Cincinnati Flex Space Sector on the Rise
Cincinnati flex space sector on the rise. JLL research analyst Abby Armbruster weighs in
Cincinnati, Feb. 14, 2019 – There is no denying it: coworking and other flexible real estate solutions are reshaping the U.S. office market. The flexible space sector has grown at a 23 percent average annual rate since 2010. In 2018 alone, it made up for nearly two-thirds of the country’s office market occupancy gains.
But how sustainable is this trend and what does it mean for Cincinnati?
Cincinnati has 35,827,742 square feet of office inventory; of that, 280,563 square feet is comprised of flexible office space. With population growth rising 3.1 percent since 2010, and 3.2 percent of Cincinnati employees working in tech (a high user of flexible office space), the city is poised for an uptick in flexible leasing activity.
JLL Research Analyst Abby Armbruster elaborates: “Flex office space offers opportunity for growth, flexible real estate costs and creates an environment for innovation. With a low barrier to entry, flex space is an opportunity for start-ups and entrepreneurs to gain traction in the market.”
According to 2018 data, a Cincinnati coworking desk will run about $268 per month or $479 per month for a private office.
For more information on JLL’s Cincinnati office, please visit www.us.jll.com/en/locations/midwest
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com