Tuesday, January 27, 2026
On Tap Today
Corporate flex: Corporate demand is helping revive the co-working market as companies like Amazon, Pfizer, and JPMorgan adopt flexible workspaces.
Steered away: A new lawsuit accusing Rocket Mortgage of steering borrowers echoes similar claims against Zillow Home Loans.
Purchase approved: Plymouth Industrial stockholders have approved its $2.1 billion acquisition by Ares.
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Editor’s Pick
The co-working market is finally shedding its pandemic hangover and entering a new chapter defined less by entrepreneurs in hoodies and more by corporate occupiers recalibrating how, where, and why they put people to work. After years when shared office space was treated as a niche or fad, the latest wave of flexible work environments is being driven by some of the largest companies on the planet. Pfizer, Amazon, JPMorgan Chase, Lyft, and Anthropic are among the firms now leasing co-working facilities for teams and satellite offices, a dramatic shift from the early co-working era when startups and small businesses were the primary users.
This shift is visible in the numbers. Across the United States, there are now roughly 8,800 co-working locations totaling 158.3 million square feet, up from about 5,800 locations and 115.6 million square feet three years ago. That’s an expansion of nearly 37 percent in space over a relatively short period, and it reflects both growing demand and operators’ increased confidence in corporate tenancy. Co-working still represents only about 2.2 percent of the total office stock, but that share is growing steadily and could approach 10 percent as more corporate portfolios incorporate flexible, short-term office footprints.
Part of what’s fueling this trend is a reassessment of long-term leases by large enterprises still navigating hybrid work and uneven return-to-office patterns. Rather than committing to traditional 10 or 15 year leases across multiple markets, companies increasingly see co-working and managed offices as a way to put people closer to where they live, maintain amenities that appeal to workers, and scale up or down without trailing obligations. Data from industry research suggests that large corporations now account for about 30 percent of the co-working market, using flexible space for project teams, satellite offices, and hybrid hubs that support collaboration without heavy capital commitments.
The corporate embrace of co-working is also showing up in how operators and landlords are structuring partnerships. CBRE’s acquisition of a controlling stake in Industrious, for example, has rapidly expanded that network to more than 250 locations and connected it directly to a roster of tenants and building owners through one of the world’s largest real estate services firms. That kind of integration isn’t just about more locations, it’s about embedding flexible workspace into broader real estate portfolios and making shared offices a strategic alternative to standalone corporate leases. In a similar vein, large institutional landlords and investors are partnering with flexible workspace providers to brand and operate co-working floors inside conventional office towers, a model that blurs the line between traditional office holdings and flexible occupancy.
What’s interesting about this co-working renaissance is that it isn’t limited to superstar coastal markets. Suburban and secondary cities are seeing noticeable gains in flexible space, reflecting demographic shifts, remote-worker preferences, and corporate desire to tap talent pools beyond urban cores. Studies show that virtually all of the top 25 U.S. office markets posted year-over-year gains in co-working inventory, with Chicago, Atlanta, San Diego, and Miami registering some of the largest increases in total flexible footprint.
The renewed momentum behind co-working underscores a deeper evolution in how office space gets occupied. Flexible workspaces are no longer a stopgap or afterthought; they are becoming a core part of corporate real estate strategy. For owners trying to make sense of a bifurcated office market, the resurgence of co-working offers both a hedging instrument and, increasingly, a growth opportunity where traditional leasing has stalled and hybrid work paradigms dominate.
Overheard

A new class-action lawsuit accuses Rocket Companies, including Rocket Mortgage and its affiliated real estate and title businesses, of steering homebuyers toward Rocket loans through paid referral arrangements with real estate agents. The suit alleges that Rocket’s agent network relied on high referral fees and performance expectations that pushed agents to favor Rocket Mortgage, even when other lenders might have offered better options. Plaintiffs argue the structure crossed the line under the Real Estate Settlement Procedures Act, which bars undisclosed kickbacks and steering tied to settlement services.
The claims closely mirror the growing wave of lawsuits against Zillow Home Loans, where plaintiffs say the company used its control over leads and agent visibility to nudge transactions toward its mortgage arm. In both cases, the legal risk centers on vertically integrated platforms that combine consumer traffic, agent relationships, and lending under one roof. Regulators and courts are now being asked to decide whether these arrangements are simply aggressive marketing or whether they amount to illegal pressure that limits borrower choice.
What matters most for the mortgage industry is less the final verdict and more the direction it pushes the mortgage industry. If the Rocket case survives early dismissal like the Zillow suits have, lenders and portals may rethink referral fees, agent incentive programs, and how tightly mortgage products are linked to lead generation. Even without a courtroom loss, prolonged litigation raises compliance costs and weakens the appeal of bundled mortgage and brokerage models.

A federal judge has dismissed News Corp from a copyright lawsuit tied to photos used on Realtor.com, narrowing a case that centers on who is responsible for images that appear on listing portals. The suit was brought by a professional photographer who alleges her copyrighted photos were displayed on Realtor.com without permission. She argues the unauthorized use reduced the value of her work and violated federal copyright law. News Corp was named because it owns Realtor.com through its subsidiary Move, Inc., but the court found it was too removed from day-to-day operations to be held liable at this stage.
The case is not over. The judge allowed claims against Move, which operates Realtor.com, to continue and left the door open for the plaintiff to amend her complaint. The dispute turns on how listing photos flow from agents and MLSs to portals, and who bears responsibility when licensing breaks down. Portals typically do not upload photos themselves. They rely on feeds from brokerages and MLSs, which creates layers of distance between the platform and the original creator. That structure has increasingly been tested in court.
For listing portals, the ruling offers limited relief but no real clarity. Being dismissed from a suit does not eliminate exposure when similar claims continue to surface across the industry. Zillow is still fighting a sweeping copyright case brought by CoStar over rental listing photos, and other portals face scrutiny over how content is sourced and reused. Together, these disputes highlight a growing risk for platforms built on aggregation. As portals push deeper into transactions and monetization, the legal tolerance for loose content controls appears to be shrinking.
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Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.
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