Serviced office and co-working space has shot up the corporate consciousness in the past five years as bespoke suppliers such as WeWork and major landlords alike are creating more branded flexible workspaces. Both start-ups and major corporate entities are being attracted to taking space in these offices.
But co-working and serviced offices are not new ideas. So why have they suddenly grown in popularity?
There are three main reasons:
- Talent: to retain the best staff companies need to provide a lifestyle and experience as employees are increasingly demanding well-balanced, interesting workplaces. The new types of serviced office and co-working spaces tend to major on this aspect, providing offices that also encourage creativity and innovation
- The rise of freelancing and contract work: this workforce is generally footloose and needs flexibility from their base. Using a serviced/co-working space means that tenants aren’t tied into long leases
- Technology: advances in tech has resulted in people demanding more from their business and work environment, and most serviced and co-working offices are fitted out to meet this demand. It also means that a company’s workers can be spread across multiple locations, enabling them to experiment with placing teams into different co-working environments.