U.S. Co-working Spaces to Invade Empty Retail Properties Through 2023

People working at a coworking space

The trend of coworking spaces in the U.S. will only continue to expand in the coming years, as more retail properties are expected to be converted into offices.

A high demand for alternative working areas also takes places due to the rising pace of rents in many states, including Florida. If you need shared offices with conference rooms in Fort Lauderdale, Quest Workspaces noted that there are some design-building companies that can make the necessary arrangements depending on your business needs.

Flexible Spaces

JLL study showed that four different types of coworking spaces will be popular among different companies. These comprise retail launchpads, telework hubs, business boosters, and creative coalitions. Among the four types, the study noted that telework hubs will be the most commonly used by corporate employees, creative professionals, and entrepreneurs.

Shared office spaces have been growing since 2010 at 23% per year. The trend will continue in the next several years due to the shifting preferences among tenants. High rental prices also serve as one reason behind the sector’s growth. In Florida’s Tampa Bay, for instance, asking rates for prime offices have risen by 4.5% in the second quarter of 2018.

Class A Offices

It cost $28.07 per square foot on average to rent a prime office space in Pinellas and Hillsborough Counties between April and June, according to Cushman & Wakefield. Rental prices even cost up to $39 per square foot for prized towers.

In the next eight to 12 months, the cost of Class A offices in the Tampa Bay market may range between $33 and $35 per square foot. Hence, it’s not surprising why some companies now seek shared offices to reduce expenses.

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A shared office doesn’t have to look like you’re cutting down on costs. Many service providers offer a modern design solution for companies that not only cut costs, but also improve productivity within the workplace.