Stay in the Know
The way we work has changed and the places we work from have evolved. Simply stated, the way we look at and experience work has been revolutionized. Much of this is due to technology, but another part is due to the rise of knowledge-based economies and to the rising awareness of integrating life and work. This new trend has had an impact in the world of real estate, specifically as it relates to office real estate. While 30 years ago we had business centers and executive suites that very much resembled corporate headquarters, today we have coworking spaces, an evolution from the business centers of back in the day. And the birth of coworking has powered the flexible workspace like never before. Though many speculated just a few years ago that coworking was a fad and would eventually disappear, this has proven to be far from the truth. According to our research, coworking spaces today now take up approximately 27 million square feet of office space across the US; in Manhattan alone, the flexible workspace is the fastest-growing industry; research has found that coworking users will rise to 5.1 million by 2022; every month (in the US) there are over 12 million web searches for serviced offices, shared workspace, virtual offices, coworking, and/or conference center rentals; and by 2020, 50% of large companies are expected to have some form of shared office space in their portfolio.
The shared workspace industry is a booming industry, and it’s expected to continue to grow. Large amounts of investment are being poured into flexible workspace solutions, and 30+ years of successful business centers and executive suite operations prove that it’s a profitable business, that can cater to the needs of companies and individuals across a wide array of industries.