One of the most striking findings in the 2024 State of the Shared Space Sector Report is how remarkably well nonprofit shared spaces held their occupancy through and after the COVID-19 pandemic compared to the broader commercial real estate market. While the U.S. commercial real estate sector reported a 17% vacancy rate in Q4 2023 — with some major markets hitting as high as 30% — nonprofit shared spaces maintained an average vacancy of just 4% over the past year. Even at their worst point during the pandemic, median vacancy for these spaces reached only 10%, a fraction of what conventional office markets experienced.
This resilience speaks to something fundamental about the nonprofit shared space model: tenants aren’t just renting desks — they’re embedded in communities of purpose. The report shows that among spaces open a decade or more, 56% report tenants who have been in place for over five years. That kind of stability insulates these spaces from the churn and volatility that continues to plague commercial landlords since remote work took hold. Where conventional offices struggled to fill space abandoned by companies reassessing their real estate footprints, nonprofit shared spaces remained anchored by mission-driven organizations whose need for affordable, community-centered workspace didn’t evaporate — and in some direct service centers, actually grew.