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.
Hospitality becomes vital in successful serviced offices
Modern day serviced offices have become more than just a place to get work done— they are laced with posh furniture and endless streams of coffee. This may sound like a high-end hotel, but many serviced office providers are upping the ante when it comes to workplace design and hospitality services.
This marks a shift in the office market towards more hospitable environments rather than traditional models.
While it has become more popularized in the past few years, serviced offices really emerged when Adam Neumann and Miguel McKelvey started WeWork. Now, many brands are on the market with a huge variety of services and features.
As the coworking and serviced office industry grows, many niche brands have taken hold as well, such as female-centric companies The Wing, Hera Hub and The Riveter.
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Even hotels have started making their mark in the coworking industry by including offices within certain locations.
“The market is looking really good and there’s a lot of demand supplying the influx of supply,” said Amanda Lim, who runs estate agent Knight Frank’s flexible office solutions desk in London. “That demand pool is changing: more corporates are looking at flexible workspace on top their primary offices, so providers now need to offer options for corporates.”
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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.