Earlier this month, we published The Ultimate Guide To Coworking In Minnesota 2018 v1. This free community resource paints a most in-depth picture of Minnesota’s current coworking landscape, spanning the 34 unique venues open across the state as of 1/1/2018.
It’s imperfect and subject to change considering how dynamic the coworking industry is right now; there’s a literal land grab happening out there; how much more room there is for growth, or whether the market for coworking options is already over-saturated is anyone’s guess?
Here’s some high level takeaways after reviewing the data*, tell us if something stands out to you:
- Geography: 24 of 34 are either in Minneapolis proper or the neighboring suburbs; in contrast, St. Paul + east suburbs count four, while the remaining eight are scattered across ‘greater Minnesota’.
- Footprint: COCO has the most combined space with around 75k sq. ft across their 4 locations, Industrious has about 54k sq. ft between 2 locations, and WeWork has estimated 50k square feet in downtown Minneapolis (with another 46k pending in Uptown). In aggregate there is approximately 350,000 square feet of coworking space in Minnesota.
- Taxes: 5 of 34 are not for profit entities (Duluth MakerSpace, GLITCH, Impact Hub, RedWing Ignite, LaunchPad)
- Membership base: COCO is king of the market, though membership is loosely defined (individuals, companies, full vs part). And WeWork didn’t report.
- Age: The oldest established coworking venues belong to OfficeCenters five locations, dating back to 1981 (which were probably not called coworking at the time). 19 of 34 locations, or 55%, were started in the last 3 years (2015-2017) with a handful of others slated to open yet in 2018.
*all data is self-reported by the venue owners/operators and not audited by TECHdotMN.