Instant’s latest research explores the US flexible workspace market, which is now the largest in the world.
The US market now has 5,300 locations compared to 4,563 in the UK, and if centre growth continues as expected outside of major city centres, the US could see more than 10,000 flex locations open by 2023.
Supply has increased by 10% year-on-year, with flexible locations growing 50% in size in the last 12 months. Further growth is expected as the market continues to diversify. Once targeted mainly at start-ups, the sector is shifting focus to provide solutions for more mature businesses across the US.
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Highlights: The Pioneers and The Pathfinders
City by City: With over 500 locations, New York City still leads the flexible workspace market in the US. San Francisco has seen supply increase by 35% against a 7% increase in demand, while Phoenix saw demand increase by 80%. This year has also seen franchising begin as operators make a play to quickly put locations in secondary and smaller markets across the US.
End-Users Want Modern Services: Our research shows 57% of end-users pay for additional services once they are in a flexible office space. With phone and internet services becoming stock standard offerings, these users are paying for more event and meeting space, as well as food and beverage services.
New Industries Choosing Flex: More legal firms are choosing flex space than ever before, while consulting firms have overtaken tech and finance companies as users of flexible workspace like coworking space, managed and serviced offices.
State by State View
Download the US Market Summary report to discover the trends in more detail.
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