Many expect to double commitment to coworking in next five years, according to survey by Cushman & Wakefield and CoreNet Global
CHICAGO, October 30, 2019 – Cushman & Wakefield (NYSE: CWK), a leading real estate services firm, has released a report that reveals corporate perceptions of the value of flexible workspace and coworking strategies.
Cushman & Wakefield partnered with CoreNet Global, a worldwide association of corporate real estate executives, to survey more than 550 key commercial real estate (CRE) executives at organizations around the world. Participants were asked about their general perceptions of the coworking sector, the pros and cons of using coworking, expected impacts on cost, and past and future employee utilization of flexible office spaces.
Key findings of the report include:
Nearly two-thirds of companies utilize coworking to some degree, and many respondents expect to double their commitment to coworking over the next five years.
“The results show that corporate leaders have a generally positive view of coworking and see flexible space as a growing part of their occupancy strategy,” said David C. Smith, Americas Head of Occupier Research at Cushman & Wakefield. “The percentage of employees with access to flex space is on the rise, and companies increasingly see this as part of a broader solution.”
One-third of companies using flexible space report occupancy cost savings of more than 5 percent.
“While this may surprise some, even 20 years ago, the client mix of national and global flexible workplace providers was 51 percent multi-national corporations,” said Melanie Gladwell, Vice President, Americas Head of Flexible Working Solutions at Cushman & Wakefield. “Increasingly, corporate executives recognize that integrating flexible space into their strategy can provide additional value while reducing occupancy costs by enabling them to adapt to major events such as merger activity – 63 percent of companies have stated they are using coworking as part of their office strategy.”