JLL’s latest report “Flexing Their Muscles: Markets to Watch in 2019,” reveals that the U.S. market is expected to take on more flex space this year. Here are the top 10 office markets JLL says will triumph in the flex space sector.
Los Angeles benefits from large-scale growth in its media and entertainment industries. This also includes digital content creation which uses a lot of freelance workers and attracts more flex space operators.
Denver is one of the fastest growing metropolitan areas in the nation, which has produced many new developments including creative flex spaces.
Seattle is known as the “Emerald City” has a strong tech presence, making it perfect for the flex space market to thrive.
Although the districts traditional government tenants in Washington D.C. avoid coworking spaces, many PACs and nonprofits find great use in flexible spaces.
Northern Virginia is also showing massive tech and small business growth. Despite limited flex space, the area is perfectly primed for coworking growth.
Boston’s low inventory is guaranteed to give flex spaces plenty of headway thanks to the city’s strong tech and professional presence.
“Keep Austin weird” is the mantra that keeps young workers attracted to the city. Austin is a standout market for flex spaces with new construction totaling over 10% of supply and high demand. Thanks to its vibrant scene, young generations are bound to keep demand for coworking high.
Silicon Valley is the land of technology and startups which works perfectly in tandem with flex space culture. Sustained real estate growth and startups seeking shorter terms allow for growing demand.
San Francisco is the home to technology innovation. The city is the ideal environment for coworking and incubator flex space offices thanks to its historically tight office market and ever growing technology sector.
Finally, New York is the place where freelancers and small businesses everywhere want to be. It is home to the largest flex space inventory in the country at 16.1 million square feet and is expected to continue growing its lead.