Instant’s latest research report explores the Latin American flexible office space market, where demand has grown 56% despite the ongoing pandemic.
Over the last decade Latin America has had a 230 percent growth in supply, compared to the 196 percent growth in the U.S. in the same period. However, market rates have been on the decline for the past two years. In 2019, an increase in supply pushed down workstation rates, and in 2020, Covid-19 resulted in rent cuts as operators try to retain clients and fill vacant space. Currently, rates are at least 20 percent reduced and as much as 70 percent reduced from some operators as part of a long-term engagement strategy to retain clients.
Mexico City is the largest flexible office market in Latin America, with 11 percent of the market share by number of centers, while Buenos Aires is the most expensive, work a cost-per-desk of $580, according to a our new report.