Evolving Trends In Workspace 2023
Our first Coworking Council Series webinar of 2023 kicked off with a bang. “Evolving Trends in Workspace 2023,” was a fascinating exploration of the latest research and insights into the flexible workspace industry.
In this webinar, guest James Rankin, Head of Research for The Instant Group, shares his extensive knowledge and expertise in the field, drawing on the data and insights gained over 20 plus years of working in the industry. As one of the most sought-after voices in the industry for surveys and research, Rankin provides valuable insights into the latest trends and developments in the flexible workspace industry, helping to inform and guide the future of this rapidly evolving sector.
We’ve listed 5 major highlights shared in this March 2023 discussion below. To catch the full webinar, make sure you are current with your GWA membership and click the link below.
“What we know as coworking or flexible workspace…we see representing about 1%, globally over $3 trillion commercial real estate market.”
“Looking seven to eight years ahead, what we know today as flexible coworking, we see growing fivefold.”
“In terms of the lifecycle of the industry in North America, we think it’s probably slightly behind where what we see in Europe…in terms of the volume of space compared to the wider traditional real estate market. So if we’re talking about a five fold increase globally, in the US, we could easily be talking 7 to 8% in terms of multiples.”
“If we talk about utilization of space, when companies were just starting to think about getting employees back to the office, the objective was to have 100% attendance. We’re starting to see employers now understand employers 100% was never actually something that was achievable when you take into account holidays, sickness, people not being at the office with clients traveling. The best that was probably ever achieved was 65 to 70%.”
“36% of landlords are not only planning to have flexible workspace in their buildings by 2025, but also plan to create their own brand and create their own products”
GWA Members, CLICK HERE to catch the full conversation with James Rankin.
