The spike in the supply of co-working space has pushed rents lower in the world’s largest cities, according to a report from Instant Group . The Global Flex Market the fall report said average desk prices dropped 5% in the 18 largest cities last year . Prices fell most in Chicago , dropping by an average of 17% , followed by San Francisco ( 12% ), Toronto ( 11% ), Toronto ( 7% ) and New York ( 6% ). New York fared better with prices falling on average by 19% . San Francisco saw a 12% drop, Los Angeles 11%, Toronto 7% and London 6%. While increased supply is the main reason for the fall , operators moving beyond traditional business districts where rent paid and received is lower was also a factor. Asia Pacific is still experiencing upward price movement, with a rise of 19% in London .
The spike in the supply of co-working space has pushed rents lower in the world’s largest cities, according to a report from Instant Group . The Global Flex Market the fall report said average desk prices dropped 5% in the 18 largest cities last year . Prices fell most in Chicago , dropping by an average of 17% , followed by San Francisco ( 12% ), Toronto ( 11% ), Toronto ( 7% ) and New York ( 6% ). New York fared better with prices falling on average by 19% . While increased supply is the main reason for the fall , operators moving beyond traditional business districts where rent paid and received is lower was also a factor. Asia Pacific is still experiencing upward price movement, with a rise of 19% in London .