Market Size of North America Flexible Office Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 12.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Flexible Office Market Analysis
North America Flexible Office Market is expected to grow at a CAGR of 12% during the forecast period. Factors such as the rising number of business entities worldwide, coupled with the expanding e-commerce industry, are anticipated to drive market growth. Moreover, growing trends of 'Space-as-a-Service' and the rising costs of commercial spaces in major metropolitan cities are further projected to drive the market growth.
Due to COVID-19, demand for flexible office space has fallen off this year as more people are working remotely and are reluctant to return to office settings due to health concerns. However, the pipeline for future leasing activity is encouraging, especially from enterprise tenants- traditional corporate office users as opposed to just startup companies and entrepreneurs.
Like the overall office market, demand for flexible office space has been challenged in the near term. The long-term outlook is positive when tenants return to the workplace. Landlords and flex providers are working together in a more transparent way this year to support their viability during the COVID-19 induced market downturn. These relationships are increasingly moving toward partnership agreements and away from traditional lease structures.
In North America flexible office providers are evolving their business models to meet current and future demand. Interest is growing in subscription-based models that support a more distributed network of people and suite offerings to promote privacy over the community. Building owners are increasingly offering their own flexible office options in the form of owneroperated space or pre-built suites, sometimes using flexible office providers to operate the space on their behalf.
