The era of flexible workspace is upon us. Global demand for it has gone up by 50% in the last five years because of its capability to address various company concerns. A significant consideration with regards to this is soaring commercial and real estate rates, which causes businesses to rethink actual office space use, functionality, and practicality in funding.
Take a closer look at 19 cities around the world that are now adapting to the flexible workspace market, why they’re doing it and how they’re succeeding.
Supporting the Flexible Workspace Market
As an answer to the growing demand for office space alternatives, you now have a large number of landlords and developers from all over the globe offering flexible workspaces. This includes both central business districts and secondary cities.
What this means for businesses is a more affordable solution to pricier real estate. Contracts are now effectively created for shorter terms, allowing more ease in renewing or relocating, depending on a business’ immediate need. With more locations emerging for flexible workspaces, there’s an underlying benefit to employees. Workplaces can now be much closer to home, which potentially can decrease daily commute time and expenses, and essentially allows for even better productivity at work.
Adapting to the Change
The versatility of flexible workspace holds great appeal for more than just millennials and startups than one would think. Even small business owners and enterprises find value in embracing the modern variation of office space because of its many benefits.
Aside from being a cost-effective alternative for a working environment, flexible workspaces offer a new level of productivity you don’t get from traditional offices. That allows you to recalibrate and put more focus on your business growth than logistics.
Additionally, because coworking can imply sharing a space with someone who isn’t directly a part of your company, there’s an opportunity to network with other businesses. It’s a refreshing way to operate in an office as you have direct access to all types of professionals—be it small businesses to freelancers—from varying fields. This opens up potential to collaborate with like-minded peers through informal discussion and ideation, which could eventually lead to innovation. It can also act as an avenue to find more talents you can outsource, if need be.
For bigger organizations, the true redeeming factor is being able to expand without the hassle of purchasing a commercial property and paying for the miscellaneous fees that come with it—such as maintenance and interior design. You’ll be able to immediately accommodate new employees at a rapid pace or scale down accordingly.
Flexible workspaces are also good means for temporary occupancy in other locations, if you’re only looking to test feasibility of projects. Geographical placement no longer becomes an issue when you’re able to work effectively from different places. This is especially true if you want a ground’s eye view and full scope of settings other than where your company is originally based.
The image of a workspace has changed drastically over time. The furniture might seem a little fancier, interiors a little more playful, and the general environment a little more casual, but at its core the workspace is still ideally a center of productivity. You gather with peers and build your business into something of true value. Flexible workplaces have this very idea in mind and offers businesses a new way to grow.
If you’re in the market for moving into a flexible workspace, Figari Group is one of the premiere leasing companies in the Philippines. We have a wide range of options available for a variety of business needs.
Jen spent eight years in real estate, with six years in commercial leasing and facility management. She is now the leasing director of Figari handling leasing and business development. Her charisma and dynamic attitude certainly make her the life of the party. In her free time, she enjoys going to the beach and getting a tan.