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 report tries to determine the future of flexible workspaces
The Colliers U.S. Flexible Workspace Outlook Report finds that while it seems that the sector is having an impact on the commercial real estate industry, it still only takes up about 1.6% of all office space.
The report surveyed over 27 million square feet of flexible workspace in 19 markets in the U.S. About 40% of space is in Manhattan, while another 12.7 million is laid across 10 leading office markets.
Dallas, Raleigh-Durham, Boston and Seattle were the fastest-growing regions for flexible workspace.
The top 10 coworking firms account for about 80% of all flexible workspaces at 23 million square feet of space. WeWork accounts for over 45% of space with an average of 79,000 square feet per site, while Regus still owns the highest number of sites at 21,000 square feet of space per site.
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Coworking operators have started to appeal to large corporations and enterprise clients as well, most likely due to companies trying new locations, reducing expenses, and allowing employees to work out of a creative environment.
Flexible space companies are using three basic environments to suit clients, including executive suites, hotel-curated spaces, and mainstream coworking.
The future of flexible workplaces is still uncertain as its popularity came after the Great Recession of 2007-2009, so identifying how the market will react to economic downturn is up in the air.
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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.