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.