The pandemic-induced downturn that some feared would severely impact the flexible–office space sector has instead landed flex space a prime role in future office strategies, according to a new report from CBRE.
The company’s annual flex-office report outlines how the once-surging sector has held its own amid pandemic-related lockdowns and the resulting recession. Though the sector’s annual growth in square footage slowed to 7 percent as of the second quarter from 41 percent in the prior year, closures have been fewer than anticipated.
The outlook for flex office now is optimistic: A recent CBRE survey of 77 major companies across the globe found that 86 percent anticipate using flex space as a key part of their real estate strategies going forward. Additionally, 82 percent said they will favor buildings that include flex-space offerings.
“This downturn has sparked flex office to become a strong alternative to traditional leases for many office-using comp
