According to Enterprise Rising founder and tribal leader Casey Allen’s frequently updated map of Minnesota coworking spaces, Minneapolis alone has nearly two dozen coworking locations. The greater Twin Cities, St. Paul included, has nearly 20 more. A handful dot greater Minnesota, mostly in regional hubs like Rochester and Bemidji. Minnesota is no outlier. As of early 2019, coworking — also known as flexible office or flex space — accounted for at least 25 million square feet of commercial space in the United States’ 30 largest office markets, according to a CBRE report from a research team led by CBRE global chief economist and head of Americas research Richard Barkham. Driven by rapidly growing national and international brands like WeWork and IWG, coworking is an “increasingly relevant factor in asset valuation,” the report said. Compared with non-coworking transactions, CBRE found lower average capitalization rates in “flex transactions,” suggesting commercial property owners presume flex space is less risky than traditional office — though properties with flex space present do not necessarily perform better than properties without, and properties dominated by coworking may actually present more risk than properties where coworking accounts for a smaller share of total square footage, due to coworking’s typically… Read full this story
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