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Traditional vs Flexible Office Space: fight or flight response?

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Summary: With the shake-up of the traditional office model and new players in the market, landlords are having to rapidly respond to changing tenant requirements. Our survey predicts the outlook for the office space model over the next 18 months.

The office model has undeniably been shaken up in recent years. Over the course of the last 18 months, there have been numerous headlines focussing on the new players in the market, particularly those who offer a flexible, co-working approach.  Inextricably linked with that model, as with all real estate assets, is the growth in smart technology. The demand for flexible work spaces from occupiers has grown, a smart building must meet the needs of its occupiers. A building which fails to do so, or which over-delivers against those needs, can hardly be referred to as “smart”.

There is a lot of speculation on the future of office space and how leases may be affected by the flexible working phenomenon. Will traditional  models (perhaps with some modernisation) run along-side the new service model?

BCLP commissioned a survey of 110 participants to get their opinion on the future of office space in the next 18 months. Here are the results:

So if the new flexible working players are here to stay, what will happen when the market reaches saturation? Will we see new, more tailored providers, creating honed spaces for a particular sub-sector? Only time will tell.

Check out our full report here: Think Smart: The Future of Office Space

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