It is estimated that the new supply of coworking space in London grew by 25% over the last two years. In the US, the annual increase in space was some 500,000 square meters, per year for the last 3 years according to Cushman and Wakefield. Yet many real estate analysts feel the growth in this coworking market, which is seen as a worldwide phenomenon, is just beginning, with expectations that the stock of flexible office space will triple in size—until gradually representing 5-10% of office inventory in many markets.
The advantages of coworking spaces are well-known. Let’s look at some of the key drivers of demand for this modern phenomenon and its impact on commercial real estate investment in London:
Advancement of communications technology
Without a doubt, one of the biggest drivers of demand for coworking spaces has been the unprecedented advancement in technology and the use of social media. You can contact, network, buy, sell, market and communicate with just about everyone or everything, from anywhere and everywhere; collaborative, remote working is here to stay.
Variable work locations
Many employees no longer need to work from fixed locations to perform their job tasks. Coupled with the rise of outsourcing and freelance work seeking platforms such as Upwork and Freelancer, more and more companies are using freelancers or off-site employees spread over different time zones, thereby maximizing efficiency in work delivery.
Coworking has brought together people wanting a similar work/lifestyle or ability to work independently and from anywhere. By not confining people to any single place from which to work, and taking advantage of modern communications, coworking has also helped urban planners realize their dreams of decongesting city centers and relieving the pressures brought on by traffic and people flocking to centrally located offices for 5 days per week.
Greater occupier flexibility and reducing initial costs
For those starting up a business, keeping the initial financial investment down is a pre-requisite; committing to a typical 3-year lease can be daunting if the business owner doesn’t know how their business is going to progress or if they will need more space to grow.
We want you to outgrow your own space. Our turnkey office solutions are conveniently situated in prime locations at affordable prices around the world. Whether on-demand hot desks, contractual meeting rooms or creative offices, we help build your company with us! You will also have access to our exclusive networking events, business acceleration workshops and more.
We believe the future of business is progressing into co-working and shared offices. If you are an entrepreneur, freelancer, independent contractor, or professional individual, our offices provide flexibility and state-of-the-art amenities that fit your budget in multiple locations around the world.
We are not providing another office space; we are building an international community of professionals doing business and daily living through creative infrastructures and resources offered within a shared economy business model – co-working, community-building, and co-living. Our offices are designed to enhance your creativity and productivity while our team is equipped with the local know-how backed up by strong track records in global businesses. Now is the time to take your business to the next level with us.