Office landlords in the UK are going to significantly increase the amount of square footage in their builds that is dedicated to flexible workspace, new research by infinitSpace has revealed.
The company commissioned an independent survey of 250 UK office landlords. It found that on average, respondents to the survey predict that over half (54%) of the total square footage of their office space will be dedicated to flexible or coworking spaces by 2030, a significant increase on their current reported levels of 36%.
One in ten landlords surveyed (10%) also predicts their portfolio will consist almost entirely (91-100%) of flexible or coworking space by 2030, up from the 3% of landlords that currently fall into this bracket.
To meet this surging market demand and address tenant needs, over half (52%) of landlords think that their office buildings will need to be redesigned or retrofitted.
This comes as nearly two-thirds (59%) of landlords stated that converting office space into flexible workspaces is a key part of their strategy for keeping up with market demands.
Wybo Wijnbergen, CEO of infinitSpace, said: “Demand for flexible workspaces is on the rise, and our research shows that landlords are looking to adapt their portfolios and buildings to fit this trend. But there are important lessons as they do so.
“While demand is booming, businesses are surrounded by greater choice than ever and are becoming more discerning when hunting for a workspace to call home. Competition is tough in the flex market, and to stand out from the crowd, attract occupants and futureproof their assets, landlords must ensure their new workspaces are perfectly aligned with businesses’ demands.
“The next steps for office landlords? Taking stock of their existing assets and devising a strategy to optimise workspaces to address the needs of the modern workforce. And, of course, third-party workspace providers are always on hand to provide support, from conception to operation.”