Office occupiers demanded agility in office space selection last year, according to a new report—a trend that drove the average flex workspace requirement size down by 29% and dropped average initial term length by a month.
New research from The Instant Group shows that Phoenix led US cities for increases in workstation rates last year, with an increase of 39%, followed by Nashville (14%); Denver (11%), and Austin (3%).
On the flip side, cities with the largest drops in cost-per-desk were NYC Midtown (-29%), Washington, DC (-23%), Boston (-22%), and Los Angeles (-18%). Demand also rose 22% in Denver and 20% in Austin, while it dropped by 9% in San Francisco and by 8% in Chicago. And while demand dropped by 14% in New York City, it rose significantly in the surrounding suburbs: demand went up by 200% in Harrison, NY, by 250% in New Rochelle, NY, and by 60% in Greenwich, Conn.
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