SA Reits Capitalising On The Flexible Workspace Trend
Finweek English|6 June 2019
SA Reits Capitalising On The Flexible Workspace Trend

The flexible office environment is increasingly popular internationally. Although it’s still early days in South Africa, the trend is likely to pick up – and local Reits are taking note.

Glenda Williams

An alternative to traditional office space, the flexible office market – made up of both serviced offices and co-working spaces – is expanding rapidly across the world with 23% average annual growth since 2013, according to Stanlib research.

According to a 2018 report by PwC, flexible workspace accounts for around 8% of global office space and is expected to rise to 30% by 2030.

These fully equipped and furnished serviced offices and co-working spaces, complete with quality amenities, are especially attractive to occupants for their flexibility in costs, short-term contracts and even multiple-location use.

In South Africa, there’s also a rising number of players, with large global operators Regus and WeWork having a local presence.

The market is largely driven by entrepreneurs and small businesses looking for flexible and cost-efficient working spaces.

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6 June 2019