Migration, hybrid work and the need for more flexibility continue to be the driving forces behind the growing demand for quality suburban flex office spaces. As developers continue to rethink and revive the suburbs, coworking operators are also adapting and expanding their portfolios to the suburbs. Today, 44 percent of the coworking inventory in the U.S. is in suburban areas, according to CoworkingCafe.
Quest Workspaces, a woman-owned shared workspace company founded in 2010, has been very active in the sector in the past few years. Founder & CEO Laura Kozelouzek, a veteran working in the coworking business since the 1980s, understood early on that flexible work models were not a passing trend. In the past 12 months, inquiries for Quest’s suburban spaces skyrocketed, so Commercial Property Executive asked Kozelouzek to reflect upon the recent shifts in the flex office industry caused by the changing work paradigm.
Kozelouzek: Since mid-2022, the demand for coworking space in suburban markets has increased month after month. Companies are realizing the post-pandemic hybrid work model is here to stay, and suburban coworking spaces allow them to save money on smaller office spaces with more flexible lease terms. There is also a growing trend for employees to want to shorten their commutes and work closer to home.
For example, in Boca Raton, Fla., the suburb with the sixth-highest number of coworking spaces nationally, inquiries at Quest Workspaces grew by 215 percent, and occupancy rose by 4 percent. At our Plantation, Fla., location inquiries grew by 150 percent, while occupancy increased by 9 percent over the same time period. At Quest Workspaces Doral, inquiries rose by 160 percent, and occupancy grew by 5 percent.
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