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The impact of flexible workspace tenancy in valuation

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  • Fernanda Antunes

Abstract

It has been documented in academic literature and grey literature that flexible workspace providers take office space in longer leases. The rationale is straightforward as one of their key profitability components relies on benefitting from the difference between their long-term rights to a space and their short-term offerings, also known as long-short space strategy. Using a dataset of 4,687 leases in New York City extracted from Compstak over the period of 2011-2022, we analyse the overall lease term structure in different economic cycles and compare it with the lease term structure of flexible workspace providers. We also investigate the effects of flexible workspace providers as tenants on effective rents, as previous studies have demonstrated a significant difference in comparison to their peers.

Suggested Citation

  • Fernanda Antunes, 2022. "The impact of flexible workspace tenancy in valuation," ERES 2022_32, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_32
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    File URL: https://eres.architexturez.net/doc/eres-id-eres2022-32
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    More about this item

    Keywords

    Capitalisation rates; Coworking; Flexible workspace; Valuation;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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