**7. Conclusions**

To some extent, the original intention of the CWS was to innovate and supplement the traditional office leasing model and help promote the inventory and transformation of office buildings. More and more practices have also shown that, as a new form of spatial economic activity, CWS has played an essential role in the development of the regional economy and the revival of urban space. In the new round of urban district renewal, CWS can rely on its comprehensive professional office services to quickly focus on social capital and attract talents. It not only realizes the sustainable use of resources, but also generates diversified needs, thereby continuously improving the economic benefits of surrounding areas.

Based on previous research, we innovatively proposed an indicator system for the influencing factors of CWSs' site selection and conducted an empirical analysis. This study takes CWSs in Hangzhou as the research object and explores their distribution characteristics and influencing factors. The results show that CWSs in Hangzhou generally present a multi-center distribution pattern, gradually spreading from the central urban area to the peripheral regions. Based on the development positioning and customer needs of different types of CWSs, the site is also affected by various indicators. The most crucial factor is the regional innovation environment, followed by the convenience of life, regional business atmosphere, and traffic conditions, while rental cost has the most negligible impact on site selection.

In addition, this study has certain limitations. First, this study only explores the factors affecting the site selection of CWSs in Hangzhou, and the selected sample size is limited, with particular geographical characteristics. It is necessary to expand the scope of research further and conduct comparative verification of the site selection system for CWSs in different cities. Secondly, since the CWS industry has not ye<sup>t</sup> formed a complete development system in China, this study only combines the relevant research literature and the distribution characteristics of CWSs in the selection of influencing factors. The completeness of the weight needs to be further verified. Therefore, the perspectives of experts, CWSs' founders and users should be introduced through questionnaires and interviews in future research, so that more scientific indicators and variables underlying influencing factors can be selected. Furthermore, due to the limited availability of data, this study did not evaluate the success of CWSs' site selection. Therefore, performance reports or occupancy rates for individual sites can be introduced in micro-scale studies to indicate that the site selection is successful.

**Author Contributions:** Conceptualization, W.W. and J.L.; methodology, W.W.; data collection, J.N.; data analysis, J.L.; validation, W.W. and J.N.; model, J.L. and J.N.; writing—original draft preparation, J.L., J.N. and W.W. W.W. are responsible for future questions from readers as the corresponding author. All authors have read and agreed to the published version of the manuscript.

**Funding:** This research was funded by The National Natural Science Foundation of China, gran<sup>t</sup> number 51578482.

**Institutional Review Board Statement:** Not applicable.

**Data Availability Statement:** The data are not publicly available due to privacy. The data presented in this paper are available on request from the corresponding author.

**Conflicts of Interest:** The authors declare no conflict of interest.
