Remember the days of 10+ year unbreakable leases in office buildings? Well, they’re gone and not coming back.
The trend of shorter leases was initially driven by smaller quickly growing firms. Coworking spaces based their businesses on companies that couldn’t afford large office spaces in top office buildings and also needed the flexibility to scale up or down quickly. The business world keeps changing quicker and quicker, all kinds of companies started to demand more flexibility. And not just shorter terms, but also more services.