Flexible workspaces are the leading trend in office space repurposing across the UK.
- A recent survey found flexible spaces are the most popular conversion at 11%, outpacing hospitality, retail, and residential conversions.
- In the past two years, 23% of office landlords have shifted to flexible or coworking spaces.
- Future plans show 22% of landlords intend to convert more traditional spaces into flexible workspaces.
- Key motivations include market trends, competitive pace, asset value enhancement, and revenue maximization.
A recent survey of 250 UK office landlords, commissioned by a workspace provider, highlights a strong trend towards converting traditional office spaces into flexible or coworking spaces. Flexible workspaces emerged as the most popular conversion choice, accounting for 11% of transformations, surpassing other sectors such as hospitality (10%), retail outlets (8%), and residential property (7%).
In the past two years, 23% of surveyed landlords have already transitioned some traditional office spaces into flexible or coworking environments. This shift reflects the evolving demands of the modern workforce and the necessity for landlords to adapt to these changes. Additionally, 22% of landlords reported plans to convert portions of their properties into flexible workspaces in the next two years, indicating a continued trend in this direction.
Motivations for these conversions are varied, with over half (57%) of landlords citing alignment with current market trends as the primary driver. Keeping pace with competitors was a close second (54%), while enhancing property value (43%) and maximizing revenue from underutilized spaces (40%) were also significant factors. A notable 35% of landlords viewed futureproofing their assets as a critical incentive for conversion.
Wybo Wijnbergen, CEO of the commissioning workspace provider, remarked on the rapid evolution of the traditional office model. “If it wasn’t already clear, these results show that the traditional office model has and will continue to evolve rapidly,” he stated. The findings underscore the importance for landlords to continually adapt to the changing needs of UK office workers while boosting revenues and property values.
The ongoing shift towards flexible workspaces underscores the necessity for office landlords to adapt swiftly to changing market dynamics.
