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Will co-working disrupt corporate real estate?
The growing co-working trend on the (inter)national office market appears unstoppable. Meanwhile a company like Wework has become the largest tenant in New York and London even though it was founded less than a decade ago. An important reason for the success of this new trend is the higher demand for flexibility. Nowadays many companies are not inclined to sign a 9-year lease. Also, more and more firms are searching for alternatives that keep their staff away from the endless tailbacks to and from work. The growing role of the sharing economy is also a factor.
Some regard co-working as a passing trend, with fashionable co-working and work spaces that mainly target creative hipsters and youngsters. Others claim that SMEs and major companies are also starting to realise that such locations are an interesting base of operations for their staff.
What does the growing popularity of flexible office space mean for the conventional office market? Do building owners have reason to worry?
Or does the answer lies somewhere in between and is a good mix between classic and flexible office space with a short and long-term offer the answer for the future and for building owners?