Flex space success | August 2024 📰

Summer 2024

Maybe your next space will be a Flex-Space?

Below is the story of a July deal that we facilitated - the quickest deal of my career!

Here’s how it all played out:

10:00 AM: Day started with a jolt. Our client received an unexpected email informing them they needed to vacate their current office space within 30 days.

10:09 AM: Client called us seeking alternatives for immediate occupancy. Clock was ticking, and they needed a new space—fast!

11:00 AM: Within the hour, we toured a nearby flex-space, the beauty of which being their readiness and flexibility, allowing us to swiftly explore viable options without an elongated process.

12:05 PM: Shortly after noon, we were negotiating terms with the sales rep and the streamlined process allowed us to quickly align on key points without the back-and-forth of traditional leases.

3:17 PM: An agreement was circulated via DocuSign. The efficiency of digital platforms in the coworking sector enabled a rapid document processing and review.

4:28 PM: Agreement was signed. In just a few hours, we had secured a new space for our tenant, transforming what could have been a 3-month saga into one super productive day.

This experience underscores the agility and speed of coworking solutions compared to the often drawn-out process of negotiating and finalizing leases. Flex spaces are not just an alternative—they're the best solution for organizations that require turn-key, efficient, flexible and reliable office solutions. (But not all are the same! Read more here).

Looking to explore flex space options in NYC?

We've got just the map for you!

Until next month,

Ben

Ben Blumenthal
Principal Broker | Noah & Co.

The Best of August

Office leasing activity in the city increased by 60% in July, led primarily by a stream of new leases signed in Midtown.

So where's the latest action?

Expansions & Renewals

- Tesley & Maritime extended their leases at 555 Fifth Ave.
- Durst renewed Charles Schwab for 11 years at 1133 AoA
- Law firm Golenbock will remain in 38k SF at 711 Third
- 810 Seventh will remain home to Brightwood Capital
- Faegre Drinker deeping its space at Silverstein's 1177 AoA