U.S. Companies Plan For More Flexible Work Practices

Global property consultant CBRE is reporting this week that the flex-office industry has emerged from the pandemic-induced downturn and is now poised to play a key role as companies adapt their office portfolios to accommodate more flexible work practices.

Flex-office providers have spent the past year trimming excess or unprofitable locations from their networks, resulting in a collective reduction of 10.1 million sq. ft. of flex space across 529 locations in 40 cities in the U.S. and Canada, according to CBRE. The industry now spans roughly 70 million sq. ft. in North America, a roughly 2 percent share of the overall office market.

Now, as flex providers solidify their financial and strategic footing through partnerships and other moves, their offering is gaining new traction. CBRE surveys show that most large U.S. companies favor the short-term flexibility provided by flex space for a portion of their office portfolios as they adapt to new work styles, including hybrid work practices, as part of their return-to-the-office plans. Many flex providers have informally reported record sales volumes in recent months… Read more