Majority of global firms plan to use more flexible workspace in next 3 yrs: Study

A majority of global companies plan to increase use of flexible co-working and collaborative office space over the next three years as it provides them freedom to quickly expand and contract business depending on market conditions, according to a survey by Knight Frank.

Property consultant Knight Monday released its report '(Y)OUR SPACE' that surveys senior executives at 120 global companies which collectively employ over 3.5 million people worldwide and occupy an estimated 233 million sq ft of office space.

"The demand for flexible workspace is set to accelerate as over two-thirds of global corporates plan to increase their use of flexible co-working and collaborative space over the next three years," Knight Frank said in a statement.

The consultant noted that a majority of global corporates occupy office space on a traditional lease model, even as numbers of co-working and serviced office operators have grown significantly.

Two-thirds of companies reported that co-working, serviced and flexible office space comprise 5 per cent or less of their current office space. A minority, less than 7 per cent, said flexible workspace exceeds a fifth of their total workspace.

However, the study revealed that "the proportion of flexible space within companies' portfolios is set to increase dramatically."