Many real estate firms have pivoted their models by providing their own coworking and flexible office brands as the shared space sector continues to grow. Flexible workspaces have become compatible with workspace needs, making it simpler for firms to find value in this structural pivot.
For example, Tishman Speyer started its own coworking brand due to the market changing and how companies have started viewing real estate. Demand for more flexible terms and fully-serviced offices have been growing tremendously.
The real estate company launched Studio, its premium coworking brand, to offer an elevated option and curated amenities across its domestic and international market. It currently has six of these locations and is looking to expand to Brazil and Europe.
Reports have shown that flexible offices will take up 13% of total U.S. office stock by 2030, representing around 600 million square feet of space. To fulfill this, firms would need to convert traditional leases into flex space, which Tishman Speyer has already begun to do.