Although co-working spaces have had a rough year during the pandemic, there is light at the end of the tunnel. JLL predicts flex options will compromise 30% of the office market by 2030.
This is due to increased demand for flexible options by large corporations. A study done by EY also predicts flexible lease contracts will become the new normal.
This spring JLL is partnering with Brookfield Properties to open a 50,000 square foot flex space property in Brooklyn. The space is not just your typical co-working space, it is a wellness focused environment. Mobile dividers, hand sanitizing stations, and UV air purifiers will create a safe and pleasant atmosphere.
JLL and Brookfield Properties are not the only co-working firms expanding. Both WeWork and Industrious have recently acquired space.
We predict Landlord’s will follow suit and create their own flexible leases.
The commitment to long term real estate leases is a thing of the past. Flexible leasing is what we will see going forward. Contact GE Grace to see space. Call us at 646 312 6800 or email Grace@GeGrace.com.