Officebroker.com is rebranding as Officio to move away from the broker model and aid clients in finding long-term solutions, rather than completing short-term goals.
Colliers identifies the top 10 coworking operators
Colliers has identified 140 different active coworking firms in the 19 markets across 27.2 million square feet of space.
The researchers found that flex space represents a modest portion of office occupancy and its footprint is still growing. The top ten players account for about 80% of the space, with WeWork alone taking up 45% of the market.
Although flexible office space only accounted for 1.6% of total office inventory in 2018, it accounted for 31.3% of inventory growth in the two years prior.
“Not only are there more providers—and more types of players—entering the arena, but flexible workspace features, such as shorter lease terms and greater service offerings, are being adopted even in more traditional landlord/tenant leasing,” Andrew Nelson, Colliers chief economist, and Ron Zappile, Colliers vice president of occupier services, portfolio strategy consulting services, wrote in the report.
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Colliers estimates that New York City accounts for about 40% of all flexible offices in the U.S.
The report also revealed that the market will continue to grow at a rapid pace and begin focusing on corporate clients.
Companies are also seeing the value in flexible options in order to retain young talent.
Additionally, the research revealed that some flexible workspaces are causing traditional lease models to rethink how their offices are designed. Traditional landlords are even opening their own flexible offices in response.
It is still unclear how the market will react to a recession. An economic downtown could provide a buffer to landlords as occupiers put a premium on flexibility.
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JLL research revealed that Dallas-Fort Worth is ranked 12th out of the country’s top 15 coworking and flexible space markets, taking up 3 million square feet of space.
Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.