Demand for Flexible Workspaces Increases 18% Globally29 July 2017 by Lisa Rossi
According to the Global Cities Report by The Instant Group, flexible working is becoming one of the major success stories for the commercial real estate sector. In the first-ever comparison of flexible workspace in key cities around the world, data reveals the market has grown a massive 18% in just 12 months. With emerging markets showing larger proportional growth than more established ones, co-working is steadily changing the way we all work. In the latest and most comprehensive market research to date, Instant reveals which markets are leading the way and where the industry is headed.
Enquiries for Flexible Office Space in Australia Triple in Two Years
The number of enquiries for flexible workspace in Australia have tripled in just two years, while co-working and flexible office space has grown by up to 36% in five years. This massive increase in Australian supply exceeds that of the world’s largest market for such space – London – which grew from 9% to 16% in 2016. It also outstrips growth in New York, which has long been one of the fastest growing flexible work centres in the world.
Sydney saw 19% growth in 2016 with co-working and hybrid space growing three times faster than serviced offices. An average workstation rate of $565 per person, per month, Sydney is the 11th most expensive key market in which to rent space, while Melbourne is the 13th at $480 per person, per month.
Renting a Desk in London is 19% Cheaper than in New York
$897 – average desk space in London With 16% growth in 2016, London has seen massive expansion of new operators and additional centres, with key expansion occurring in cities like Manchester and Birmingham. At $897 on average for a desk space in London, the capital boasts the fifth highest workstation rates of all key cities after New York, San Francisco, Chicago and Los Angeles, largely due to increased demand within the city as large-scale projects take off.
The Future of Flexible Working Will Lead to a More Consumerised Workplace
Key findings in the Global Cities Report revealed several unifying themes across all of the global cities which will drive expected trends going forward:
- Occupier demand will shape the market more than ever before
- Operators will be able to observe the customer experience far more quickly, enabling them to adjust offers accordingly
- More hybrid spaces are expected to emerge as more operators recognise the co-working trend
- More landlords will look to the operator model to drive engagement with occupiers
Disclaimer: The content was provided by Bryony Bower at Media Vision.
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For more information about The Instant Group, the flexible workspace specialists, head to http://www.theinstantgroup.com