Post-COVID-19: Is it Time to Rethink Flex Space Strategies?
Coworking is a decades old concept: think Regus, WorkClub and Techspace. But in the past five years, the industry has witnessed a meteoric rise in coworking and flex space options. The top 10 independent operators, including WeWork, Convene and Industrious, now account for approximately 10 million square feet of the aggregate leased flex office space in primary markets here in the U.S.
While a relatively small percentage of the overall office space, this movement toward densification, “experience factor” and short-term leases has identified a critical gap in the way office space has been traditionally designed and deployed, resulting in a dramatic rethink of portfolio strategies for owners, developers and corporate occupiers.
As contemporary flex and coworking models evolve, many landlords are scrambling to keep pace and are consequently experiencing inevitable growing pains in trying to align with new models. Many are now contemplating creating their own in-house branded programs.
Two significant factors, the WeWork deflation and COVID-19 pandemic, have caused landlords to radically rethink their respective strategies. With respect to the latter, in only a matter of weeks, the world has learned to work in decentralized configurations. This shift has many employers and employees alike fundamentally questioning the validity of the office environment. To further complicate, ensuing return-to-work strategies will need to consider social distancing and office density, safety and wellness, team collaboration, productivity and much more for traditional office space. But how will flex and coworking strategies adapt?
Boxer Property and Stemmons Enterprise present a unique solution: Workstyle, a coworking, collaboration and flex space model independent of third-party operators. Learn how the collaboration has resulted in effectively meeting the inherent challenges of pre- and post-COVID-19 coworking and flex space operations.
Read the white paper "Successful Landlord-Direct Flexible Space Before & After COVID 19."
This Week’s Sponsor
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit www.yardi.com.
Wells Fargo: Workplace Re-Entry Industry Research At the beginning of April 2020, when most of America began shutdowns, Wells Fargo started collecting articles, talking to peers, and attending COVID-19 conference calls and webinars to assess and digest COVID-19 impacts to the workplace. In late April, the company began distributing a weekly report that summarized this information, focusing on impacts to facilities supporting essential workers and the proposed changes to administrative spaces and plans for eventual workplace re-entry.
Software-Defined LAN and Fiber/Power-Deep Networks Define New Norm and a Better Future There is no doubt that this year has been a difficult one for enterprise businesses of all sizes across all vertical markets. However, the COVID-19 pandemic has also accelerated our digital future. With millions more people using technology to work, connect, entertain and shop from home, demands on service provider networks and data centers to accommodate the increased internet traffic and VPN usage is higher than ever.
European CIOs Respond to COVID-19 Europe is experiencing a wide range of COVID-19 reopening phases, strategies and sentiments. From “feeling almost back to normal” in Switzerland to quarantines and essential travel restrictions in the U.K., property managers, building owners and occupiers are navigating the ever-changing CRE coronavirus landscape.
The Impact of COVID-19 on Commercial Cleaning Processes COVID-19 has fundamentally changed many aspects of our lives and the world economy. Cleaning and disinfection are crucial priorities in reopening plans around the world. The future hinges upon providing the safest possible environment for building occupants, while also respecting new requirements (e.g., social distancing, contact tracing, monitoring microbial contamination). How are we going to successfully navigate these radically increased needs? By fully empowering facilities with technology