Traditional office space is long term leases.
Coworking spaces give you month-to-month.
With traditional office space, you're responsible for maintenance, like cleaning. You have to hire people and manage them.
Coworking spaces do cleaning for you.
Coworking spaces also try to do more things for their customers, like hosting events.
Yes, you probably pay more (although there are economies of scale) but the product you get is different enough that direct price comparisons are not applicable.