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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.
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February 19th, 2019 - By Aayat Ali
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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