Top 10 U.S. Office Flex Markets in 2019
According to JLL’s latest research, Flexing Their Muscles: Markets to Watch in 2019, the US office market will develop further next year. The office market will gain more flexibility.
Scott Homa, Senior Vice President and Director of U.S. Office Research at JLL, said: “Our research, and our conversations with corporate executives across the globe, indicate that flexible work is not just a passing trend-it’s woven into the fabric of the future of work. Even though some markets are better positioned for rapid growth, this still leaves significant runway for expansion across all U.S. office markets. We also expect to see continued disruption of the traditional lease model as investors, occupiers and operators come to terms with a new more flexible way of business.”
According to the JLL research, each US region is expected to see more flexible offices. In addition, some markets will develop faster. The World Property Journal listed the top 10 office markets in one article.
Top 10 U.S office flex market
New York has the largest flexible area inventory in the country with 16.1 million square feet. The flexible office market is expected to grow fast in New York. The presence of leading enterprises in the city makes the city a leading entrepreneurial economy.
The city hosts technological innovations. The city is also open for innovation in the flexible office space. Developing
technology merged with the office market. With an area of more than 2.7 million square meters, the city has a strong development potential.
Technology consolidations and startups wire this region for flex: Despite technology industry consolidation and a wave of new offices, sustained real estate investor-fueled growth continues to translate into demand for space-including flex space.
Austin, a remarkable office market in the city center and suburbs. Relatively low operating and cost of living make Austin an attractive market.
Boston has a fine development line. Even though users prefer new buildings, old buildings are being developed. Boston has more than 2.7 million square meters of joint work.
Flexible office space is limited but the city’s flexible offices are expected to be developed. The city has a great
Non-profit organizations and political defense groups in the city have preferred flexible office areas. State tenants and traditional legal services do not prefer flexible offices. A growing base of technology tenants and a sizable network of freelancers have led to numerous flex space options around the Green Line micro-markets of Gallery Place, Dupont Circle, Logan, Shaw and the Ballpark.
The city’s population and economic growth has been one of the largest cities in the US in recent years. The developing labor market has developed the city’s office areas. The new office construction of 9.2 million square meters in the city strengthened its flexible office areas.
Denver is one of the fastest growing metropolises nationally. The population of the region has increased by 13.6 percent since 2010. In order to adapt to the developments in the city, traditional office spaces have become flex office space.
The city offers flexible office space for freelancers in the industry such as media and entertainment. Both established hubs (Santa Monica, Century City) and emerging submarkets (Playa Vista, Hollywood) are attracting a range of tenants and, in turn, flex space providers.
Source: World Property Journal
Fulya Altunyay/ [email protected]