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California Markets Rank Among Top for Flexible Office Space in U.S.
Los Angeles is ranked as one of the largest flexible office space markets in the U.S., according to a new report from CBRE. Another California market, San Francisco, leads the region and the nation in the share of flex space as a percentage of total office inventory, at 4%, compared to New York’s 3.6%, and the national average of 1.8%.
The Los Angeles market’s flexible-space inventory expanded to 5.4 million square feet by the end of Q2 2019, an increase of 1.28 million square feet., or 31%, from a year earlier. The Los Angeles market now ranks behind only Manhattan’s 15 million square feet of flex inventory.
Shifting northward, the Bay Area’s flex office inventory grew to nearly 5.3 million square feet by the end of Q2 2019, reports CBRE. San Francisco accounts for nearly two-thirds of this inventory, with 3.3 million square feet of flex space.
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