The future of work drives growth of flexible space

As workforces become more agile, technology advances and companies rethink how they use office space, adoption of flexible space is no longer perceived as a new-age workplace practice, suitable only for start-ups. A greater variety of companies, of different sizes and from various sectors, are exploring the option to innovate and tap into entrepreneurial culture.

Businesses are responding to a raft of structural changes by optimising their portfolios and consolidating their office space to:

• Enhance collaboration: By freeing more space for collective working and discussion within and across teams.
• Drive innovation: By allowing companies to free employees from working the same way each day, co-working style offices spark new thinking that can solve key business problems.
• Create flexibility: By providing the option for businesses to expand or scale down without committing to long-term real estate costs.
• Attract and retain talent: By responding to the needs of a more dynamic workforce and the requirements of specific teams, businesses are able to gain an edge in recruiting and retaining top talent.
• Drive efficiencies: By doing away with dedicated desks for team members, flexible office strategies leave more room in the budget to drive operational efficiency and enhance portfolio productivity.

Growth in flexible space provision is anticipated to continue as markets around the world adjust to this structural shift in occupation. Not all businesses will require flexible workspace, but the clear majority will significantly increase their usage over the next five years. This will have major implications for companies leasing office space, developers and landlords designing it, and investors looking for the right properties to purchase.