Demand for flexible space is bouncing back from what was a difficult end to 2020. This increase is driven by employers wanting to bring workers back into an office whilst offering talent a better work-life balance with reduced commuting times.
This increase in the short-term is supported by the longer term trend of organisations taking a “shorter term view of their real estate portfolio”. Consequently, average lease times have decreased from 10.4 months in June 2020 to 8.9 months in June 2021.
It’s a similar story in the US. According to Bisnow, who quote data from Upsuite, demand for flex office space increased 41% nationally from Q1 to Q2 this year.