Global Flexible Office Market Is Mainly Driven By Growing Number Of Small And Medium Enterprises Along With Improved Visibility Of Organizations And The ReducedOverhead Costs For Corporations
Flexible office space is referred to as a shared office space. It has the potential to provide businesses with reasonable solutions and the opportunity of implementing versatile space solutions. This type of office space is equipped with telephone lines, desks, chairs, and a setup that enables employees to work from home to provide experience for a few hours, weeks, or months of working in a physical office simulation.
The worldwide demand for the flexible office market was estimated at around USD 32 billion in 2019, and by the end of 2026, existing and expected developments would hit valuations of around USD 107 billion. The industry players and analysts predict the global flexible office market growth of around 18% in terms of CAGR.
Get a Free Sample of this report Here
With the rapid digital transformation journey, there is an increasing number of freelancers in the industry as they have encountered a shortage of skilled workers. Thereby, it has led to the demand for freelancers from various verticals including IT & telecommunications, retail, consumer goods, and media & entertainment among others. As a result, it is significantly influencing the demand for flexible offices among them and anticipated to offer lucrative opportunities to the space provider such as big brands and independent brands. Besides, a rise in the establishment of small& medium-sized companies along with the development of start-up companies in urban centers will dramatically contribute to the overall market increase during the forecast period.
During the upcoming years, the rise in globalization along with the progressive technological development is projected to boost demand for the worldwide flexible office market. Furthermore, with the low rent of spaces and a significant number of tenants who prefer flexible spaces landowners are evaluating or reconsidering the option to open co-working spaces. This will further drive the growth of the market during the forecast timeline. However, lack of engagement may get difficult for the higher authorities to manage which may restrict the market development in the coming years.
Top Market Players
- Alley,
- Croissant Inc.,
- Dav Inci Virtual,
- LLC.,
- Greendesk LLC,
- Hubble,
- Instant,
- JustCo,
- LiquidSpace Inc.,
- Office Freedom Limited,
- Regus Group Companies,
- Serendipity Labs,
- Servcorp,
- ShareDesk,
- TechSpace,
- WeWork Companies Inc.,
- THEOFFICEGROUP.
To know an additional revised 2020 list of market players, request a sample report
On the basis of space providers, the worldwide Flexible Office market can be segmented into big brands and independent brands. In 2019, the big brands’ segment represented the major chunk of the flexible office market. Small companies and MNCs leverage hybrid practices to develop their expertise and collaboration retention. The usage of flexible spaces has been a global trend and will continue to gain momentum from app-based resource sharing to reception-free entries. This can be due to the continued importance of the major brand and renowned organizations on the well-being, culture, and work-life balance of workers. The flexible office market is further fragmented based on types of the flexible office that includes co-working spaces, virtual offices, private offices, and others.
The private office segment had accounted for the largest market share. Since the last five years co-working has become a growing trend and also one of the most commonly adopted trends in both developed and developing economies. In terms of vertical, the global flexible office market has been bifurcated into IT and telecommunications, media and entertainment, retail and consumer goods among others. The IT and telecommunications segment is estimated to register the highest market share in the next few years owing to the longevity of offices with rent roll co-workers is becoming different from conventional offices.
Based on geography, the worldwide flexible office is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further classified into countries such as U.S., Canada, Germany, U.K., France, Brazil, China, Japan, Egypt, and Saudi Arabia amongst others. In 2019, Europe held the major market share. In the United States, the Market prices are very expensive. Co-working soon infiltrated the flexible workspace market of main US cities and now, in Los Angeles, San Francisco, New York, and Chicago, an average 38 percent of the space. The market growth rate in each of these cities has grown more than 20% over the past few years. The Asia Pacific region is projected to be the fastest-growing region in the global flexible office market owing to an increase in the number of co-working centers and other types of flexible office spaces.
Request a customized copy of the report HERE
Frequently Asked Questions
What is a flexible office?
Flexible office space is referred to as a shared office space. It has the potential to provide businesses with reasonable solutions and the opportunity of implementing versatile space solutions. This type of office space is equipped with telephone lines, desks, chairs, and a setup that enables employees to work from home to provide experience for a few hours, weeks, or months of working in a physical office simulation.
What are the key factors driving flexible office market expansion?
The rising trend towards the establishment of small and medium-scale firms and start-up firms in key cities and the increase in self-employment with the growth of the freelance industry is projected to improve the reach of the business in recent years.
Which region will make notable contributions towards global Flexible Office Market revenue?
Asia Pacific’sflexible office market is anticipated to contribute remarkably towards the overall flexible office market size in the coming years.
Which are the key players leveraging Flexible Office Market growth?
Some of the leading and top flexible office companies in the global flexible office market include Hubble, Instant, Croissant, Alley, Davinci Virtual, Greendesk, JustCo, Office Freedom, LiquidSpace, Regus Group, Servcorp, TechSpace, Serendipity Labs, ShareDesk, WeWork Companies, and The Office Group.,among others. The leading five players such as WeWork, Knotel, Regus Group, and Convene hold around 40% market share of the global flexible office market.