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Coworking Spaces Are Creeping Up in Price

Washington DC rents for a desk or flex space are nearing New York City level prices.

Coworking spaces from companies like CanvasCo and Workbar have seemingly exploded in popularity. Startups and lonepreneurs can find a good place to work with flexible options. According to analysis by The Instant Group, this sector has grown 10 percent to encompass nearly 4,000 locations to work from in the country. But those options are getting pricier with passing time--particularly in DC.

According to reports from the WBJ, the average monthly cost for a desk in DC has shot up 17.2 percent to $1,022. For some context, the average cost in NYC is only a little bit higher at $1,047, so the cost is pretty up there. With demand as it is, there's room for more business entrants. WeWork got the memo with their new center in Crystal City, which makes a total of six sites in neighborhoods like Dupont Circle and the U Street corridor.

While prices are going up, it balances out the decline in overall office rent. However, it can't make up for everything--coworking spaces represent less than one percent of all of the 387.3 million square feet available in the office market.