Flexible office space market set for more rapid growth as we look forward to 2023
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As we approach the end of 2022, hybrid working policies are continuing to drive demand in the flexible workspace market as companies using serviced offices hits a record level. In fact, the demand for flexible office space across the UK is up by 22 per cent in the last 12 months.
As pandemic an economic-driven uncertainty continues, businesses are increasingly incorporating flexible space into their workplace strategies, as they move towards a more agile dynamic, enabling them to lease smaller, or sometimes larger, offices that are available for relatively short time periods via a streamlined transaction process.
In Bath, the agile office space market has largely been driven by the accumulating growth of entrepreneurs and freelancers. And while this remains a key source of demand, Bath Office Company is increasingly attracting small business and medium to larger sized corporates. Providing spaces for business of all shapes and sizes to call their own, the serviced office provider has seen an increase of 44% since the pandemic of larger companies incorporating more flexible workspaces into their real estate portfolios. However, irrespective of the size of the firm, it is the flexible lease lengths that afford tenants the ability to grow or shrink their footprints as needed, providing much less restrictive options not typically available in traditional office leased terms.
Yet despite this rapid growth, research shows that only a small percentage of occupiers use flexible space for more than a tenth of their total office footprint. Bath Office Company are working to combat this with offices that are fully furnished and fully equipped, enabling businesses to move straight into the space and start working. Customers are also encouraged to make physical and aesthetic changes to make the space they accommodate befitting of their brand.
The flexible workspace market, and in particular the demand for Bath Office Company’s offering, is expected to continue its growth trajectory from a sliver of the overall market to a critical, mainstream element of the commercial real estate landscape. As such, it is predicted, with adoption rates varying among industries, that hybrid working spaces will represent 30 per cent of the market by 2030.
Despite the uncertainty of the current economic climate, Bath Office Company plan to take on more space to accommodate this growth – repurposing what were dormant or empty buildings on the north side of Bath into prosperous serviced offices. Their growth will include the addition of a front desk, which will enable them to offer a wider range of clerical services, and a friendly face to welcome visitors; and the continuation of bringing local businesses together, collaborating to benefit the wider community and future of Bath’s city centre.
To find out more about Bath Office Company and its current available space visit: www.bathoffice.co.uk email: hello@bathofficeco.uk or call 01225 632777.
