U.K. businesses are prioritizing technology over cost when it comes to choosing flexible workspaces.
According to a recent study by NCG, 31% of 1,002 senior decision-makers within U.K. businesses view the technology available in a flexible workspace as the most important factor in their choice. This preference surpasses the 25% who consider price as the top consideration.
Notably, the study found that events and networking opportunities (31%) and the design and quality of the setup (28%) are more important than price.
Despite the high value placed on technology, the survey revealed a significant gap between expectations versus reality. It’s revealed that only 10% of respondents rated the overall tech offering within their workspace as “very good,” while a staggering 50% reported frequent tech failures.
Moreover, the study reveals that businesses satisfied with their current technology are less inclined to relocate workspaces. Among those rating their workspace’s tech as “very good,” only 57% are contemplating a move, which is 19% below the average. This suggests that enhancing technological infrastructure could significantly boost tenant retention rates.
The data supports the idea that businesses are willing to pay extra for superior workspaces, with over half (55%) of surveyed decision-makers agreeing with this sentiment.
