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SAN DIEGO—Downtown has become the choice location for Millennials to live, work and play, so flexible-office space has exploded there to meet the growing demand, JLL EVP Richard Gonor tells GlobeSt.com. According to the firm, co-working, executive suites and incubator-space operators are increasing their presence in urban markets, and Downtown leads San Diego County, with 15 companies totaling approximately 261,000 square feet.
Flexible-office companies such as Regus, WeWork, Barrister Suites and Premier Business Centers are providing one-stop-shop work environments, accommodating the evolving needs of entrepreneurs, freelancers, remote employees and small-business owners, JLL says. And, flexible-office companies are popular in the live/work/play high-density areas like Downtown San Diego. With the Convention Center, Trolley Line extension and 4,000 new condo units under development, Downtown is attracting all types of working professionals.
Additionally, Millennials make up 40% of Downtown San Diego residents that are between the ages 18 and 34, and downtown flexible-office space provide Millennials with the communal amenities they want, pointing to additional growth in this sector and impacting commercial real estate markets.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
