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Flex Office Space is Manhattan’s Growth Leader
Notwithstanding transactions such as Convene’s 93,000-square-foot deal at Brookfield’s One Liberty Plaza, flexible space represents just 2.5% of Manhattan office occupancy. However, all signs point to continued acceleration in the sector, CBRE said in a new report that calls it Manhattan’s fastest-growing industry.
“Growth of the flexible space model continues, even as it evolves,” according to a CBRE team led by Nicole LaRusso. “What started as a service for small tenants is quickly pivoting to account for larger companies, including many in the Fortune 500 who are exploring ways to leverage flexible space solutions as a piece of their larger portfolio strategy. As companies of all sizes look to build greater flexibility into their real estate portfolios, there is mounting momentum for flexible space providers to expand their footprint in Manhattan and beyond.”
Flexible space could represent 4% of Manhattan office occupancy by 2020, according to the report.
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