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New York & Tri-State  + Midtown New York  + Office  | 

NYC Flex Office Demand Exceeds Supply Growth

Global workspace firm The Instant Group expects flexible office space demand to increase by 19% in New York City in 2022 over 2021. Conversely, supply, i.e. the number of flexible workspace centers in the market, has grown by just 7% to 495 spaces. The growth is seen primarily in Manhattan and Brooklyn. 

 “In NYC, we’re seeing companies, from smaller firms to Fortune 500s, turn to flexible office space as many adjust to a hybrid working solution,” said Michael Calistri, director at The Instant Group. “While both supply and demand are increasing, supply is limited in the market and many top providers are at 95% capacity as firms continue to experiment with what is the best solution for them.” 

New York City’s flexible office space supply primarily consists of hybrid spaces, accounting for 51% of market share. Following this, serviced offices make up 34%, and co-working spaces comprise 15%. 

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The Instant Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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