A recent survey highlights a significant shift in office space trends in the UK.
- Flexible and coworking spaces top the list for office conversions at 11%.
- Hospitality, retail, and residential spaces follow closely in popularity.
- A substantial 23% of landlords have made such conversions in the past two years.
- Motivations include market trends, competition, and enhancing property value.
The landscape of office spaces in the UK is undergoing a notable transformation. According to a recent survey commissioned by a workspace provider, 11% of traditional offices have been converted into flexible or coworking spaces. This trend is more popular than conversions into hospitality, retail, or residential spaces, which stand at 10%, 8%, and 7%, respectively.
This evolution reflects a broader movement among office landlords, with 23% having already transitioned their spaces into flexible environments over the last two years. Furthermore, 22% are planning similar conversions within the next two years, highlighting a sustained shift towards more adaptable work settings.
The motivations behind these changes are multifaceted. Over half of the landlords—57% to be precise—cite alignment with market trends as a driving factor. Keeping pace with competitors is a close second, influencing 54% of those surveyed. Additional reasons include enhancing property value (43%), maximising revenue from underutilised spaces (40%), and futureproofing assets (35%).
Wybo Wijnbergen, CEO of the commissioning workspace provider, commented on these developments, stating: “If it wasn’t already clear, these results show that the traditional office model has and will continue to evolve rapidly.” With many traditional offices experiencing low occupancy rates, landlords are recognising the necessity to modernise their portfolios. This proactive approach is seen as crucial for both boosting revenues and meeting the changing demands of UK office workers.
The trend towards flexible workspaces is set to redefine the future of office environments in the UK.
