Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
Everyone wants a slice of the coworking life
Coworking operators are expanding their services in Thailand thanks to strong demand from clients. Now, many businesses are remodeling their own office designs as coworking spaces to offer a collaborative, creative environment.
AP (Thailand) chief executive Anuphong Asavabhokhin was the driving force behind office renovations for the property development company and believed that creating an environment inspired by coworking would spark creativity and help staff communicate and collaborate better.
A CBRE study said that the rise in demand for coworking spaces in Asia reflects the trend of transforming work lifestyles, and the growth is notable: 15% of office leasing transactions included “agile spaces” in the first half of 2018 alone.
Currently, major coworking operators are taking over the market including WeWork, who recently opened its flagship space in Southeast Asia.
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With flexible spaces increasing in popularity, many landlords are expected to take advantage of its success. Some are even opening their own coworking space or serviced offices.
For example, Hong Kong real estate company Swire created its own coworking firm called Blueprint, and has partnered up with the likes of WeWork and luxury coworking company The Great Room.
“This gives these property owners considerably more leverage to determine the shape of the flexible space industry,” said Christopher Clausen, associate director, Asia Pacific research, at JLL. “Joint ventures or management contracts between landlords and flexible space operators are likely to become more common.”
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Gym-coworking hybrids have gained traction recently, allowing members to be productive at work while encouraging them to take care of their physical and mental health.
The 2019 Global Coworking Survey has revealed that there is to be 2.2 million coworking members by the end of this year and identified the state of the industry so far.
Office Depot has been testing out coworking spaces within three of their existing locations in an effort to expand its current services and drive traffic into stores.
Just ahead of its IPO, WeWork has signed four new Manhattan leases to open its “Headquarters by WeWork” offering dedicated to providing un-branded spaces for clients.
Despite the coworking industry seeming congested, operators are not concerned about the competition as each coworking space gears its services to a specific audience.
Flexibility in the workplace has become a common option for workers, but some firms are going further by becoming 100% remote so staff can work from wherever they please.
Coworking firms, such as WeWork and Knotel, have been rapidly expanding their footprint in New York’s Flatiron District as it becomes the city’s hub for shared offices.
British brand Established & Sons have introduced four new furniture designs that aim to create a more comfortable workplace, while also being functional to homes.
Condeco’s newest research paper found that 41% of employers offer remote working, thanks largely in part to major technological advancements that are sweeping workplaces.
Industrious is partnering up with national retail and mixed-use developer Seritage Growth Properties to brings its coworking spaces into five of the retailers locations.
Companies have accepted that wellness in the workplace should be prioritized, but the trendiness of it can overshadow what is most effective — starting from the basics.