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UK office landlords plan to significantly increase the amount of building space dedicated to flexible workspace, new research by infinitSpace has found.
The firm commissioned an independent survey of 250 UK office owners, which found that, on average, respondents expect more than half (54%) of their total office space to be devoted to flexible or co-working space by 2030, a significant increase from the currently reported level of 36%.
One in ten landlords (10%) surveyed expect nearly all of their portfolio (91-100%) to be made up of flexible or co-working space by 2030, compared to 3% of landlords who currently fall into this category.
To meet this burgeoning market demand and accommodate tenants’ needs, more than half (52%) of landlords believe they will need to redesign or renovate their office buildings.
This comes after almost two-thirds (59%) of landlords said converting office space into flexible workspace was a key part of their strategy to meet market demand.
Wybo Wijnbergen, CEO of infinitSpace, said: “Demand for flexible workspace is growing and our research shows that landlords are adapting their portfolios and buildings to this trend – but in doing so there are important lessons to be learned.”
“As demand soars, businesses have more choice than ever before and are becoming more selective when searching for a workspace to base themselves in. The flex market is competitive and to differentiate, attract occupiers and future-proof their assets, landlords need to ensure their new workspace is perfectly aligned with business demand.”
“What’s the next step for office owners? Evaluating their existing assets and devising a strategy to optimize workspace to accommodate the needs of the modern worker. And of course, third-party workspace providers are always there to support them from concept to operation.”