The age of flexible workspace markets is currently trending around the globe. By addressing various company concerns, this industry has become the most versatile service that any client can try. The biggest reason why flexible workspace markets are popping up everywhere is the soaring commercial and real estate rates in each country which causes businesses to rethink actual office space use, functionality, and practicality in spending.
Flexible Workspace Markets Around the World
Let’s dive-in into the list of amazing flexible workspaces that may be near you.
Asia Pacific Region
Flexible workspaces in the Asia Pacific region are a way for small and medium businesses to connect with one another. The large number of international companies moving here as well as local firms and SMEs that are emerging have been a big contributor as to why flexible workspace markets are needed in the Asia Pacific. The most notable cities in this region that have a thriving flexible workspace market are:
- Hong Kong
These are the leading cities in the flexible workspace market that you can be sure to provide top-notch support and amenities.
The Asia Pacific market has been flourishing for the past years because of the innovative efforts from companies in Hong Kong and the Philippines. Because of the ease of scaling a business using a flexible workspace, Asian countries took the lead in leading the industry due to their affordable rates in cities with high real estate value compared to the Western or Middle Eastern regions.
Europe & Middle East
In recent years, flexible workspace markets have occupied older properties in Europe in an effort to widen the market throughout the region. Nook architects have also created or designed flexible workspaces most notably in Barcelona to meet the market demands. With London being the leader in flexible workspaces in this area, SMEs and self-employed individuals are driving the demand for these workspace providers higher than ever. A study by Colliers International predicts that due to the COVID-19 pandemic, the number of flexible workspaces will more than double over the next few years as businesses streamline operations to a more efficient method. The Middle East is no different. Flexible workspaces are slowly but surely becoming a fad to companies due to them facing terrible traffic conditions for their employees. The flexibility and versatility these workspaces provide is a worthy investment for this region. Here are some of the notable cities for Europe & the Middle East:
Each of these regions is embracing flexible workspace markets for its accessibility, convenience, and efficiency, especially in the United Kingdom. While independent working situations are also growing, international workspace solution providers are also starting to invest and offer spaces in these regions. It should come as no surprise if the markets here would exponentially grow to rival the Asia Pacific region within just a couple of years.
The United States of America is known for cities with a very dense population, so along with fast-paced growth and exposure to innovation, makes the major cities in the USA a very lucrative opportunity for flexible workspace markets to thrive in. Soaring real-estate prices especially on the west coast are the biggest reason why companies would rather choose to spend less cost in flexible workspaces rather than investing in a full-blown office building that increases their overhead cost by a large margin. With Silicon Valley and other tech-savvy cities like Boston and Chicago being the main driving force of innovation, companies are now growing at a rapid speed. Adapting to flexible workspace setups seems not only to be feasible but also needed rather than acquiring limited & costly traditional office spaces. With the strong presence of start-up culture in this region, it has paved a way for bigger demand on flexible workspaces in these cities:
- New York
- San Francisco
Businesses are evolving in working habits and are also gradually seeking conditions more suitable for employees in terms of accessibility, adjustability, and convenience. As an answer to the growing demand for office space alternatives, companies now have plenty of landlords and developers from all over the region offering flexible workspaces. These types of workspaces have inevitably been trending across the States and experts are even projecting that the flexible workspace market in the USA could increase up to 30% within the next decade.
What Does This Trend Mean?
With the global demand for the flexible workspace market going up by almost 50% during the past few years, businesses are now looking for more affordable solutions to pricier real estate. Contracts can effectively be created for shorter terms which allows ease in renewing or relocating, depending on a business need. With more locations emerging for flexible workspaces, there is an underlying benefit for employees. Workplaces can now be much closer to home that would decrease daily commute time and expenses, essentially allowing for better productivity at work. While business owners have the advantage of increasing cost savings in order to invest that money into other aspects.
The Trend Businesses Could Adapt To
The versatility of flexible workspaces holds great appeal for more than just startups. Even small business owners and enterprises could find value in embracing the modern variation of office space solutions and the plethora of benefits that it provides. Aside from being a cost-effective alternative for a working environment, this solution offers a new level of productivity you won’t get from traditional offices. That allows businesses to recalibrate and put more focus on growth rather than logistics. Moreover, because coworking can imply sharing a space with someone who isn’t directly a part of the company, there’s an opportunity to network with other companies as well. It’s a new way to operate in an office that gives you direct access to all types of professionals whether freelancers or consultants. This opens potential collaboration with like-minded professionals through discussion and ideation.
For enterprises, the biggest factor of using this is being able to expand your reach without the hassle and cost of purchasing a commercial property and paying fees such as maintenance and interior design. They will be able to immediately accommodate new employees at a rapid pace or streamline processes accordingly. All-in-all, getting into the flexible workspace market in any region would be a quick and easy solution that any business could adapt to.
Start Building Your Future
If you’re looking for a great company to start your flexible workspace journey, be a part of our dynamic tribe. Visit our spaces page to know more about our open workspace offerings. The amazing benefits and perks as well as our workspace solutions are just some of the great values you should check out. Contact us now to learn more about how we can help you find the right flexible workspace solution for you.