Did you hear about the word flexible office? This must sound weird to you. We have a stereotypical thought process about the traditional work place. We usually think office means a pile of work, lots of responsibilities, a super strict boss, and a hectic and exhausting schedule. This concept is too some extend right. The concept of the flexible office is new, but becoming popular worldwide. With organizations, shifting focus to a leaner approach to operations, business owners are investing in their strategy and people, rather than complex infrastructure. Traditionally offices work on a set location of space for teams or individual employees but the concept of flexible office will definitely bring the revolution in the traditional office culture. The flexible office is also a great way for companies to implement versatile space solutions, where the flexible office space is often referred to as shared office space or flexispace.
The flexible workplace includes basic equipment like desks, chairs, and phone lines, embracing a set up that offers different types of employees a temporary, physical office space. Businesses can consequently maximize the benefits of cost-efficient solutions, benefiting from hot-desking and mobile working. This allows staff to work from alternate locations when necessary, and employees from different companies can also share workplaces. Business owners are thus afforded access to the office without committing to contract terms. The demand for a flexible workspace will increase throughout 2018, as it’s set to become a trending topic in property and business. Since 2013, co-working and hybrid space have doubles globally accounting for a third of all flexible space across the world. Market changes deriving from political and economic outcomes have made flexible office space more vital. In an era where millennials will soon inherit the workforce, this generation is perhaps seeking a meaningful connection with the places they work.
Research told that in the UK the flexible workplace is growing more than 15, and an even more advanced rate across EMEA. This has led to many shared office space locators and providers have started up, covering the gap in the market and they cater to some niches. In 2016, the supply of co-working grew by double figures in central London, and some experts predict this growth will spread to satellite towns and rural locations. This will potentially be more lucrative for landlords, who can offer higher premiums for shorter contract terms. Conventionally speaking, technology companies are viewed as the most suited to flexible workspaces. Though typically startups and SMEs are renowned for adopting this approach. There has recently been a huge increase in inquiries from mid to large-sized companies. The advantages of flexible workspace in terms of cutting costs for startups. The concept of flexible workspace has slowly developed into a worldwide phenomenon and increasing demand means increasing competition. New challenges will stem from attracting and retaining members, and the people who succeed will be those who offer something different. Research shows that flexible office space has grown by 22% over the last seven years, compared with a1% growth in traditional office space over the same period.
The expansion of flexible office space will be witnessed among existing operators, but also new operators entering the market as real estate owners. Large corporate companies are looking at ways to let flexible office space to provide new revenue streams, a logical decision for those who have excess space. Build-to-suit and floor of managed space will be incorporated by savvy operators who will have an opportunity to cash in on the increased demand for flexible workspace. The continued growth of the flexible workspace market seems inevitable. The shared space phenomenon will excel as co-working, a buzzword you can expect to hear as the year transpires. The investment will grow as workspace models and proved profitable through a maximum occupancy approach. New leasing models and partnerships are set to become the norm, and co-working operators will facilitate by flexible workspace to corporate tenants. The flexible workspace is set to solidify itself as a viable, sustainable segment of the office market.
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