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If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space and brokerage executives said at The Real Deal’s 12th annual showcase.
Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield, said that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves, CEO of co-living firm Common, noted that his field may still be in its infancy.
“Some of the trends are similar to co-working,” he said, such as the sense of shared community it can provide.
Barry Gosin, CEO of Newmark Group, said too much dedicated co-working space in a single property isn’t ideal.
“I’m not a big fan of a co-working space taking more than 15-20 percent of a building, because I think then you diminish the credit quality of a building,” he said. Jamie Hodari, CEO of flex-office firm Industrious, agreed, saying the “holy grail” of co-working would involve a mix of long-term, middle-term and flexible leases within a single property.