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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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