Alongside London, New York City dominated the worldwide market in 2019, accounting for 22% of global coworking stock between them and taking the top spots for the most coworking spaces in the world. However, as one of the most densely populated cities in the world, the city was particularly hard hit by the onset of Covid-19.
According to a recent report by Colliers, more of the office market in Manhattan is available for sublet now than at any time in the last decade.
After three months of outbreak and hardship, however, New York City reopened businesses in June with nearly 400,000 people returning to work. Compared to April, where booking inquiries for hot desks in NYC on Coworker dropped to an all-time low, statistics show a gradual recovery in the market from June onward.
Moreover, there has been an increase in the number of private offices requested, a trend that has taken hold globally as more people seek safer, health-conscious work options.
As demand for private offices continues to surge, reaching 71% of all leads on Coworker for the city in September, coworking operators are redesigning the layouts of their spaces on a global scale. While navigating closures, many have taken the initiative to update their spaces and offer more private, enclosed spaces in accordance with new health and safety regulations.
Insights from top NYC architecture firm, Fogarty Finger, confirm design elements such as adequate spacing, touch-free fixtures, and sanitizing stations have become a top request since March.
This demonstrates a change in perspective; to provide an environment where people can work and feel safe, coworking operators now and in the future will need to minimize open-style office layouts and instead prioritize private offices.
Want to learn more?
To gain additional insights about the effects of the pandemic in the world’s leading markets for coworking and explore these trends further, read the full Outlook for Key Markets: 2020 Report here.