North America is a prominent region in the flexible workspace market. The presence of thousands of startups in the Silicon Valley among which co-working spaces is a common phenomenon accounts for large presence of the region in the flexible workspace market. The growing preference of outsourced workspaces due to the availability of a selection range to choose from further contributes to the revenue of flexible workspace market in the region.
The flexible workspace market is projected to expand at a CAGR of 15.9% during the forecast period (2020-2030). The evolving corporate landscape with changing work practices supported by the availability of high-speed Internet even in remote locations is driving the flexible workspace market. Flexible workspaces have a number of advantages including significant cost savings of setting up office infrastructure, maintenance, and operational costs. This is a key aspect the flexible workspace model has fared well for startups and small enterprises that are mostly on limited budgets.
The flexible workspace market in Asia Pacific is anticipated to expand at a significant growth rate in the near future. The increasing adoption of flexible workspaces in countries such as India, wherein startups are mushrooming, is stimulating growth of the flexible workspace market in the region.
Flexible Workspace Market – Key Findings of Report
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Acceptance from Corporate Organizations, SMEs, Startups to Lead to Consistent Market Growth
Working practices and compensation components of large corporations have evolved considerably in terms of work location, bring-your-own-device, and food coupons in the past decade, which mostly is a win-win for both employers and employees. The growing trend of working remotely in large corporations valued by employees has extended into the concept of flexible workspace. The model offers the option to employees to work from co-working spaces that are leased by the employer in a small numbers, or allows employee to independently lease co-working space at their preferred location with protocols to maintain data integrity. This enables large corporations to deploy personnel at distant locations that have prospects of business growth.
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The concept of flexible workspaces is a hit among SMEs, as it helps save heavy costs associated with setting and operating office infrastructure. In order to serve this, realtors and commercial real estate agents are striving to develop flexible workspaces that have attractive returns. Such initiatives are undertaken in partnership with building owners, mostly commercial, wherein a part of the building is converted into one or more co-working spaces. These co-working spaces leased either to individuals or business enterprises generates handsome revenues that is attractive for the model to flourish. This stirs growth of the flexible workspace market. The entry of startups in large numbers mostly for technology and services is creating profitable avenues in the flexible workspace market. The adoption of flexible workspace solutions helps to direct initial capital toward the core business, and allows the flexibility to scale up team size and invest in infrastructure when the time is ripe.
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The growing demand for work-life balance among knowledge workers is creating opportunities in the flexible workspace market. Long hours of desk jobs that can be carried out from any location is driving the demand for commercially available co-working spaces. This allows employees not be bound by office protocols and have flexible work timings to align with the personal life. The outbreak of COVID-19 has led to a mixed impact on the flexible workspace market. On one hand, it created the demand for co-working spaces among individuals and small enterprises with inadequate spaces for remote working orders, the scare of spread of infection dwindled the confidence of patrons for public workspaces.
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Flexible Workspace Market – Growth Drivers Advantages of significant cost savings associated with setting, maintaining, and operating office spaces drive flexible workspace market
Increasing acceptance to work remotely for improved work productivity, and work-life balance of employees flexible workspace market growth