Report: DFW Second Largest Flex Market in North America

A new report from CBRE analyzing flex office in 49 North American markets found that Dallas-Fort Worth ranked as one the second largest flex office markets in North America.

The flex sector rapidly expanded in 2018 and 2019 but has slimmed down since early 2020. CBRE’s annual analysis of the sector found that, in the 12 months ended in September, North American flex-space providers collectively cut their square footage by 9% to slightly more than 80 million square feet Similarly, the sector’s penetration as a percentage of overall office space declined to 1.75% from roughly 2%.

With 5.1 million total square feet of flex space, Dallas-Fort Worth ranked as the number two largest flex market in North America behind Manhattan (13.6 million square feet). Rounding out the top five were Chicago (4.7 million square feet), Toronto (3.6 million square feet) and Boston (3.5 million square feet).

“The flex industry matured in the past two years,” said Christelle Bron, who heads up CBRE’s Americas Agile Real Estate Practice. “Building owners now are far more involved in facilitating flex options in their properties. Companies can choose from a variety of flex options to suit their office needs. And flex providers are expanding into secondary markets.”

CBRE predicts that the flex sector is poised for growth this year as large companies increasingly embrace the format’s versatility to handle changing staffing levels and fluctuating office attendance. A CBRE survey of 185 U.S.-based companies found that large companies anticipate adding more flex space to their office portfolios.