Demand for flexible workspace in Scottish cities is growing at least 25% annually, according to GKRE, a UK-based consultancy for the sector.
Glasgow, in particular, is thriving. This is driven largely by its status as the top financial services location in the UK outside London, along with its high ratio of skilled workers and above-average level of graduates, which make up 46.3% of the workforce.
GKRE’s analysis of the market in Glasgow reveals that a number of large and well-established flexible workspace operators, including Regus and Spaces (both IWG brands), Landmark, and Orega, as well as a number of local independents, all have a presence in Glasgow.
“We believe more operators will join them in the months ahead,” said Will Kinnear, director of GKRE, in a statement. “Property owners are also increasingly looking to enter the flexible workspace sector and many are embracing joint venture management agreements with operators. Such agreements give property owners a way into the fastest growing market in commercial property, while allowing them to utilise the expertise of an experienced operator.”
GKRE expects more landlords to partner with operators through such management agreements as the flexible workspace market continues its “phenomenal growth” over the next few years.