Flex Intel Monthly: October 2020

October 19, 2020

Pierre Becerril

Dear reader and industry partner, welcome to this monthly updated aiming at providing transparency to our industry and its key stakeholders around coworking and flexible office spaces´pricing trends.

Advertised rent by type

Average advertised prices per desk have remained steady from September to October with the exception of Flex Desks who have seen a surge of 12% vs. 1% for Fix Desks and Team Desks. This surge can mainly be explained by the mix of spaces that we track and by the fact that new stock has appeared in our tracking pushing prices up. Out of 1K Flex Desks tracked, 98% of the stock maintained its pricing stable.

Advertised private offices by state

3 states clearly leads the ranking table when looking at number of advertised private flex offices: California, Texas and New York with 2.7K, 2.5K and 1.7K advertised offices each.

Advertised rent for private offices by state

New York remains on the top of the most expensive states for coworking spaces with averages over 700 USD per month per desk. Arkansas and Hawaii continues with their small desk supply to present averages over 700 USD as well. Surprisingly, this month California left the top 5 of the most expensive states by price per desk.

Advertised rent for private offices by top Cities

Washington still leads the ranking of highest prices per desk with an average of 890 USD. Just like last month, the high pricing is mainly due to high advertised prices of WeWork´s inventory in the city.

Noticeably, Los Angeles and San Francisco have seen this month a sharp decrease in average advertised rates, much more driven by the un-listing of high priced inventory than actual price decreases. In LA for instances, only 13% of the inventory really decreased their price, with an average price drop of 35%.

Advertised rent by top operators

Just like last month, the top 3 operators in our ranking of advertised price per desk are knotel.com , carrworkplaces.com and intelligentoffice.com with prices from 1,109 USD for Knotel to 849 USD for Intelligent Office.

Overall, 93% of the prices of these operators remained stable and only 5% of the  advertised prices have been reduced, with an average decrease of -24% while 2% of the spaces increased rate by an average of +24%.

WeWork´s advertised rent by top cities

Finally, this month we wanted to have a look ta one of the world´s top operators and have chosen some of WeWork´s top locations to compare its advertised prices to the one of the industry average:

Methodology: once per month, the Coworkintel Team gathers thousands of data points from several sources to provide insights of the Flex industry.

Geographic scope: This specific post will target Flex´ largest market: the United States.

For other geographies or more in-depth analysis, please contact us directly at sales@coworkintel.com