Flexible working practices are now embraced by businesses around the world in response to the global pandemic. There have been a lot of discussions around what the future of work looks like. Companies of all sizes are looking for ways to equip themselves with more flexibility, agility and mobility in their workspace strategies. Let us look at some emerging trends that can change the game for the commercial real estate industry.

The “Hub and Spoke” Model

Larger organisations will start to adopt a “hub and spoke” model through acquiring smaller satellite offices in the peripheral or suburban locations to provide a “third space” for their teams to work from while maintaining their corporate presence with a CBD office. Such decentralisation allows the teams to have an alternative to working from home or travelling a long time to the main office. The employees can work in a purposefully designed workspace closer to home that still serves as an accessible touchpoint for meetings and catch-ups. Flexible workspaces or coworking spaces are desirable options for occupiers who do not want to be tied down by long lease terms of several offices but still want to benefit from having multiple work locations.

The “Flex and Core” Model

Business continuity is more important than ever in the face of risks and uncertainties. Developers and landlords are more warmed up to operating flexible spaces by themselves alongside their portfolio of conventional space. Some may even team up with experienced flex space providers on management agreements to run their flexible sites. Occupiers are more prone to diversifying their commercial real estate strategy by committing to less long-term workspace for their core requirements and taking up more flexible space. Such a model can give more wriggle room for future business expansion or contraction.

Go Fully Flex

After witnessing the feasibility of working from home or remote working, more companies and organisations welcome the decision to let go of their permanent space and subscribe to flexible workspace solutions to reduce property and overhead expenses. They can choose to provide employees with membership to a network of flexible or coworking spaces as drop-in offices when it is deemed necessary.

Members of Flexible Workspace Australia deliver a wide range of flexible workspace or coworking solutions for businesses with various property needs. If you are an operator or user of flexible workspace in the state of Victoria, you may benefit from our Coworking Space Voucher Program.