Neal Freiman

That's one of the biggest drivers of growth in this industry right now.

Say you're a company based in New York, but you have employees and you have like 10 employees in Austin and

You have 10 employees in Denver.

You have a couple more in L.A.

And you're not going to bring that.

You're not going to tell them to come and move to New York, but you could supply them with an office space.

And what is a perfect office space for 10 people in Austin or 10 people in Denver is a co-working space.

So that is one of the main drivers of growth of this mini boom, I guess we could call it.

And another is single site operators.

That is a big driver here.

We're gone from the days of WeWork expanding.

I remember we were in a WeWork, right?

2017, 2018.

We would walk into the office, the WeWork, and we just hear that, oh, WeWork is expanding to Buenos Aires.

Every single day, there would be another city around the world that WeWork was expanding to.

And that clearly was a business model that did not work.

Now we have these independent single site operators that are just operating one space.

And it seems a lot more sustainable.

According to Yardi, single site operators have grown significantly.

66% in the past three years to over 3,500 locations.