Flexible Workspace Is Growing At A Record Pace

Flexible workspaces are changing the way companies do business, as more and more embrace the benefits of serviced offices.

Research by Office Freedom found a record number of co-working spaces opened in 2018, with the total global number soon set to pass 20,000. Many of the occupants of such spaces are small businesses, but larger organisations are also taking advantage of the flexibility on offer.

Employees of these firms often have access to amenities peers in traditional offices do not, while the companies themselves are free from the need to arrange cleaning, maintenance, telephone and internet provision.

Demand for flexible workspace is therefore expected to increase even further, with Office Freedom predicting the number of spaces will reach nearly 26,000 by 2022 – a 56% increase compared to 2018 levels.

Founder and CEO Richard Smith said that although it is “early days” for the industry, the benefits are clear. “Today’s flexible workspace provides a habitat that supports staff welfare, helping companies become happy and productive places of work,” he added.

Recognising the benefits

Engagement and motivation are among the main benefits of co-working spaces, according to an earlier study by Harvard Business Review. More than 80% of people said these improved, while almost 90% reported feeling happier since joining such spaces.

Despite the important contribution co-working makes to professional lives, respondents to the survey said social aspects were just as important, with “community”, “fun” and “social” among the top five words used by members to describe their work environment.

For Eastway Enterprise Centre, this aspect is particularly important, as our role in the Hitchin business community goes beyond simply providing space for efficient and effective work.

Relocating to a serviced office gives sole traders and small business owners a chance to connect with others who have experienced similar challenges, and a means to expand their professional networks.

Even larger companies can benefit from this exposure to other cultures and practices, which may be a key factor in the anticipated further growth of the flexible workspace market. Such spaces currently make up less than 10% of the office real estate market, but Office Freedom expects this to reach 30% by 2030.

Do you want to learn more about what flexible workspace could mean for your business? Simply click here to contact a member of our team.