The market for co-working and serviced offices has grown by more than 18 per cent in the last 12 months and the most dynamic growth is coming from new/emerging markets.
The global flexible office market has become one of the key success stories for the commercial real estate sector and is dramatically changing the way that businesses approach the provision of workspace.
The research found that New York City remains the most expensive place in the world to rent a desk with San Francisco and Chicago following closely behind. Sydney, Los Angeles and London are also amongst the top six.
The data offers a snapshot view of the developments in each of the global cities and provides a strong indication of where the market is heading.
John Duckworth, MD of The Instant Group EMEA, said:
“Commentators across the real estate market and the wider business community are quick to seize on the flexible workspace phenomenon as a disruptive force for change. From Instant’s research with occupiers, landlords and operators, it is clear that this is thanks to a manifestation of broader business trends – globalisation, innovation and adoption of technology. Businesses embracing this way of working are breaking down the perception of the office as a long-term investment, asset class, or lease.
“The business world has moved on; the shift towards more agile, outsourced solutions means that an office is wherever and whatever an occupier wants it to be. This presents a significant opportunity and one that flexible workspace operators have been quick to identify with an imaginative, curated response to market demand.”
