Workthere’s third Global Flexible Office Sentiment Survey revealed that flexible office providers are concerned about short-term losses. The decline in optimism seems to be caused by an increase in members seeking rent relief, as well as those not renewing contracts.
“With the novel coronavirus outbreak embattling many US cities, it is not surprising that the results of our July sentiment survey show decreased optimism over the short-term to 30% in North America, compared to 59% in May,” said Ted Skirbunt, National Director at Workthere Americas. “However, 61% of providers are optimistic about the flexible office sector over the long-term.”
In the long-term, the data found that 80% of respondents were optimistic about the flexible market as a whole over the next year.
Before the pandemic, flexible office space occupancy sat at 80%, but the data revealed that in North America, it is anticipated to be at 49% by the end of August.
On a brighter note, monthly inquiries for flexible space have increased to 37% of normal levels in North America. According to Jessica Alderson, global research analyst at Workthere, the view of the flexible office market as a whole has improved as people slowly return to the workplace.