January 23, 2018
Flexible and coworking offices to account for ten percent of UK property market by 2027
Demand for flexible workspace including coworking space soared across the UK during 2017, according to a report from Cushman & Wakefield. The study of the rapidly growing market also claims that WeWork is already the largest single corporate occupier of office space in London, with only the public sector exceeding its scale. In addition, the report also claims that WeWork has taken up more space in London’s key commercial property districts than any other occupier since 2012. According to the report, WeWork has taken up more than twice as much space as Google, which leased 1.3m sq ft over the five-year period, while Amazon and Deutsche Bank leased just over 1 m sq ft and 0.9 m sq ft.
The UK has been ranked as the eighth best country in the world for the ability to attract, retain, train and educate skilled workers, but while its ability to leverage diversity for talent competitiveness is boosted by its global knowledge skills – the UK is undermined by its weaker performance on tolerance and gender equality. According to the Global Talent Competitiveness Index GTCI) produced by the Adecco Group, with international business school INSEAD and Tata Communications, the UK has a particularly strong pool of global knowledge skills, a variable for which it is ranked third in the index boosted further by its strong regulatory, market and business landscape. But this is undermined by its internal openness, where it still lags behind, especially when it comes to gender equality. The report also suggests that although Article 50 was triggered in 2017, the ongoing negotiations and continuing lack of clarity over the UK’s position once it leaves the European Union in 2019, means the impact of Brexit is not yet clear.
