Flexible office space | Biggest shift in the property industry?

WeWork No. 1 Spinningfields Quay Street Manchester MAN M3 3JE

Is flexible office space the property industries ''gig economy moment'' ?. We look at its growth and the impact it's having on the industry.

  • Why do some companies prefer flexible office spaces?

  • The Growth in flexible working spaces

  • WeWork

  • Is this shift a good thing?

 

 

FACT: The gig economy is defined as a labour market characterised by the prevalence of short-term contracts or freelance work as opposed to permanent jobs.

Why do some companies prefer flexible office spaces?

One word, flexibility. The ‘new model is proving popular with small employers and workers who enjoy the modern collaborative feel of a shared office. This level of flexibility comes in different forms, its membership options offer hot desks, private and office suites and HQ’s. Its flexibility is its most pulling feature, you can easily switch from one type of workspace to another, which allows small business to instantly downsize or expand their operations.

 

Hot desking typically involves one or more employees having no set workspace to call their own either for a set amount of time or permanently, and instead setting up camp at any empty desk.

Flexible Office Space

The Growth in flexible working spaces

Flexible working spaces are set to grow by up to 30% annually for the next 5 years, with property firm JLL calling it ‘one of the biggest shifts in the property industry', however tech investors are warning it’s the beginning of a bubble that will burst.

Another associated risk with flexible office space accrues ‘when any company buys up a huge amount of the stock of office space in the hope of selling it on in bits and pieces, there is a risk you can be left with a lot of empty offices if the economy takes a turn for the worse. Further barriers include cost, security and insurance. As the industry grows there seems to be a need for further transparency from the landlord and customer.

The Waterfront, Knott- end-on-Sea

WeWork

WeWork is the most notable pioneer of the flexible workspace and with the amenities they offer you can see why freelance professionals and starts ups are attracted to this type of space. We work offers four types of spaces from HQ’s all the way to shared workspaces and includes amenities that suit the gig economy professionals needing short-term solutions.

You can clearly see why companies like WeWork have started to shift the landscape of office spaces, catering to the growing number of freelance and short-term professionals who would rather rent on a  month to month bases because of the flexibility of job they have.

The Waterfront, Knott- end-on-Sea

Is this shift a good thing?

A shift in any industry often comes with panic for businesses based in that sector, the prospect can be daunting but the biggest shift that has come from flexible space is how the experience of a working environment is changing, now for property investors including ourselves, we have to understand the needs of  the employers and employees in these properties more and more, this will become as important as the building or space itself.

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