Similarly, cities with rising job rates saw increased demand. In the second half of 2020, demand increased by 22 percent Denverand a 20 percent increase in demand in Austincompared to the first half of the year. in the San FranciscoDemand fell by nine percent and eight percent Chicago in the same period of time.
“The pandemic made agile workspaces a requirement for large landlords and companies, and we’ve seen that reflected in the numbers almost immediately,” he said Joe Brady, CEO Americas, The Instant Group. “In secondary cities and suburban markets where people gathered to settle down during Covid-19, we saw a parallel demand for agility as businesses and operators had to adapt quickly. We expect this to happen along with landlords who partner with Vendors or those involved in the industry are engaged alone to drive the industry’s next phase of growth. Today, flexible work in the US is more than 150 million square feet. By 2025 that is expected to be 300 million square feet. “
As the demand for flexibility in the choice of office space increased in 2020, the average size of the flexible workspace demand decreased by 29 percent nationwide and the average initial duration decreased by a month, according to the Instant Group’s U.S. market summary.
NEW YORK AREA
While the demand fell by 14 percent New York City in 2020 compared to 2019, it increased significantly in the surrounding suburbs.
- Greenwich, CT: +60 percent change in demand;
- Newark, NJ: +26 percent;
- Harrison, NY: +200 percent;
- New Rochelle, NY: +250 percent;
- and White Plains, NY: +50 percent
“Vendors optimistic about the rapid expansion prior to the pandemic faced well-reported challenges, but we found that the smaller operators suffered the most,” he said Joe Brady, CEO Americas, The Instant Group. “In Chicago, which mirrors much of the US, small operators saw their locations decrease 19 percent, while the top 20 operators actually increased their market share.”
Instant also surveyed operators of 186 flexible workspaces in the US to analyze how the flexible office industry is adapting to user needs.
Further information is available at http://www.theinstantgroup.com.
Via the immediate group
Founded in 1999, The Instant Group is a workspace innovation company redesigning the workspace on behalf of its customers to create flexibility, reduce costs and improve business performance. Instant places nearly 8,000 businesses per year in flexible workspaces such as service, coworking, or managed offices, including Amex, Barclays, Prudential, Booking.com, Shell, Jaguar Land Rover, and Worldpay. This makes Instant the market leader for flexible work areas.
The listing platform, www.instantoffices.com, is home to more than 15,000 flexible workspace centers around the world and is the only one of its kind that represents the global market and provides service to FTSE 100, Fortune 500 and SMB customers.
In 2019 Instant acquired Incendium Consulting Ltd, an independent corporate real estate consultancy that provides blue chip clients with extensive real estate services procurement, consulting, talent and change management programs.
With offices around the world, The Instant Group employs 250 professionals and has customers in more than 150 countries. Instant ranks 33rd in the Sunday Times 2020 HSBC International Track 200.
SOURCE The immediate group