Flex Activity Drops Significantly

 

  • As government restrictions have eased across the nation, most flexible office locations are reopening, albeit at reduced capacity and with new design features for social distancing.

 

  • Flexible office space activity1 totaled 347,000 sq. ft. in Q2, just one-third of the previous two quarters’ already muted levels. Flexible office activity fell by 65.8% quarter-over-quarter vs. a 35% decline in total office leasing activity.

 

  • Convene accounted for 31.3% of new flex activity in Q2, followed by Common Desk with 28.6%. For the second consecutive quarter, WeWork—the largest flex provider—took no space. Only five operators contributed to new space activity nationwide.