Columbus Flex Space Sector on the Rise
Columbus flex space sector on the rise. JLL Senior Vice President Clayton Davis weighs in on if this trend is sustinable.
Columbus, 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 Columbus?
Columbus has 30,652,063 square feet of office inventory; of that, 498,207 square feet is comprised of flexible office space. With population growth rising 9.3 percent since 2010, and 4.2 percent of Columbus employees working in tech (a high user of flexible office space), the city is poised for an uptick in flexible leasing activity.
JLL Senior Vice President, Clayton Davis, elaborates: “Coworking operators are putting significant investment and commitment into their spaces, and our clients, large and small, are taking advantage. These new spaces allow organizations with uncertain growth projections or rapid expansion within a particular business unit to link arms and lease space for shorter periods of time (one month to three years). Our clients now not only have the ability to place their employees in fun and innovative environments, but they are doing so without the long-term commitments they would otherwise be exposed to by signing a direct deal with a landlord.”
For individuals working outside of offices, a coworking desk in Columbus will run about $207 per month, or $532 per month for a private office.
For more information on JLL’s Columbus 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.