New York remains one of the largest markets for flexible workspace in the world, ranking second globally for the growth in the supply of flexible workspace over the last year.
Instant Offices’ report found that over 330 individual flexible workspaces are available in New York alone for an average of $1,113, and while that’s almost double the average price in Hong Kong, New York remains one of the most desirable places for businesses looking for flexible office solutions.
- Brooklyn: $432,60
- Queens: $350
- The Bronx: $327,50
- Staten Island: $375
- Manhattan: $1,191
Cost Per Desk at a Glance:
New York a Top Contender for Flexible Offices
Nearly half the total flexible workspace in New York City is listed as co-working space, showing the quick evolution from the executive suites of old to a new hybrid model that blends shared and private office space. This is a strong indicator of a healthy market – with robust demand – and an appetite among developers and operators of space to increase the supply of centres to meet demand.
Of the serviced offices on offer in New York:
New York’s Boroughs for Flexible Working
People flock to New York from all over the globe for work opportunities, the city is one of the strongest global locations for business growth and talent acquisition, there’s a huge creative class, and property, both residential and commercial, are in high-demand. It’s no wonder that co-working spaces in Brooklyn, Queens, The Bronx, Staten Island and Manhattan are booming.
For a concept that was unheard of 10 years ago, businesses throughout New York today recognize the value in renting a hot desk and shortening their commute while being surrounded by like-minded, entrepreneurial, and business-savvy people.
According to Michelle Bodick, VP of Sales and Marketing for the US at The Instant Group:
“From our experience in New York’s market, SMEs and corporates are both taking a keen interest in the type of “curated space” that co-working operators provide so well. With these spaces providing a variety of amenities, while being creative in their provision of networking events and working hard to engage with their occupier base, it’s of little surprise co-working spaces in New York has grown to over 47% of the flexible office space market.”
Property Growth in New York’s Top Boroughs
New York and other top global cities have shown trajectory growth of 12% over the past 12 months, with the opening of additional centers in New York contributing greatly to this. WeWork also opened 20 new centers during this time.
From 2016 to 2017, the growth of flexible centers in New York have increased:
- Manhattan: 9%
• The Bronx: 50%
• Brooklyn: 9%
• Queens: 11%
For businesses looking for flexible office solutions, the supply in this and other key global cities will continue to be relatively constrained and prices will maintain strong levels, especially where developments come at a premium.