The coworking market seems to have finally found its footing after years of turbulence.
While anecdotally it appears that more companies are relying on these flexible offices as they shift to hybrid models, research also supports this notion.
According to CommercialEdge’s recent monthly report, analysts predict a likely expansion of the flexible space sector in the next few years.
This is mainly due to organizations seeking cheaper workspaces, particularly for up-and-coming businesses, as well as corporations who want to embrace the concept of a fully flexible workplace.
Currently, there are 117.5 million square feet of flexible and shared space, representing 1.7% of total office stock. Among these workspaces, over half are located in the top ten U.S. markets.
These top markets included Manhattan with the largest concentration, followed by Los Angeles, Washington D.C., Chicago and Dallas.
For traditional office listings, bio-pharma hubs San Diego and Boston saw their rates grow by double digits last year, indicating that the need for types of workspaces varies by industry.