New York-based flexible workspace operator Knotel, who was recently valued at $1 billion, has nearly 800,000 square feet of space that is either vacant now or set to be vacant in the next year according to Crain’s New York Business reports.
Currently, around 260,000 square feet is empty and 574,000 square feet is due to be vacant over the next six months — totaling about a third of Knotel’s New York City portfolio.
“We have added nearly 2 million square feet in New York in the last 12 months,” said Amol Sarva, Knotel’s co-founder. “While deals get announced we don’t typically get possession very fast — so the volume we are marketing at any moment isn’t necessarily ‘vacancy,’ but rather mostly upcoming supply availability.”
Just last November, Sarva said he expected his company to be bigger than its main competitor WeWork within 15 months. Currently, Knotel has 250 locations across 15 cities, amounting to around 5 million square feet of space.