Flexible Space in San Diego: Breaking Down Operator Models

30 ene. 2020

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Flexible space operators play a key role in the development and success of a startup ecosystem, and can help alleviate barriers to entry or growth for many companies. San Diego has yet to become one of the larger or more saturated flexible markets, but is growing fast. From 2011-2019, flexible space in San Diego grew from less than 200,000 sq. ft. to nearly 1.3 million sq. ft., with new expansions planned or under lease agreement in 2020. Despite strong growth of coworking offerings in San Diego, flexible space makes up only 1.7% of the overall office inventory. This is below the national average of 2.0% and top markets like San Francisco, Manhattan and Miami which range from 3.0%-4.0%. In a recent CBRE report, the baseline forecast for flexible office space shows expansion to approximately 13% of U.S. office space by 2030. Even in a low-growth scenario, the report shows flexible office space claiming up to 6.5% of the market by 2030, indicating substantial room for growth in the San Diego market in the next decade.