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Manhattan’s Flex Office Market: Number One and Growing
The flexible office space footprint in Manhattan has tripled to 15 million square feet over the past five years, as providers’ offerings have evolved, new players entered the market and new flexible space models have arisen, CBRE says in a new report. The inventory in the borough, the nation’s largest flex office market, is nearly triple that of second-ranked Los Angeles.
Manhattan flex space inventory grew by 9.5% in the first half of 2019. Driving this was the pursuit of medium-sized and large corporate and enterprise users, according to CBRE. The firm predicts that flexible space operators will continue to be active in the market through year-end 2019.
“Rather than remaining completely independent, flex space providers are also looking to expand by forming various partnership and/or management agreements with landlords to offer flexible space and other amenities to tenants,” said Nicole LaRusso, CBRE’s tri-state director of research & analysis.
Pictured: An Industrious office space in Manhattan.
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