US: Commercial real estate company Tishman Speyer has announced it is expanding its coworking brand Studio in two Manhattan locations in order to cater to demand for flexible office space.
The two locations include a four-floor, 110,000 square foot office at its existing building in the Rockefeller Center, and a 32,000 square foot space on Park Avenue.
Thais Galli, managing director at Tishman Speyer and the head of Studio, told All Work: “We have seen companies use it as their HQ as they grow, to enter a new market, expand their footprint in a market but with flexibility, current tenants that are retrofitting their offices to meet the newly-established social distancing guidelines and temporarily require additional space, and also those considering a transition to a larger office footprint, looking for a mix of traditional and flexible terms.”
Tishman Speyer’s portfolio includes 167 million square feet of space across locations such as Boston, Los Angeles, Frankfurt and London.
Though flexible workspace companies have largely struggled during the pandemic as businesses shift towards remote working, real estate experts believe it will prompt more firms to turn to flexible, short-term leases in the so-called ‘new normal’.
