat Ashton, JLL Research Manager





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