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Occupiers Continue Seeing Value in Co-working Space
The recent travails of WeWork haven’t shaken occupiers’ confidence in co-working space, according to a report from Cushman &Wakefield and CoreNet Global. Among other findings, the survey of more than 550 corporate real estate executives showed that nearly two-thirds of companies utilize co-working to some degree, and many respondents expect to double their commitment to co-working over the next five years.
One-third of companies using flexible space report occupancy cost savings of more than 5%.
“While this may surprise some, even 20 years ago, the client mix of national and global flexible workplace providers was 51% multinational corporations,” said Melanie Gladwell, New York-based Americas head of flexible working solutions at Cushman & Wakefield.
She added, “Increasingly, corporate executives recognize that integrating flexible space into their strategy can provide additional value, while reducing occupancy costs by enabling them to adapt to major events such as merger activity.”
Pictured: An Industrious co-working space in Manhattan.
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