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.
What is the definition of “coworking”?
Coworking space culture is slowly shifting as larger corporations have started moving into these offices.
Office Hub, an online marketplace for flexible office spaces, showed an 105% increase in the number of businesses that had 15 or more employees searching for coworking spaces from 2017-2018.
Grant Philipp, Office Hub’s founder and chief executive, said that the definition of “coworking” had been stretched thin due to large operators using the term to sell the majority of their spaces, whether they are actually coworking or not.
“But then you’ve got [major coworking operators] WeWork and Christies and all these guys saying coworking is a closed office in a shared space, but it’s not,” said Philipp. “That’s a serviced office.”
Colliers International property expert Rowan Humphries said that the majority of space in new coworking developments consisted of private suites due to larger companies having staff in these spaces.
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Major businesses like Microsoft can only have their employees in coworking spaces because they are not predominantly open-office plans. Now, some discrete offices have lockable doors, their own IT networks, conference rooms and more.
Coworking allows big businesses the chance to increase or decrease their office footprint in response to market conditions.
For example, Microsoft has a space that is ran by WeWork in the Sydney CBD in addition to its actual Sydney headquarters in North Ryde.
“[Serviced offices] have evolved to be a lot more to be a bit more like coworking and coworking has evolved to be a lot more like a serviced office,” said Humphries.
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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.