{"id":1004385236,"date":"2020-01-24T07:18:05","date_gmt":"2020-01-24T15:18:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004385236"},"modified":"2020-01-30T01:13:37","modified_gmt":"2020-01-30T09:13:37","slug":"wework-leases-45-of-flex-office-space-in-major-markets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/","title":{"rendered":"WeWork Leases 45% of Flex Office Space in Major Markets"},"content":{"rendered":"
\"\"<\/a>

Coworking in New York City. Chart courtesy of Savills<\/i><\/p><\/div>\n

WeWork still dominates the flexible and shared office sector in major U.S. markets, including New York City, where it leases more than 8 million square feet\u2014more than three times the space of any other flexible provider. Other flexible office providers<\/a> are also growing in a sector that a new Savills and Workthere report says is \u201chere to stay.\u201d<\/em><\/p>\n

\u201cThe Flex Machine,\u201d<\/em><\/a> an interactive report, highlights the state of the flexible office sector in eight markets\u2014New York City, Los Angeles, Chicago, Houston, Atlanta, San Francisco, Washington, D.C., and Orange County, Calif. WeWork leased 45 percent of the flex space across those markets profiled, despite the company\u2019s highly publicized stumbles of last year.<\/p>\n

\n

READ ALSO: Niche Operators Change the Face of US Coworking<\/a><\/p>\n

\n

\u201cWe haven\u2019t seen any kind of shedding of space. WeWork is still the dominant player in all the markets we\u2019re profiling,\u201d<\/em> Sarah Dreyer, vice president & head of Americas research at Savills, told Commercial Property Executive.<\/em><\/p>\n

However, Dreyer noted that there was a drop in leasing between the second and third quarters of 2019. WeWork founder Adam Neumann resigned as CEO last September under pressure from shareholders of parent firm The We Co., after it had pulled its planned IPO a week earlier and delayed it indefinitely. While other flex office providers were leasing space during the fourth quarter, Dreyer said they were not taking blocks of space as large as WeWork had been, so \u201cit doesn\u2019t swing the numbers as much.\u201d <\/em><\/p>\n

Local player dominates Houston<\/h2>\n
\"\"<\/a>

Sarah Dreyer, Vice President and Head of Americas Research, Savills. Image courtesy of Savills<\/i><\/p><\/div>\n

Manhattan-based WeWork reigns supreme in the New York City and Los Angeles markets, leasing more than three times as much space as any competitor. The company\u2019s 8.1 million-square-foot platform in the Big Apple forms part of a 14 million-square-foot flex office market\u2014equating to roughly 3 percent of the overall office market.<\/p>\n

Los Angeles had the second-largest WeWork presence, coming in at about 2 million square feet out of the market\u2019s nearly 5 million square feet of flex office space, or 2.3 percent of the overall office market. Nearby Orange County, though, registered only 470,000 square feet of WeWork leases out of 1.6 million square feet of flex office space.<\/p>\n

The company has a lower profile in Houston, where locally based provider Workstyle accounts for the largest market share. The brand launched in 2013 by Boxer Property has more than 1 million square feet leased out of a total of roughly 3 million square feet across the market.<\/p>\n

WeWork leases only 245,000 square feet of space in Houston, according to Savills. IWG-owned serviced office brand Regus had 868,000 square feet of space leased in the Texas city.<\/p>\n

Other rivals including IWG brand Spaces, Knotel, Industrious and Convene have seen strong growth. Dreyer noted that these and other operators will be moving ahead with their expansion plans, albeit with smaller footprints than WeWork. She also expects to see more local providers and more building owners offering their own flexible space platforms, continuing a rising trend.<\/p>\n

Flexible office space will continue to expand because it\u2019s \u201cpart of the corporate real estate strategy now,\u201d<\/em> Dreyer said.<\/p>\n","protected":false},"excerpt":{"rendered":"

A report from Savills and Workthere details the state of the sector in New York City, Los Angeles, Chicago and other key metros.<\/p>\n","protected":false},"author":1068,"featured_media":1004324216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,10,21747],"tags":[48575,48527,34107,33678],"class_list":["post-1004385236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-northeast","category-office","tag-cperesearchcenter","tag-sarah-dreyer","tag-savills","tag-wework"],"acf":[],"yoast_head":"\nWeWork Leases 45% of Flex Office Space in Major Markets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WeWork Leases 45% of Flex Office Space in Major Markets\" \/>\n<meta property=\"og:description\" content=\"A report from Savills and Workthere details the state of the sector in New York City, Los Angeles, Chicago and other key metros.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-24T15:18:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-30T09:13:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/WeWork-Brooklinen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/\",\"name\":\"WeWork Leases 45% of Flex Office Space in Major Markets - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/WeWork-Brooklinen.jpg\",\"datePublished\":\"2020-01-24T15:18:05+00:00\",\"dateModified\":\"2020-01-30T09:13:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/wework-leases-45-of-flex-office-space-in-major-markets\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/WeWork-Brooklinen.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/WeWork-Brooklinen.jpg\",\"width\":800,\"height\":620,\"caption\":\"WeWork members at Brooklinen location. 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