Serviced Office Space: UK Market Trends
The UK flexible office market has changed rapidly in recent years. Businesses have re-evaluated their workspace needs, and that has had a big impact on the demand and growth of the flex industry.
Many businesses now treat flexible office space as a standard option in their real estate toolbox, alongside or instead of a traditional lease. Demand from UK firms has grown steadily, and operators continue to open new space to meet it.
Technology as a tool for connection
Hybrid working has been made possible by a rapid adoption of technology. For the remote worker, there is a plethora of tools for project management, video conferencing, cloud storage and chat, so teams can work together wherever they are.
A hybrid model of work featuring HQs, regional flexible spaces, and home working is now the norm for many businesses
As companies refine their return-to-office plans, many now have more options than the binary decision of working at ‘home or headquarters’. Employees (and employers) have experienced the benefits of greater workplace flexibility, and more organisations are recognising the value of working closer to home with a ‘hub and satellite’ approach.
More private office, less coworking desk
It wasn't that long ago that terms such as "Hotdesk" and "Coworking" were used to describe flexible office space, and many people still picture shared floors full of strangers. However, the reality is that shared floors of disparate companies sitting alongside each other have been in decline for some time. Most space offered today is turnkey private offices, providing privacy and security for individuals or teams of a hundred.
“Flexible Office Space”: A better industry definition
The flexibility on offer is vast with larger spaces being tailored to suit the tenants. Flexible options include the ability to range from 1 to 1,000+ employees, from single offices to multiple floors and the option of moving between offices as companies scale up (or down), all whilst ensuring they only pay for what they use rather than carry surplus space.
Providing more “Renewal opportunities”
Flexible terms also let businesses respond quickly to change, pausing or resizing month-to-month memberships as needs shift. Even those on six or twelve-month agreements have their terms come around for renewal far sooner than a traditional lease. As these contracts expire, tenants of flexible offices will be in a position to renegotiate terms and size of office space more quickly and cost-effectively than those businesses in a traditional lease.
Creating “Premium Agility”
Becoming more popular are dedicated and multiple floors available for corporates looking for premium trophy office space as a managed service. Operators are working with their tenants to understand their requirements and build out bespoke spaces to meet customer needs. While, many operators advertise a higher density than traditional leased premises, almost every operator will readily tailor an office to meet customer’s needs within a relevant budget.
Frequently Asked Question
Is the office dead?
No. Though, the office as we know it will never be the same, it will still be an important gathering place for employees to gather, contribute to the culture and get work done. Tomorrow's office will be very different, but it's far from dead.
Is working from home the future of work?
Yes, for some people and businesses, working from home may be the right fit for the long term. At Rubberdesk, we expect to see more businesses provide options for members of their team to work from home well into the future. But, if you live in a small flat with others, have young kids at home and lack privacy, working from home is far from ideal.
What will the future of work look like?
Many people now split their week between home and the office, with teams coming together on set days. We expect more companies to give staff the choice of working from home, the head office or a satellite office closer to where they live.
Local market experts with you every step of the way.
As specialist brokers in the flexible office market, Rubberdesk is across all the options, offers and availability. We have real time pricing for thousands of spaces listed by hundreds of providers to help find your next office.
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