In this video, Founder and President, Wendy Spreenberg answers “What do you see as The Future of Flex? Is it here to stay?” at Bisnow event “Future of the Suburbs” (Chicago) (1:27)
Well, I think there’s been a lot of churn, certainly, this is the third consolidation of the coworking/flex space industry that we’ve seen in our 20 years of experience.
So certainly it went downhill, and it seemed like a big disaster, and many have gone out of business. But it’s also been a time for everybody to reflect. And so to your point, while someone might want one office or desk, you’re poised for when everything starts to come back, because who wanted to share a space during COVID? (no, Thank you)
But I do think you’re poised and positioned (Bell Works in Hoffman Estates) as are you, Glenstar, with this building with flex space, to take advantage of people who are ready to say, “You know, I either downsize or I’m not going back to downtown headquarters five days a week. I might go two days a week.” And so the ability to talk to landlords and developers now about how you respond, not just in the suburbs but in downtown with a lot of sublease spaces about ready to go direct, “How do we fill those vacancies?” And flex offers an opportunity as another amenity to the building to hedge, which can then also bring you the next level of 2500 square foot spec suites, which then allows them to migrate up through the building. So I think there’s a future – it’s not going away. It’s going to be slow to come back, but it’s coming back.