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.
JLL’S top 10 markets for coworking
A new report from JLL shows Los Angeles as coming in tenth in the nation for coworking spaces.
New York and San Francisco took the first and second position while Silicon Valley came in third. Austin, Boston, Northern Virginia, Washington D.C., Seattle and Denver rounded out the list.
Josh Wrobel, managing director at JLL, said that some portions of Los Angeles are the most saturated in the coworking market due to nature of short-term contracts in the entertainment industry.
“As such, if you segment out the West Los Angeles market, including Hollywood, flexible office space’s saturation has exceeded 5% of the market, which would put it ahead of every other market in the country from a percentage of occupancy perspective,” said Wrobel.
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Wrobel also said that the saturation of Hollywood is bound to lead flexible office space companies to expand into Hollywood submarkets, such as Miracle Mile and Burbank.
Content industries are expected to drive the growth of coworking into new Los Angeles neighborhoods.
Flexible offices spaces are a perfect fit for Los Angeles, according to Wrobel. He said it gives owners an opportunity to ignite outside areas that employees can take advantage of.
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