Office space: why it pays to be flexible
PUBLISHED: 17:36 27 June 2019 | UPDATED: 17:36 27 June 2019
Lloyd Perry from Roche Chartered Surveyors explains the benefits of flexible working spaces.
With advances in technology allowing people to work from anywhere, many companies are trying to adapt to cater for their workforce. Many employers give staff the choice of working from home or, if they do come into the office, they are hot-desking. This enables larger companies to take less space and work efficiently with what they have, reducing overheads in the process.
What of the smaller companies and start-ups who don't want to be taking out space on long leases, having to factor in fit-outs, rent, service charge, insurance, IT, business rates and other unforeseen costs or legal procedures? Well, this is where flexible working space comes in.
At the end of last year, property firm JLL predicted that: "Flexible working spaces are set to grow by up to 30pc annually for the next five years across Europe." Earlier on in May you will have seen that a company by the name of We Company - the parent company of WeWork, which provide shared office space of the trendy variety in 500 locations all over the globe - had been valued at around £36 billion - yes, you read that correctly and it has only been running for nine years and is still loss-making.
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We are living in a time where flexibility and sharing is becoming the norm, and flexible space is being created at an increasing rate in the larger provincial centres of the UK, as we are seeing first-hand in Norwich with the likes of Regus, which has been here a number of years and expanded its business centre, along with other operators throughout the city.
Roche Chartered Surveyors act for TCN UK Limited, which provides flexible space in a number of locations throughout the UK. In Norwich, TCN own Fuel Studios at Kiln House in Pottergate. Fuel Studios provide a vibrant and dynamic but relaxed working environment, which has been particularly popular with small creative, design, IT and digital businesses. Such has been its success, Fuel Studios is now being expanded with the conversion of another 11,000sq ft into larger suites from 1,200sq ft for expanding companies in these sectors.
This 'grow-on' space will have polished concrete floors, exposed services and structural ceilings in a popular contemporary style. The suites will share communal break-out areas as well as meeting facilities, creating a fertile collaborative environment between like-minded businesses. The building has a manned reception providing a warm and efficient welcome to visitors.
Roche is letting agents and project managing the creation of the new suites. Further details can be found at https://www.fuelstudios.co.uk/
It is evident that the office market is changing fast to adapt to modern times and, in doing so, it is offering a more flexible and appealing working environment for smaller companies and individuals to thrive in. Excuse the pun, but this space is certainly one to watch.