UK: A new survey of 250 UK office landlords commissioned by workspace provider infinitSpace is predicting significant growth in the space.
The survey found:
• As a percentage of their total square footage, on average, 36 per cent of respondents’ office space is currently dedicated to flexible or coworking space.
• On average, they anticipate this to grow to 54 per cent by 2030.
• 10 per cent of landlords predict that their portfolio will be almost entirely (91-100 per cent) flexible workspace by 2030, up from three per cent currently.
• Over half (52 per cent) of landlords believe that their office buildings need to be redesigned or retrofitted to meet changing tenant demands and needs.
Nearly two-thirds (59 per cent) of landlords stated that converting office space into flexible workspaces is a key part of their strategy for keeping up with market demands.
Wybo Wijnbergen, CEO of infinitSpace, said: “Demand for flexible workspaces is on the rise, and our research shows that landlords are looking to adapt their portfolios and buildings to fit this trend. But there are important lessons as they do so. While demand is booming, businesses are surrounded by greater choice than ever and are becoming more discerning when hunting for a workspace to call home. Competition is tough in the flex market, and to stand out from the crowd, attract occupants and futureproof their assets, landlords must ensure their new workspaces are perfectly aligned with businesses’ demands.
“The next steps for office landlords? Taking stock of their existing assets and devising a strategy to optimise workspaces to address the needs of the modern workforce. And, of course, third-party workspace providers are always on hand to provide support, from conception to operation,” he added.
