{"id":24444,"date":"2020-06-15T02:00:34","date_gmt":"2020-06-15T09:00:34","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=24444"},"modified":"2020-12-25T02:40:57","modified_gmt":"2020-12-25T10:40:57","slug":"flexspace-perspectives","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/flexspace-perspectives\/","title":{"rendered":"Flexspace Perspectives"},"content":{"rendered":"

Yardi is excited to present a series of bitesize insight videos in partnership with Property Week, ahead of Workspace 2020. This series of interviews gathers perspectives from all corners of the flexible workspace industry, reflecting on the uncertain times that we have found ourselves in during recent months.<\/p>\n

Justin Harley, regional director at Yardi, captured insights from design company Area, flexspace operator Uncommon and data analytics company The Instant Group. In the last of the series, Harley also summarised Yardi\u2019s technology outlook.<\/p>\n

How will physical space differ in the future post-covid-19? <\/strong><\/p>\n

First to take the Zoom stage, was Kathryn O\u2019Callaghan-Mills, Design Director at Area. Harley jumps straight in with the burning question, \u201chow will physical space differ in the future post-Covid-19?\u201d<\/p>\n

\u201cThe beauty of workspace is that it is so flexible, and the key point of our industry is to give the user a flexible experience,\u201d comments O\u2019Callaghan-Mills. \u201cOperators need to consider two main elements; people and space.\u201d O\u2019Callaghan-Mills explains how operators can make an impact by considering these two pertinent points, including enabling social distancing with space management and rotating people within those spaces.<\/p>\n

Staying true to the bitesize theme, O\u2019Callaghan-Mills promotes a digestible way of thinking with a \u2018the now, the next, and the future\u2019 mindset. With \u2018the now\u2019 comprising of immediate measures you can take; \u2018the next\u2019 acts as a hybrid of the immediate measures and new normal measures; and \u2018the future\u2019 which leverages on the innovation and technology investments you make today.<\/p>\n

\"\"<\/a><\/p>\n

How will the landscape of Flexspace change?<\/strong><\/p>\n

Harley also spoke to Chris Davies, Director of Uncommon. Davies expressed that \u201cthe traditional faceless office is dead.\u201d And how \u201cthe real estate industry needs to support the needs, amenities and service demands of flexspace clients.\u201d<\/p>\n

\u201cCovid-19 has fundamentally changed the landscape \u2013 it\u2019s sped up pre-existing trends such as looking after staff. Staff are the most important part of any business and make up 60-80% of most businesses and flexible office space is the corporate enabler.\u201d Davies explained that office users want a healthier workspace and activity-based working \u2013 something that the flexspace market has a hold on over traditional office.<\/p>\n

Davies expressed how corporate companies will continue to absorb the majority of flexspace market. In 2019 40% of occupiers were corporations – Davies only sees this expanding.<\/p>\n

Companies signing 5-10-year lease agreements will be a thing of the past in Davies\u2019 opinion. \u201cwhy wouldn\u2019t a business use a better environment for their staff?\u201d<\/p>\n

\"\"<\/a><\/p>\n

How will the demand for flexible workspace differ post-Covid-19?<\/strong><\/p>\n

James Rankin, Head of Research for The Instant Group, gave some insightful perspectives on how the demand for flexspace might differ post-Covid-19. Rankin broke his summary down into three main points explaining that demand for corporates will increase, diversification of location of the office portfolio will be prevalent, and the entrepreneurial sector will flourish.<\/p>\n

Rankin shared insights from a recent research project conducted by Gartner; \u201cFlexspace operators are moving away from the reactionary thought process that Covid-19 has seen them take, and are now moving to make more strategic decisions about the future of flexible workspace. They are looking to reduce costs, make efficiencies and increase the flexibility of their portfolios as a whole.\u201d<\/p>\n

Diversification of the office portfolio will be ever more important Rankin explained, \u201cwe\u2019ve seen a large number of companies look at how they can expand out of large metropolitan, central hubs.\u201d Rankin explained that the supply isn\u2019t there yet in suburban markets.<\/p>\n

\u201cWe\u2019ve seen a spike in interest for flexible workspace. 5 out of our top 13 global coworking markets are now showing interest levels higher than pre-Covid-19. The bounce back is starting to speed up.\u201d<\/p>\n

\"\"<\/a><\/p>\n

Technology Insights & Predictions <\/strong><\/p>\n

Last but not least, Harley closed the Bitesize series with a summary of his predictions and insights that Yardi has taken from clients in the industry. \u201cThe future of flexible workspace is healthy and positive,\u201d Harley states.<\/p>\n

Harley is of the opinion that corporate companies will change their business models as a direct result of these unprecedented times. \u201cTheir employees will demand flexible working.\u201d He compared this to Yardi\u2019s own use of The Office Group in London, explaining that these beautiful office spaces make it easier for corporations to remain flexible.<\/p>\n

Revenues from meeting room bookings and services have \u201cfallen off a cliff\u201d in Harley\u2019s opinion. \u201cTreat the service revenues as a bonus,\u201d he continues. Harley explained that those flexspace providers relying on the additional service income might struggle in today\u2019s world and that they need to establish stronger fundamentals.<\/p>\n

\u201cYour members will now expect a digital experience that is as good as the physical customer service the industry is known for.” Harley explains that not only will members now expect apps and easy booking systems, but operators must consider management technology that sees them keep spaces clean, safe and profitable.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Yardi is excited to present a series of bitesize insight videos in partnership with Property Week, ahead of Workspace 2020. This series of interviews gathers perspectives from all corners of the flexible workspace industry, reflecting on the uncertain times that we have found ourselves in during recent months. Justin Harley, regional director at Yardi, captured […]<\/p>\n","protected":false},"author":442,"featured_media":24445,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2844,4],"tags":[2808,1226,2531,34,1701],"class_list":["post-24444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","category-news","tag-covid-19","tag-coworking","tag-flexible-workspace","tag-international","tag-yardi-uk"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Yardi is excited to present a series of bitesize insight videos in partnership with Property Week, ahead of Workspace 2020. 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