It’s no secret that Salt Lake City consistently ranks high for small-business start-ups. Analysts look at things like rate of entrepreneurship, population growth, net business creation, wage growth, and cost of doing business to grade our business community.

And now, a new ranker  – Salt Lake City now makes the list as one of the fastest-growing U.S. markets for coworking space.

Couple that with one of the country’s highest concentrations of young adults and it is easy to see how we are growing into a brilliant place for innovation and entrepreneurship.

Just how much growth? According to a report from commercial real estate brokerage CBRE, the amount of coworking space in Salt Lake City jumped 82.9% for the 12 months ended June 30.

So, what is fueling this appetite? “It is mostly the technology industry,” says Salt Lake City’s Department of Economic Development Acting Director of Business Development Peter Makowski. “A lot of companies from outside the market are coming to Salt Lake City and we’re the only real urban center in the state.”

The Kem C. Gardner Policy Institute recently released their Tech Industry Report showing how Utah’s entrepreneurial workforce gravitates towards tech jobs more than do workers in most other states. And Salt Lake City has, by far, the largest concentration of tech companies. According to CoStar, jobs in the financial and technology industries in Salt Lake City have risen about 20% since 2011, according to CoStar Market Analytics.

Photo by Vladimir Proskurovskiy on Unsplash

The exponential growth of coworking space globally means that the world is adapting to changes in the way of work, and Salt Lake City is no exception. Coworking has embraced remote workers who want a work environment with high-speed internet and a like-minded community of individuals. But this commercial real estate disruptor is not without its challenges — it is testing traditional methods of real estate valuation and has created downward pressure on the average term for office leases.

With one of the lowest office vacancy rates in the country, SLC had 772,000 square feet of coworking space with 14 operators as of June 30.  Here’s our list of current coworking space in Salt Lake City:

Downtown:

  • Access Salt Lake
  • Avanti Workspace
  • Church and State
  • Commongrounds Workplace
  • Kiln-Gateway
  • Impact Hub
  • Industry SLC
  • Industrious (Hines)
  • Ladybird Society
  • Make Salt Lake
  • Office Evolution
  • Regus
  • Synergy Work Space
  • The Wave
  • WeWork – 3 SLC Locations
  • Work Hive

Sugarhouse:

  • Regus

Salt Lake City, West:

  • Synergy Work Space

Female-Focused:

  • Ladybird Society
  • The Wave

Whew! That’s a lot. Did we miss anyone?  As always, we could love to hear your thoughts on the subject. Comment here, on social, or give us a call.