Workthere from Savills has released their third “Global Flexible Office Sentiment Survey” and revealed that there has been a dip in optimism about the industry in the short-term.
The report surveyed 92 flexible offices across 12 countries including US, Canada, France, Canada, France, Germany and Hong Kong.
The survey, which was conducted in July, found that only 30% of North American flexible office providers were optimistic about the market in the short-term, compared to 59% in May.
The drop in optimism is potentially being driven by more members looking for rent relief, which has grown to 39% compared to May’s 33%, as well as members not renewing contracts.
Pre-pandemic occupancy in North America flexible offices sat at 80%, and is expected to be at a measly 49%.
However, over 60% of providers said they were optimistic about the flexible office sector over the next 12 months, which is likely due to increased inquiries into their spaces from large companies.
Although the near future looks grim for the industry, CBRE occupier research leader Julie Whelan expects that the coworking market will come out stronger than ever as companies seek a workspace with more flexibility.