Flex at Chesterbrook sees unparalleled success in the Philadelphia market
Managed by Flex by JLL, the 20,000-square-foot flexible office and coworking space achieved stabilized occupancy and outperformed revenue in its first nine months of operation
PHILADELPHIA, Apr. 27, 2023 – Demonstrating the strong demand for coworking solutions within the Philadelphia market, as well as the greater U.S., Flex at Chesterbrook, the 20,000-square-foot flexible and coworking space within Chesterbrook Campus, has achieved stabilized occupancy and outperformed initial projected revenue after its first nine months of operation. According to the space’s manager and operator, Flex by JLL, the space has accomplished these marks in half the time expected of the asset.
Built by Rubenstein Partners and launched in May 2022, Flex at Chesterbrook is located at 851 Duportail Rd. within Chesterbrook Campus. The 70-office flexible coworking space currently features shared workspace solutions through various options, including coworking, virtual address, private office and customizable suites, as well as meeting room rentals. Membership amenities consist of enterprise-grade designed spaces with ergonomic furniture, fast wi-fi with access to a dedicated VLAN, high-quality acoustics, monthly allowances for meeting rooms and printing, dedicated on-site team for mail handling and secretarial services, access to mothers’ and wellness rooms, phone booths and more for a monthly all-inclusive price and no long-term agreements.
“As a value-add office developer, we spend a lot of time thinking how to create and support new amenities for our office tenants, such as fitness centers, food service options and shared conference space,” said Brian Simel with Rubenstein Partners. “One thing we have found through experience is that there is a natural symbiosis between those amenities and flexible office offerings. Flex at Chesterbrook offers something truly unique to the marketplace — a flexible office space in the suburbs with beautiful vibrant amenities you do not even need to get in your car to access.”
“Our success at Chesterbrook with Rubenstein Partners demonstrates the occupier and customer demand for quality, vibrant and accessible short-term space with flexibility and optionality. Flex by JLL’s success at this location and others around the Americas is a testament to flex becoming an expansion of our property management services, offering to successfully productize and monetize real estate beyond traditional office space,” said Jacob Bates, Head of Flex and Experience Management by JLL for the Americas.
The overall increase in occupancies has led to continuous month-over-month revenue growth for Rubenstein Partners. The Flex at Chesterbrook space has significantly outperformed pricing across all products relative to the market and has become a beloved part of the Chesterbrook campus since it was completed last year. In addition, the Chesterbrook market was named the #1 Best Place to Live in America by Niche.com for the fourth year in a row, underscoring the appeal of the regional market.
“With our enterprise-grade flex space, we have several large corporate and enterprise occupiers calling Flex at Chesterbrook home. The brokerage community and engagement has been fantastic to partner with, generating greater than 50% of our qualified leads,” said Cynthia Bock, Head of Revenue for Flex by JLL. “With our team’s collaboration and the power of JLL, our marketing campaigns have outperformed and converted leads into members.”
JLL’s 4,100 property management experts in the U.S. provide comprehensive real estate services in more than 4,000 buildings totaling over 800 million square feet.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Flex by JLL
Flex by JLL is an enterprise-grade flexible space solution that creates value for investors and is rooted in market due diligence, occupier demand and asset strategy. Flex by JLL creates and manages custom flexible space programs that are tailored to an asset’s tenants and market dynamics; investors can own and maintain control of the entire tenant experience within their building as well as the flex site’s revenue streams and value.