What's Behind the Mad Rush for Flex Space
Industrious says it has hit three times its pre-COVID sales average in June.
August 02, 2021 at 07:28 AM
2 minute read
Real Estate
The original version of this story was published on Law.com
Companies are flocking to flex work space as they navigate a post-COVID return to work, in a move one CRE executive calls an "extraordinary rush" to the sector.
Jamie Hodari, CEO of shared office provider Industrious, told CBRE's Spencer Levy in a recent podcast that his company—which took a big investment from CBRE last fall—said the company hit three times their pre-COVID sales average in June. Monthly sales volume recovered from a COVID trough in April, and has been on a steady upward trajectory since.
"I have to think we've hit the ceiling," Hodari said. "There's no way we're going to hit four or five times, but you never know. But yes, we are in the heart of a moment right now where there's an extraordinary rush to use flex. It's pretty widely distributed. There are some cities that are lagging, but it's happening all across the country. They are definitely buying flex in volumes that exceed what you saw pre COVID."
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