Commercial landlords in business parks and the operators of co-working offices are likely to see a surge in occupancy rates in mainland China, as a 41-fold jump in the number of unicorns raises the demand for flexible workspace that can contract and expand with rapidly changing business operations.

Three of every four unicorns, or start-up companies valued at more than US$1 billion, are considering expansion either in their existing markets, or exploring new markets, said Cushman & Wakefield in its Mainland China unicorns – Galloping to New Markets report, without disclosing the methodology, sample size or date of its survey.

“It is expected that those fast expanding unicorns in the region will become a major force for office space absorption in Mainland China in the coming years,” said Jonathan Wei, managing director, occupier services, Greater China at Cushman & Wakefield.