Flexible Office Firms May Not Expand Their Teams

Although the flexible office industry took a massive hit last year, some analysts believe that flex space could have a revived purpose within corporate operations.

It’s clear that corporate members are going to take up a big portion of operators’ business in the future. For instance, WeWork’s recent Securities and Exchange Commission filings showed that half of the firm’s memberships are enterprise clients.

Some corporations have committed to adopting hybrid schedules, remote working, thus reducing their real estate footprint. Although this could mean more opportunities for flexible office operators, companies have simultaneously realized they can do more with less. 

“I am not sure if there will be a lot of hires within the flex space industry,” said Liz Burow, a workplace consultant and former WeWork design director. “I think all the fluffy jobs are done or gone; all those people went on to other careers. Companies realize they can do a lot with a lean team, or have consultants and vendors handle design or operations.”

However, some operators have taken the opportunity to expand their teams. Industrious, which added 1 million square feet of space last year, added to its digital team to enhance its virtual meetings. It also hired more members to its financial team.

A report from Workthere revealed that 79% of these spaces could turn a profit in near future as demand for flexibility grows.