A recent independent survey conducted by workspace provider infinitSpace highlights a growing trend among UK office landlords: the shift towards flexible and coworking spaces.
The survey, which polled 250 office landlords across the country, found that flexible workspaces are now the most popular choice for repurposing traditional office space.
The survey results show that 11% of office landlords have opted to convert traditional office spaces into flexible or coworking environments, making it the most popular type of office conversion. This preference outpaces other types of conversions, such as hospitality (10%), retail outlets (8%), and residential properties (7%).
In the past two years, nearly a quarter (23%) of respondents have already transformed parts of their office buildings into flexible or coworking spaces. Additionally, 22% of those surveyed plan to make similar conversions within the next two years, signalling a continued shift in how office space is utilised in the UK.
Market Trends and Competitive Pressure Drive Conversions
When asked about the motivations behind these conversions, over half (57%) of landlords cited the need to align with current market trends as their primary reason. This was followed closely by the desire to keep pace with competitors (54%), enhance property value (43%), maximise revenue from underutilised spaces (40%), and futureproof assets (35%).
Wybo Wijnbergen, CEO of infinitSpace, commented on the findings: “If it wasn’t already clear, these results show that the traditional office model has and will continue to evolve rapidly. As many traditional office spaces face low occupancy rates, it has never been more important for office landlords to adapt.”
Wijnbergen noted that the trend towards flexible workspaces reflects the changing demands of UK office workers and the need for landlords to upgrade their portfolios to maintain competitiveness. “It’s positive to see that most landlords recognise the importance of upgrading their portfolio to keep pace with the rapidly evolving demands of UK office workers – as well as, of course, boosting revenues and property values. For many, that looks like converting into flex space,” he added.
Adapting to the Future of Work
The findings from this survey underscore a broader transformation in the office real estate market, driven by the need for more adaptable and versatile workspaces. As the future of work continues to evolve, with increasing demands for flexibility and collaborative environments, the trend towards converting traditional office spaces into flexible workspaces is likely to continue.
Office landlords who are proactive in adapting to these changes stand to benefit from enhanced property values, increased revenue opportunities, and a stronger competitive position in a rapidly changing market. As the survey indicates, flexible workspaces are not just a trend but are becoming a key component of the future of work in the UK.
