Officebroker.com is rebranding as Officio to move away from the broker model and aid clients in finding long-term solutions, rather than completing short-term goals.
UAE is joining the coworking phenomenon
The digital age is shifting demand across global real estate markets as well as how businesses function day-to-day.
Occupiers and landlords are also in the midst of this transformation, as workspaces must adopt these changes in order to keep up with client demand.
Now, many occupiers are offering more space-as-a-service models in response to the recent boom in coworking spaces. The growth has been so drastic that deals with coworking operators have become the pillar of many leasing markets.
With firms expanding their services to Dubai and surrounding areas, real estate agency Knight Frank has predicted the impact this could have on the city’s commercial real estate.
According to Knight Frank’s “Your Space” study, 76% of corporate real estate leaders increased the amount of collaborative space in their businesses, while 60% said its use of coworking spaces had increased.
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Over the next three years, 80% of global occupiers have plans to expand the number of collaborative space offerings within their business.
The flexible office market in the U.S. has caused a big transformation in commercial real estate, with many owners acquiring coworking firms or creating their own.
Providing these options in Dubai is an ideal solution for the many international companies needing space for special projects and are seeking short-term leases.
Still, coworking could face challenges due to the emirate’s free zone system, which restricts businesses from operating outside the free zone in which they are licensed.
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JLL research revealed that Dallas-Fort Worth is ranked 12th out of the country’s top 15 coworking and flexible space markets, taking up 3 million square feet of space.
Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.