The emergence of flexible office spaces points towards the future of how we use commercial space. What does it mean for other areas of venue hire?

It’s no secret that the way we work is changing. The emergence of startups and a transforming economy is creating a seismic shift in office space. We’re all familiar with the image of the ‘Cubicle Farm’: a bland sea of flimsy, isolating pens, staffed by sullen workers in white shirts. These were abundant in the 90s and early noughties. Or, consider the luxe, mahogany-clad private offices of the 1960s. It seems likely that the twenty-teens and beyond will be remembered for flexible office spaces.

Rigorously formal working culture is changing. Our working lives are becoming more adaptable, and so are seating arrangements. Open offices are de rigueur, and that’s just the start. With so many roles becoming highly mobile, being tied down to a single desk is not all that desirable. Structured seating plans are going out of style in the same way that the suit and tie are falling out of fashion. Furthermore, rising prices in major cities mean that companies struggle to afford the rent on offices entirely for their own use. They fear the commitment, expense, and complexity.

At VenueScanner, disruption to the property market isn’t new to us. In fact, it’s what we deal in. But we wanted to take close look at what the rise of new forms of office spacing means for the rest of the market. Are there implications for the events sphere? For the worlds of private and corporate? It would be unwise to not consider these possibilities. But first – where is the millennial workforce to get the job done?

A New Solution

Enter the flexible office space. Companies such as The Office Group, Clubhouse London, and WeWork offer a contemporary solution to office working. Individuals or companies rent access to stylish, highly-serviced office buildings that are springing up in cities across the world. You subscribe to as many desks as needed, or simply find a new space every day in a ‘hot desking’ environment. These groups proudly boast exciting communities of workers, encouraging networking and collaboration. 45% of companies are expected to use flexible office space in three years time, up from 30%.

The property establishment often sneers at these co-working spaces. The word bubble is a common term in today’s economic climate. It’s an easy way to take a shot at any rapidly growing area. Indeed, market leader WeWork has been described as a ‘$20 billion house of cards’.  The financial standing of individual companies notwithstanding, it seems churlish to seek out holes in the flexible office model. Their growing success is an ironclad indicator of changing demand. And it’s not just esoteric tech companies that are generating interest. In fact, some major providers list only 15% of their occupancy as tech startups. Legal and financial businesses take up the majority of the office spaces.

Changing Demand

What this indicates is that the entire market is awakening to a model that puts control in the hands of the customer. Consumers and providers are both benefitting by engaging in short-term relationships. The accessibility of this model means that flexible office spaces are booming in demand, taking in significant revenue.

On the face of it, there are two reasons for this success. Taking advantage of a gap in the market, and encroaching on existing business. But the reason that these are even possible is developing technology and a changing culture of space usage.  Established models are losing relevance. Consumers are taking things into their own hands, for their own convenience. And the businesses that move with the times will be the ones profiting.

A Sign of Things to Come For Flexible Office Spaces

There is a lot of upset in the world of office space – that’s clear. The market is transforming at an alarming rate. Moreover, a huge amount of money is changing hands. But this may just be the tip of the iceberg. There are many lessons to be drawn from this. First of all, is the obvious popularity of creative workspaces. Stuffy rooms and uninspiring spaces are unfortunately common in the working world, but they’re rapidly falling out of favour.

Why would you hold a meeting in a sub-par space when you have the best at your fingertips, in London and all across the UK? That goes for both formal occasions and casual arrangements. Both are better facilitated by engaging, enjoyable spaces.  Serviced offices and alternative options represent great value and accessibility to everyone from freelancers to corporations. You don’t need to be a multinational to easily organise business events across the country.

The second is that our entire approach to space is changing. Traditional, confining approaches to venues are not appealing to new generations and choice is hugely important.  The emergence of digital marketplaces has allowed consumers to make an informed decision, comparing a wide range of options and seeking out exactly what they want. There is no need to compromise. Furthermore, autonomy and control are very desirable for the consumer. They want to interact on an equal level to who they are dealing with. So when they are seeking out spaces, it’s important for them to have control. When spoonfeeding them or creating unnecessary obligations, the consumer is unlikely to spend their money.

Future Proofing Made Easy

This is exactly what drives our approach at VenueScanner. What we are doing enables businesses to keep up with changing demand. The VenueScanner platform empowers venue hosts and event organisers. It’s an intuitive system that lets venues easily offer their spaces, and lets organisers easily find and book them. By presenting their spaces in this format, venue hosts can easily keep up with developments in the market. So, venues can easily expand their business model by harnessing the same factors driving the rise of flexible office spaces.

Flexible office space may be about fun new desk mates and a couple of free beers. But it’s also about independence and empowerment of the space rental consumer, in a digital environment. VenueScanner is trying to equip businesses and venues with the tools to thrive in this new world. You had best be prepared for a sea change, no matter what kind of venue hire you’re involved in. Flexible office spaces are just the start – don’t be left behind.

Looking for a meeting room, creative space, or conference venue? Head over to VenueScanner’s main website to discover our fantastic corporate event spaces.