NEW YORK, Sept. 21, 2021 /PRNewswire/ — Based on study presented by research analysts at Zion Market Research, flexible office market is likely to accumulate proceeds about USD 111.68 billion by 2027. It is anticipated to record highest gains of about 17.1% during 2019 to 2027 and had gathered revenue of nearly USD 26.90 billion in 2018. Moreover, leasing space for offices on membership basis can prove to be cost-effective and can often result in reduced costs as compared to renting regular office space as member firms share internet, property, and power costs.
Furthermore, concept of co-working spaces is emerging rapidly and is gaining traction among startups & small firms, media units, and freelancers. This will chart a new path of growth for flexible office market over years to come. Additionally, cost and flexibility being key benefits offered by co-working space, giant firms are also focusing on co-working spaces as most viable option for building new business relationships. This will contribute majorly towards size of flexible office market in years ahead. Apart from this, flexible office improves operational efficacy, talent brand, employee productivity, and staff engagement. Due to outbreak of COVID-19 pandemic, employees and employers are preferring work from home option as well as flexible working hours. Reportedly, a study has revealed that workplace flexibility resulted in improving mental health of staff along with effectively integrating & maintaining their work-life balance. Furthermore, it also resulted in boosting employee morale & motivation and led to job satisfaction along with increasing their efficiency in terms of work quality & output.
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Moreover, flexible workspace or flexible office can help firms retain their talent and provide them with win-win scenario. Furthermore, flexible office fits lifestyle of millennial generation of employees who like to work with vibrant community and with like-minded guys. Improved smartphone connectivity supported by high internet speed & bandwidth coupled with launching of 5G network has shifted tilt of staff towards working from remote location or working from home, thereby sketching a profitable growth map for flexible office market.
Workspace Flexibility, Collaboration, and Effective Connectivity to Soar Market Growth
Growing significance of digital systems & need for completing knowledge-intensive tasks has transformed into surging desire among employees to work from work or from desired location in an independent way. This has offered firms a chance to utilize their office space more proficiently, reduce travelling hours of employees, and increase employee satisfaction, thereby boosting their work efficiency and productivity. This will help flexible office market reach new growth destinations in foreseeable future. Moreover, need for tapping into huge potential of employees requires workplace to offer flexibility as to where & when office staff should work or carry out their tasks. Apart from this, surging importance of creative & analytical roles also requires flexibility at workplace and employees in these roles require quiet working environment & flexible arrangements at workspace so that they can focus on their tasks & deliver results on time. This, in turn, will encourage firms successfully implement concept of flexible office.
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Furthermore, social interaction and team work are key aspects of employee tasks. A modern office space is required to promote interaction and collaboration. Hence, it has become necessary for employers to ensure effective connectivity through use of new technology that can link office spaces, employees with each other, and employee locations. According to a study, it was found that staff who perceived its physical workspace and working conditions as flexible & collaborative was more satisfied and engaged. Also, it was observed relations between staff and employers were cordial. All these aforementioned factors are expected to boost expansion of flexible office market in near future.
Asia Pacific Market to Acquire Numero Uno Position By 2027
Escalating awareness pertaining to benefits accrued due to implementation of effective workspace flexibility strategy including high returns on real estate investments & reduction in occupancy costs and retention of high performing employees will spur growth of flexible office market in Asia Pacific zone. As per survey, employees in countries such as Indonesia, India, and South Korea were found to more productive when they worked from home or from remote locations. Moreover, presence of large number of co-working units and flexible working spaces in countries such as Australia since past few years is likely to make notable contributions towards Asia pacific flexible office market proceeds over forecast timeframe.
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Key players impacting growth of flexible office market and profiled in our report are JustCo, Alley, TechSpace, Croissant, ShareDesk, Servcorp, Davinci Virtual, WeWork Companies, Greendesk, Hubble, Instant, LiquidSpace, Office Freedom, Regus Group, Serendipity Labs, and The Office Group.
This review is based on a report by Zion Market Research, titled, “Global Flexible Office Market – By Offering (Private Offices, Co-Working Spaces, Virtual Offices, and Others), By Space Provider (Big Brands and Independent Brands), and By Vertical (IT & Telecommunications, Media & Entertainment, Retail & Consumer Goods, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019–2027.“
This report segments the global flexible office market into:
- Private Offices
- Co-Working Spaces
- Virtual Offices
By Space Provider
- Big Brands
- Independent Brands
- IT and Telecommunications
- Media and Entertainment
- Retail and Consumer Goods
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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