New research from The Instant Group, a global flexible workspace brokerage, has found that New York remains the most expensive market for flexible workspace in the world.
The city averages $1,063 per desk, which comes despite a decrease in desk rates of 4%. This is due to a supply increase year-on-year of 21%, much of which is based in the less expensive coworking markets of Brooklyn and Queens.
Behind New York, San Francisco had the second highest cost-per-desk, at $951 per desk.
Around the world, Instant’s data shows that demand for flexible space was almost double the global average in Berlin, Paris, Chicago, Los Angeles, and Vancouver year-on-year.
Of the 18 cities analyzed, flexible space represents 5% of overall office space, showing immense future growth potential despite already significant surges in growth and supply.
Instant’s forecast suggests that flexible workspace could take up between 30% and 40% of total office space in the next decade.