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Manhattan Flex Office Space Growth Explodes, 15 Million Square Feet Added in Last 5 Years

September 16, 2019 / Michael Gerrity
SHARESHARESHARE

According to a new report from CBRE, the flexible office space footprint in Manhattan has tripled to 15 million square feet over the last five years as providers offerings have evolved, new players entered the market and new flexible space models have arisen. Manhattan is the largest U.S. flex office market by far, with nearly three times the inventory of Los Angeles, which placed second. Manhattan is also the second-most-penetrated market in the nation, with flexible space accounting for 3.6 percent of total office inventory, trailing only tech-centric San Francisco at 4 percent and far surpassing the national average of 1.8 percent. CBRE indicates that the 10 largest flex markets will continue to increase their flex-office penetration faster than other markets, after growing by 70 percent since 2017, compared to 43 percent in other markets.