Dr. Gleb Tsipursky – The Office Whisperer
Nirit Cohen – WorkFutures
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
Demand for coworking is driving the growth of flexible workspaces all over the world. However, growth in supply is beginning to push prices down in certain markets, including the world’s largest metros, according to research from Instant Group.
Average desk prices fell by 5% in the 18 largest cities for flexible office space in 2018, Instant said in a new report, The Global Flex Market 2019.
Among them, Chicago saw the biggest fall among these cities, with the average desk dropping in price by 17%. Other big losers include San Francisco (-12%), Los Angeles (-11%), Toronto (-7%) and London (-6%).
Instant Head of Research and Insight James Rankin said: “Our research and discussions with operators have highlighted that increased competition has led to aggressive incentives and discounts from both existing and new entrants in a bid to drive up occupancy levels.”
In Asia Pacific, the dynamic of growing supply and growing prices is still in full swing. Tokyo recorded the strongest global price growth of 19%, followed by Mumbai, Melbourne, Sydney and Hong Kong.
According to Instant, demand for flexible space from its clients rose by 19% in 2018, driven by increased appetite from larger companies and corporates.
