CHICAGO, IL., January 8, 2023 — Use of flexible office space is on the rise. According to a CBRE study, the number of occupier respondents reporting that flexible workspace makes up at least 10% of their office portfolios nearly doubled from 19% in 2022 to 36% in 2023, and is projected to eclipse 50% by 2025. If this trend continues as projected there won’t be enough flexible workspace to accommodate that demand, creating a massive opportunity for property owners with vacant or otherwise under-performing space in their buildings.
This increased demand for flexible workspace solutions is guiding and fueling Expansive’s next phase of growth. As the nation’s largest owner-operator of flexible workspace with nearly 4 million square feet across 34 markets, Expansive has long been a leader in the flex sector, offering occupiers innovative workspace solutions strategically aligned with their business needs to enhance performance. Now, in addition to its owned properties, Expansive is partnering with landlords and asset owners to bring flexible workspace offerings such as private offices, dedicated desks, virtual offices and team suites to their buildings.
Response to Expansive’s service offering from the commercial real estate community has been incredibly positive with four managed locations open to date. In addition, Expansive has taken over nine competitor locations and has a robust pipeline in various stages of development already in the works for 2024.
Boost occupancy, win more deals, and achieve a greater NOI by giving corporate occupiers the flexibility
they need. Expansive operates 3.7 million square feet of flex workspace nationwide. Partner with us to bring
this agility to your property.
We are proud to announce the Expansive Partnerships team formed to lead this area of growth.
Andrea Pirrotti-Dranchak, Managing Director: With over 24 years in the flexible workspace industry, Andrea has run revenue growth for some of the world’s largest and smallest coworking providers across 65+ countries. Her extensive experience uniquely positions her as an invaluable asset for landlords navigating uncharted territory, offering strategic guidance on best practices and how to reach target customers.
Matt Goebel, Principal: With over 12 years at Expansive and 17 years in commercial real estate acquisitions, dispositions and asset management across 60+ properties in 40+ cities, Matt has a unique understanding of the financial opportunity that flex presents as well as the unique dynamics that must be navigated between a property owner and their various stakeholders in order to get a project up and running.
Our centralized management structure enables us to activate any asset “on-demand”. As such we are working with partners across the country who understand the value of incorporating flex into their asset and portfolio as a tool to enhance tenant experience and maximize NOI. We are in active discussions in the San Francisco Bay Area, Greater DC, Greater Atlanta, Chicago, Boston and key cities in the Carolinas.
In their North America State of the Flex Market Report, Instant reveals that 60% of landlords expect at least 20% of their portfolio to be flexible by 2030. We welcome every landlord, asset owner, developer and broker representative seeking to incorporate Flex into your portfolio to contact our team.