The number of coworking and flexible workspace locations around the country is expected to double or triple within the next five years, despite a recent slowdown in growth in the market sector in the past year, according to a report from Colliers International.
Despite the recent curb in coworking companies opening locations, operators and landlords expect growth to restart in the near future, as more and more tenants look to give their employees additional options for working closer to home.
“Occupiers are largely shifting away from a traditionally fixed-portfolio composition to one that is more of a network-driven portfolio that provides workspaces to employees that span a spectrum of new settings,” said Francesco de Camilli, vice president of flexible workspace at Colliers and author of the report. “Flexible workspace is really a key component that is going to allow occupiers to unlock this strategy. It’s really costly and time-sensitive to build out traditional office space in small- to medium-sized markets, where you might have a couple of employees.”
And Colliers expects it won’t just be the major players like WeWork and Regus driving that growth. The report said it expects more and more landlords to start their own coworking platforms — which some like Tishman Speyer and the Durst Organization have already done — and the emergence of niche providers like a coworking space for cannabis companies.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.