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.
Coworking grows further in the West Coast
Although flexible office providers were delayed in entering Orange County and San Diego markets, the demand has grown rapidly.
In San Diego, flexible space operators have grown to 90 and 1.2 million square feet. Meanwhile, Orange County is still in the early stages of expansion, with WeWork announcing plans for new locations last year.
“Last year, San Diego saw expansion of large international players WeWork and Spaces, in addition to dozens of new hyper-local flexible office space location,” said Scott Schindler, a senior associate at JLL. “This sharp increase of supply has been linked with a steady increase in demand for flexible office space, motivating more and more local real estate leaders and advisors to open new boutique locations through the county.”
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San Diego’s coworking market has been growing more steadily than Orange County due to a large presence of tech and media companies in the area.
Despite this, Orange County’s coworking market has seen tremendous growth over the last 12 months. WeWork opened one space in Irvine Spectrum in 2016 and has since signed leases for four more locations.
Spaces also has plans for expanding into Orange County, having announced plans to open three locations totaling 100,000 feet this year.
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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.
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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.
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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.