By AZRE | AZ Big Media
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. Flex office space has grown rapidly as of late in Phoenix, expanding by 13.7 percent in the past year.
CBRE’s annual flex office space 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.
