Demand for coworking spaces is on the rise, but could this be a fad similar to what was seen pre-pandemic?
The last few years has solidified one truth: flexibility is a necessary part of the workplace. Not only in terms of employee scheduling and work location, but companies also need grace in an era of instability.
According to the most recent monthly national office market report from CommercialEdge, the popularity of hybrid models and short-term leases has helped accelerate demand.
While the construction of new offices continues to reach completion, the report forecasts that supply will stay in tune with 2021’s 62.2 million square feet rather than reaching pre-pandemic levels.
Markets that companies recently relocated to, such as Miami and Charlotte, greatly outperformed other regions.
This spike in demand has led brokerages and office owners to make their own foray into the coworking world. For instance, Boston Properties operates its FLEX brand, while JLL continues to expand its Orchard Workspace locations.
Although impossible to confidently predict, the stark transition that workplace culture and demand has experienced in recent years suggests that current trends aren’t just fads, but are becoming part of the zeitgeist.