Facts and Factors Market Research has published a new report titled “Flexible Office Market By Space Providers (Big Brands and Independent Brands), By Offerings (Private Offices, Virtual Offices, Co-working Spaces, and Others), and By Verticals (IT & Telecommunications, Retail & Consumer Goods, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global flexible office market is anticipated to be valued approximately USD 26.9 billion in 2018 and is projected to hit the revenue of around USD 111.68 billion by 2027, at a CAGR of around 17.1% between 2019 and 2027.
Flexible office space is the best option for traditional office solutions. It has the ability to provide affordable solutions for the companies along with the probability of enforcing versatile space solutions. Flexible workspace is also referred to as either shared office space or flexi space. This kind of office space is fixed with basic equipment such as phone lines, chairs, desks, and a setup that helps employees usually working from home to have the experience of working in a physical office simulation for a few hours of a week or month.
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Moreover, space allocation in flexible workspaces alters. This helps in optimization of cost-benefits and time-efficient solutions like hot-desking or mobile working for the business.
Rise in the number of startups & SME’s to spur the market growth
The growing trend of setting up small scale & medium scale firms along with the establishment of startup firms in key cities will contribute substantially towards the overall market surge during the forecast period. Apart from this, the need for the flexible workplace has increased for the startups across both the developing as well as developed regions and this will prompt the market demand over the forecast timeline.
Moreover, the rise in the self-employment with freelance industry growth gaining momentum over the past few years is predicted to boost the market scope. In addition to this, a major chunk of demand for flexible offices from giant corporate firms is expected to have a huge impact on the expansion of the market over the forecast period. Apparently, corporate firms are in search of agile locations and hence are trying to acquire flexible spaces on a rental basis.
Co-working spaces to dominate the offerings segment
The growth of the segment is attributed to the exploration of vertical integration avenues as well as the formation of partnerships in co-working spaces. Apart from this, the widespread trend of co-working in the last few years along with its acceptance in developed countries will amplify the segmental development over the forecast period.
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In addition to this, low rent of spaces and a large number of tenants opting for flexible spaces landowners are reexamining or reconsidering the option of launching co-working spaces. This will further push the segmental growth over the forecast timeline.
Retail & consumer goods segment to record the highest CAGR over the forecast period
Retail & consumer goods segment is projected to register the highest CAGR of approximately 17.5% over the forecast timeline. The growth of the segment is credited to the longevity of service-oriented retail features. Moreover, retail service providers or retail operators have long-term liabilities along with short-term cash flows. Both the retail service provider & retail operators offer a flexible space to the users. This will prompt the segmental growth over the forecast timeline.
Europe to dominate the regional market revenue share during the forecast period
The growth of the market in the region is credited to low costs of flexible offices in countries like the UK, France, and Germany. Apart from this, the presence of giant players like Regus & Servcorp in the region will further boost the regional market growth trends.
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Key players involved in the flexible office industry include Alley, Croissant, Inc., Davinci Virtual, LLC., Greendesk LLC, Hubble, Instant, JustCo, LiquidSpace, Inc., Office Freedom Limited, Regus Group Companies, Serendipity Labs, Servcorp, ShareDesk, TechSpace, WeWork Companies, Inc., and THEOFFICEGROUP.
This report segments the flexible office market as follows:
Global Flexible Office Market: By Space Providers Analysis
- Big Brands
- Independent Brands
Global Flexible Office Market: By Offerings Segment Analysis
- Private Offices
- Virtual Offices
- Co-working Spaces
Global Flexible Office Market: By Verticals Segment Analysis
- IT & Telecommunications
- Retail & Consumer Goods
- Media & Entertainment
Global Flexible Office Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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