A new report fromย Upsuiteย shows that the coworking andย flexible office industryย found some stability this fall thanks to workers returning to the office.ย
According to the findings, asking rents for flexible workspaces grew by 2.5% across the U.S., while 24 new locations opened and 21 closed.ย
However, despite the industry steadying,ย Upsuiteย found that their listings fell 25% quarter-over-quarter which they credit to seasonality and concerns over the Delta variant.ย ย ย
โIt was a very positive quarter for the underlying kind of fundamentals and the dollars and cents in the business. I’m not expecting a blockbuster Q4, like, โWhoa, not only is it back, but it’s revolutionizing everything.โ It’s just getting back on track,โ said Ben Wright, CEO and founder ofย Upsuite. โThat is what’s remarkable about it โ that there’s elements of normalcy here.โย
Among the many trends that are emerging from the industry, the number of closures appears to be the most significant as it indicates that the market has recalibrated, according to Wright.ย
While this doesnโt mean a huge upswing for flexible officesย and coworking spaces, it does insinuate that the eruptive impact the pandemic has had on the industry is over.ย
