Flexible office space operators are expanding at a rapid pace in New York City, mirroring trends across the United States. Flexible office space is a concept that allows small companies and/or individuals to share or rent workstations or small self-contained office units. The space is often rented on a monthly basis with no long-term commitment.
For example, WeWork, the largest flexible space operator in Manhattan, has now grown to become the second-largest private office tenant in New York City. It’s second only to banking giant JPMorgan Chase, according to several leading brokerage research departments. WeWork just signed a 10-year lease for 11,818 square feet, taking up the last two spaces at the Kaufman Organization’s 15 West 27th Street office building. WeWork will rent the entire ninth and ten floors, with a scheduled move in during early fall 2018.
In addition, The Yard, a WeWork competitor, recently leased the building at 157-163 13th Street in the Gowanus section of Brooklyn, New York. It consists of 25,666 square feet for 10 years on net basis. The Yard features co-working office space for rent on a monthly basis to individual users. The Yard now has nine locations in New York City as well as locations in Philadelphia, Washington, D.C. and Boston.