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Flex Office Sector Emerges from Downturn with a Bright Outlook
Although many doubted the sector’s viability at the height of lockdown orders last year, the flex-office industry has emerged from the pandemic-induced downturn poised to play a key role as companies adapt their office portfolios to accommodate more flexible work practices, CBRE reported.
Flex-office providers have spent the past year culling excess or unprofitable locations, resulting in a collective reduction of 10.1 million square feet of flex space across 529 locations in the U.S. and Canada, according to CBRE. The industry now spans roughly 70 million square feet in North America, a 2% share of the overall office market.
“The flex-office sector is weathering a challenging office market to emerge with a bright outlook,” said Julie Whelan, CBRE’s global head of occupier research. “Flex-space providers are well positioned to meet the need for companies to accommodate evolving employee work patterns while remaining nimble to change course if needed.”
Pictured: A new Expansive open-concept location in Chicago’s Loop.
- ◦Lease
