NYC is the most expensive market for flex office space
Average monthly price of a workstation was $1,100, study says
The Big Apple is the most expensive big city in the world when it comes renting flexible, short-term office space, according to a new study.
In New York, the average monthly price to rent a workstation in flexible offices for one person was $1,100 for the 12 months ending in February, the Wall Street Journal reported.
Instant Group, a company that locates and manages office spaces for companies, conducted the study, which found San Francisco came in second with an average cost of $1,086 per workstation.
Flexible office space, which includes co-working facilities like those operated by industry giant WeWork, offer shorter terms than a conventional lease for spaces already furnished for use.
The supply of flexible locations in New York City grew by 24 percent between February 2016 and 2017 to 330, according to Instant Group. London has the largest number of flexible office locations at 1,136.
Communal co-working providers like WeWork now make up about half of the shared-office market in New York City.
“On the real estate side, the biggest thing I have seen in the last two to three years is the advent of WeWork,” Instant Group chief executive Tim Rodber. “It represents what younger people want to do and small, medium and large businesses want to do, which is build flexibility around their workplaces.”