Dr. Gleb Tsipursky – The Office Whisperer
Cat Johnson – Coworking Marketing Maven
Angela Howard – Culture Expert
Drew Jones – Design & Innovation
Andrea Pirrotti-Dranchak – Competitive Advantage
Jonathan Price – CRE & Flex Expert
Jeremy Fennema – Tech Innovation Alchemist
At a conference hosted by the NYU School of Professional Studies, real estate industry analysts explored the impact an inevitable recession will have on the coworking market.
Scott Rechler, CEO of developer RXR Realty, which holds a stake in coworking Convene, expects a dip in short-term leases in the next six to nine months.
“Pricing may need to be adjusted, and the question when it adjusts is, does it adjust to a level where a user is willing to pay that higher price for the flexibility,” said Rechler. “I’m not sure if we know where that market is.”
Stephen Ross, founder and chairman of Related Cos., contemplated how the industry will be able to survive a recession, particular operators that rely on short-term leases and lack large capital.
Despite this, it appears that demand for flexible offices is still strong, so only time will tell how an economic downturn will affect the industry.
