This paper analyzed the factors that affect the occupancy costs of co-working space companies, the key criteria in establishing their branches in a building. A hedonic price model was estimated on all 50 buildings where the top three co-working space providers put up a branch during the last five years. The dependent variable is the occupancy cost, and the explanatory variables are the characteristics of the company, its location, and the building. The data showed that 38 (76%) of the 50 buildings analyzed had a floor area of 16,500㎡ (5,000 pyeong), and the distance to the nearest subway station averaged about 200 meters. The regression results reveal that the factors that had the greatest impact on the occupancy costs were the total floor area and the efficiency ratio (the ratio between the rented space to the total floor space) of the building, which significantly differed across the companies and submarkets. We hope that the findings of this study will provide guidance on decision making by the co-working space providers as well as potential investors and asset management companies of the buildings occupied by the co-working space companies.