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Nirit Cohen – WorkFutures
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Drew Jones – Design & Innovation
Jonathan Price – CRE & Flex Expert
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The Instant Group has detailed the findings of its U.S. Market Summary analysis, revealing which regions are leading the pack in flexible office demand.
According to the data, Miami saw a 143% increase in flexible office demand, while San Francisco saw the largest decline by 24%.
“As hybrid work cultures take shape and people are empowered to choose where they live and where they work, we see a real increase in demand in ‘lifestyle’ cities and away from California which has struggled with high taxes, high cost of living, and high office costs,” said Joe Brady, CEO Americas at The Instant Group.
Historically, cities like Chicago, New York City, and San Francisco have served as the country’s largest business hubs, but this new migration has allowed regions like Houston, Miami, and Tampa to shine.
Part of this migration pattern has been companies moving from California to Texas, which is supported by the fact that flexible office demand grew by 26% in Austin, 32% in Dallas, and 66% in Houston.
Houston in particular has quickly become the core of innovation for many technology companies, with the city seeing flexible office demand grow 167% from this industry.
Other secondary cities that have seen a spike in demand include Denver with 21%, Nashville with 2%, and Phoenix with 71%.
Among operators offering flexible offices, Industrious saw the largest growth share, making up 15% of all new locations during early 2021. Still, the analysis indicates that supply is becoming increasingly diverse, with 66% of new locations emerging from beyond the top four big operators.
