The flexible office environment is increasingly popular internationally. Although it’s still early days in South Africa, the trend is likely to pick up – and local Reits are taking note.
An alternative to traditional office space, the flexible office market – made up of both serviced offices and co-working spaces – is expanding rapidly across the world with 23% average annual growth since 2013, according to Stanlib research.
According to a 2018 report by PwC, flexible workspace accounts for around 8% of global office space and is expected to rise to 30% by 2030.
These fully equipped and furnished serviced offices and co-working spaces, complete with quality amenities, are especially attractive to occupants for their flexibility in costs, short-term contracts and even multiple-location use.
In South Africa, there’s also a rising number of players, with large global operators Regus and WeWork having a local presence.
The market is largely driven by entrepreneurs and small businesses looking for flexible and cost-efficient working spaces.
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