WRE News: Flex Office Prices Rise in Miami & Other Major U.S. Cities

Miami, FL – June 26, 2023 – Demand for flexible office space surges, driving up prices in New York City and Miami.

New York City, Boston, and Miami have emerged as the most expensive markets for coworking spaces, according to a recent study. Boston maintained a steady average rate of $740 per desk per month since 2022, while Miami witnessed a 6 percent increase to $666 per desk.

The rise in demand can be attributed to a supply and demand imbalance, as organizations increasingly opt for flexible and agile workspace solutions. Tenants are also choosing to stay in flex spaces for longer durations, with the average lease length growing from 6 months in 2019 to 8.4 months currently.