What does the financial uncertainty of the pandemic mean for the future of flexible workspace?
In a recent comment piece for Estates Gazette, Niki Fuchs, Managing Director at OSiT, outlines her thoughts on what she believes the future holds for flex in light of WeWork’s reported 2019 loses and the ‘material impact’ that COVID-19 has had for its business.
Considering the factors that have placed WeWork in this difficult position, including its over-expansion and dependence on high occupancy, Niki argues that this news by no means signals the end for flexible workspace. Rather it is clear that resilient operators should be hopeful for success long-term, especially those with a freehold model, who have already been best placed to support their clients through the pandemic.
The pandemic has accelerated a shift in what businesses want and need from their offices. Extended remote working has continued to impact productivity and mental and physical health, and is not a sustainable long-term option for many businesses and their employees. A recent OSiT survey found that 25% of people reported that remote working had increased their feelings of anxiety, while almost a third lacked the necessary equipment to work successfully at home. In addition, forecasters such as JLL predict flex space to account for 30% of all office space by 2030.
Taking these factors into consideration, it is likely that the agility offered by flexible office space will be more in demand as new preferences for a hybrid work style are realised post-pandemic.
Read Niki’s comment in full here
