Coworking Rebounds as Alternative to Traditional Leases [CommercialEdge Report]
CommercialEdge just released its August office report analyzing the US office market’s performance through July 2022.
At the beginning of the pandemic, many thought coworking will be the least resilient asset class. But, as treatment and prevention options have become more effective, shared spaces are bridging the gap between office use and work-from-home setups as hybrid work becomes part of the new work landscape.
Increased demand, flexibility and cost efficiency are among the reasons why industry experts expect further growth in the future.
Key findings from our report:
The average U.S. office listing rate stood at $37.75 in July, slipping 2.3% year-over-year
Up 10 basis points year-over-year, the national vacancy rate stood at 15.1%
149.5 million square feet of new office space was under construction at the end of July
Year-to-date, the national office sales volume reached $51.9 billion
Check out the full report HERE