Coworking spaces have clearly reshaped the U.S. office market, but the sector hasn’t just affected offices. According to Scott Homa, Senior Vice President and Director of US Office Research at JLL, flex spaces have also impacted the retail, hospitality, hotel and multifamily industries.
Hotels have started including workspaces within their spaces, while retailers such as Staples have included coworking areas and services within its stores.
Homa also said that there has been an overall shift towards alternative workplaces, such as remote working and coworking spaces. Now, many employees simply need good internet connection to be productive.
According to a JLL report, there is no indication that the flex office market is becoming saturated and in fact, many large markets (L.A., Denver, Seattle, Washington D.C., New York, etc.) are set for rapid growth.
“These cities all have a few traits in common,” said Homa. “They are mostly gateway cities located in high-growth areas, their demographics include individuals with significant income and education with some tech backgrounds and these areas typically consist of a younger workforce instead of a more mature population.”