Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
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.”
The Latest News
Delivered To Your Inbox
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.
Latest on Daily Digest
Gym-coworking hybrids have gained traction recently, allowing members to be productive at work while encouraging them to take care of their physical and mental health.
The 2019 Global Coworking Survey has revealed that there is to be 2.2 million coworking members by the end of this year and identified the state of the industry so far.
Office Depot has been testing out coworking spaces within three of their existing locations in an effort to expand its current services and drive traffic into stores.
Just ahead of its IPO, WeWork has signed four new Manhattan leases to open its “Headquarters by WeWork” offering dedicated to providing un-branded spaces for clients.
Despite the coworking industry seeming congested, operators are not concerned about the competition as each coworking space gears its services to a specific audience.
Flexibility in the workplace has become a common option for workers, but some firms are going further by becoming 100% remote so staff can work from wherever they please.
Coworking firms, such as WeWork and Knotel, have been rapidly expanding their footprint in New York’s Flatiron District as it becomes the city’s hub for shared offices.
British brand Established & Sons have introduced four new furniture designs that aim to create a more comfortable workplace, while also being functional to homes.
Condeco’s newest research paper found that 41% of employers offer remote working, thanks largely in part to major technological advancements that are sweeping workplaces.
Industrious is partnering up with national retail and mixed-use developer Seritage Growth Properties to brings its coworking spaces into five of the retailers locations.
Companies have accepted that wellness in the workplace should be prioritized, but the trendiness of it can overshadow what is most effective — starting from the basics.