The three Ts of co-working: why the office trend is growing in popularity amongst corporates
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by Richard Dunn, head of office agency at property consultancy Sanderson Weatherall.
In this month’s column, Dunn discusses the increasingly popular concept of co-working, and the three driving factors behind why corporate companies are embracing this office trend.
Co-working is an ever-growing trend within the UK office market, with co-working space providers accounting for the largest share of office space let in London in the first half of this year, at over 880,000sq ft of newly leased space.
In simple terms, the co-working concept revolves around an office environment, where employees, not all working for the same employer, work under one roof in a shared office environment. Despite being popular within the TMT sector and by start-ups across the country for a number of years, co-working spaces are growing in popularity amongst major corporate companies.
At Sanderson Weatherall we’ve seen three driving factors behind these larger occupiers wanting co-working space.
The ability to work in close proximity with like-minded individuals provides a number of networking opportunities. It allows you to create a work community that you can learn from, as well as utilise skills that you may not have in house amongst your own workforce. It also gives you an opportunity to meet potential clients, customers and partners.
We’re also seeing larger corporates utilise co-working environments for project working. Acquiring the additional space outside of their existing office is a flexible way to allow project teams to sit and work together, particularly if their existing space can’t accommodate it.
A drive for access to cutting edge technology is making co-working offices very appealing to corporates. The majority of co-working office spaces coming onto the market have high tech, high spec fit outs, with a big focus on innovative technology that drives connectivity.
While perhaps a little behind the TMT market, the corporate and professional services sectors are increasingly aware of the role that technology plays in enabling better business.
Retaining talent is a challenge across all sectors and to keep up with employee demands it is important to ensure space is created to motivate your teams and promote well-being. Co-working office spaces are designed in a way that puts people first, with innovation, creativity and collaboration actively encouraged throughout inspirational shared environments.