July 31, 2019
Take-up across the UK’s ‘Big Nine’ regional office markets rose to 2.3 million square feet during second quarter of 2019 according to the latest market update from property advisors Avison Young. This is up ten percent up on a 10-year average, with activity was skewed towards flexible offices, larger deals, city centres and the technology media and telecoms sector. More →
June 21, 2019
The latest research from JLL, Disruption or distraction, where next for the UK flex market sector, claims that the real revolution of flexible office space lies in the variety of solutions now on offer and that the market has seen more changes over the last three years than the previous 30 combined as it continues to grow and evolve. JLL’s research claims that over the next five years more than 10m sq ft will be added to the stock in the key UK cities and flex space will account for over 8.5 percent of the total office stock by 2023. More →
June 18, 2019
The flexible office and coworking markets have grown rapidly over the last five years, with more than 4 million sq ft leased to flexible office providers in Central London, according to a new report from digital office broker Hubble in partnership with JLL. Despite WeWork dominating the headlines and pioneering the uptake of coworking, the London market remains highly fragmented, with more than 150 providers offering some form of flex or coworking space in more than 650 separate locations. Flexible offices are projected to grow to a 11 percent share of overall office stock in London by 2023. At the end of 2018, flexible offices had a 6.3 percent share of the Central London market (14.7 million sq. ft.) and this number is set to keep growing. More →
June 10, 2019
In his book How Buildings Learn, the author Stewart Brand outlines the process whereby buildings evolve over time to meet the changing needs of their occupants. He describes each building as consisting of six layers, each of which functions on a different timescale. These range from the site itself which has a life cycle measured in centuries, through to the building (decades), interior fit out (years), technology (months), to stuff (days). The effectiveness of a design will depend on how well it resolves the tensions that exist between these layers of the building, and this is one of the benefits of coworking that isn’t discussed enough.
May 21, 2019
British businesses could be hindering their own innovation and creativity due to poor office design, according to a study carried out by YouGov and commissioned by Oktra. The survey of over 2,000 British employees claims that fewer than half (43 percent) believe the design of their workplace encourages innovation and creativity. Over a third (36 percent) of respondents would be less likely to take sick days if they worked in an inspiring workplace. More →
April 24, 2019
The concept of coworking has only been with us for a short time, but there are already signs that it is evolving into something rather different. The most common misperception about the way evolution works is that it is based on some steady progression, driven by the merciless principle of survival of the fittest, with the best adapted climbing towards the top of an evolutionary tree. This gives rise to one of the most common questions posed by sceptics: if we evolved from apes, why are there still apes?
April 5, 2019
We start with a question. Why hasn’t the gig economy killed traditional work?, asks Greg Rosalsky and goes on to explain what many people have now realised. The answer, as Greg points out, is that the gig economy doesn’t replace traditional work, never has, and the rise of casual work of this kind has primarily been a way for people to deal with a volatile labour market and shrinking real incomes. Offer them the choice of a decent monthly income, benefits and a contract and most of them will take you up on it.
April 3, 2019
The idea of coworking is starting to resonate with a growing number of businesses and for a growing number of reasons. People new to the concept, or those who are aware primarily of its roots, may discover or retain a notion that it is a way for start-ups and freelancers to share space as a way of keeping down costs or networking with similar organisations. There is still a great deal of truth in this, given that the initial growth of coworking was based almost exclusively on the need for small tech and creative organisations to occupy space near to their larger clients, in precisely those urban enclaves that demand eye-watering rents and conventional leases.
March 18, 2019
I’ve never really wanted to go to MIPIM. I’m suspicious of it all for a number of reasons I won’t go into although you might reasonably guess what they are. So, I enjoyed this piece from Polly Plunket-Checkemian about her own misgivings. I understand that the testosterone level has been dialled down recently, but like Polly I’d like to see a re-examination of its format and intent, especially given that the real estate sector is having to rethink where it fits into the new era of work and meets the challenge of coworking.
March 4, 2019
The volume of transactions in London’s West End was down 45 percent, the lowest for January in over 10 years. This is to be expected with the continued ongoing Brexit negotiations, according to Savill’s, who expect to see a lower volume of transactions complete over the first quarter of this year. Despite this, space under offer still remains well above the long-term average, with 237,000 sq ft going under offer during the month. This held the overall total at just over 1.2m sq ft, giving a strong indication that leasing activity over the course of 2019 will remain robust. Pre-lets accounted for 42 percent of the overall sq ft let in January and there were five transactions to the Insurance & Financial sector and four to the Tech & Media sector.
February 25, 2019
While the recent Finnish pilot of universal basic income had mixed results, a trial of the other most talked about solution to our problem with work – the four day week – has been reported as far more promising. A New Zealand financial services firm called Perpetual Guardian switched its 240 staff from a five-day to a four-day week last November and maintained their pay. The results (registration) included a 20 percent rise in productivity and improved staff wellbeing and engagement.
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June 19, 2019
Coworking is now the key driver of change in property market
by Daniel Wright • Comment, Property, Workplace design