Flexible Office Space Gaining Speed in Grand Rapids
The flexible office space trend is gaining traction in Grand Rapids with entrepreneurs, local businesses and big players like WeWork and Spaces
GRAND RAPIDS, MICHIGAN, Aug 3, 2018 — It’s no secret that the days of traditional, cubicle-style offices are being phased out and replaced with more innovative, flexible office styles. JLL explores this trend at both a regional and local level in a new research piece-Flexible Office Space is Disrupting the Commercial Real Estate Industry.
While flexible workplaces aren’t a brand new concept, growth in the Midwest region has been abundant, doubling over the last five years. In 2017 alone, the region added nearly 600,000 square feet of flexible office space. And, 2018 is already on track to surpass 2016’s total of nearly 400,000 square feet.
Grand Rapids currently has six flexible office locations, totaling 79,488 square feet. Experts anticipate that number to grow as both freelancer and corporate demand rise.
“Most of what we’re seeing is small entrepreneurs,” said Harrison West, JLL Senior Research Analyst. “Companies that want to have an office if they’ve got four or five employees, but maybe for where they are it doesn’t make sense to sign a long-term lease.”
While the majority of shared workspaces are owned by local businesses, big players like WeWork and Spaces continue to scout the region for potential expansion opportunities. The average monthly price for a coworking desk in Grand Rapids hovers near $266—$39 above the overall average of $227 for the region.
For more information, 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.