Co-working and serviced office working is an ever-growing trend within the UK office market with co-working space providers accounting for the largest share of office space let in London in the first half of this year, over 880,000sq ft of newly leased office space.
But what exactly are serviced and co-working offices? In simple terms, the concept revolves around an office environment, where employees, not all working for the same employer, work under one roof in a shared office environment.
Despite being successfully implemented within the TMT sector and by start-ups across the country for a number of years, why is it that co-working and serviced office spaces are suddenly growing in popularity among major corporate companies? We analyse the three driving factors behind the popularity growth; technology, talent and teamwork.
The three T’s of co-working
As mentioned, the concept is not new and has been effectively utilised for years by start-ups and in sectors that rely heavily on collaboration, such as technology, media and other creative industries.
The ability to work in close proximity with like-minded individuals provides a number of networking opportunities and being part of a co-working community allows you the chance to surround yourself with potential clients and partners.
More frequently we are seeing larger corporates utilising this style of working as it allows project teams to be grouped together to ensure individuals are sat alongside those with complimentary skillsets.
One of the key reasons behind the surge in popularity of co-working environments amongst corporate companies is technology. Most serviced and co-working office spaces are now working towards high tech fit outs with innovative technology that drives connectivity.
While perhaps a little behind the TMT market, the corporate and professional services markets are beginning to acknowledge the role up to date technologies can play in enabling better business.
Retaining talent is a challenge across all sectors and to keep up with employee demands it is important to ensure space is created with a healthy work-life balance in mind. In serviced and co-working office spaces staff are at the heart of the designs, with innovation, creativity and collaboration actively encouraged throughout inspirational shared environments.
In a recent survey we found that 86% of respondents agreed that co-working and modern office spaces are key to them attracting and retaining talent in future.