Flexible workspaces currently represent around 1% of the total commercial real estate in Europe and the US. In major business hubs around the world, the share of the flexible workspace in the total office space has increased to reach levels as high as 2% in NYC, 5% in London, Amsterdam and Singapore or even 15% in Bangalore.
In our view, the growth of the demand for flexible workspaces has been fuelled by several trends:
Despite the overall growth of the flexible workspace industry, operators and landlords still lack the relevant tools to get accurate information on the value of their assets operated on the flex market. The spectacular fall of Wework and the total opacity of the performance of the market creates increasing concerns for landlords.
On the operator side, opacity might lead to inefficiencies: as Lord Kelvin put it “if you can not measure it, you can not improve it”. Operators lack the background needed to assess their performance by comparing it to the market in an up-to-date and accurate way. This creates a lack of information for operators who do not have a stable, sustainable source of market intelligence.
Other real estate verticals, from traditional (long - lease) real estate to hotels and short-term rentals have developed best-in-class solutions over the year that allow landlords, operators and other market participants to truly measure and understand the performance of their industry.
Measuring occupancy per desk, revenue per desk, per square meter per month and segmenting those metrics by category (membership, fixed, flex, team, meeting rooms and events) is the way forward for our industry. CoworkIntel is our response to this need: we are an industry-wide initiative to develop performance reports for the flexible workspace industry. Our platform collects and aggregates anonymously monthly performance indicators for the industry and makes them available to our operators who to operators subscribing competitive benchmarking reports.
Our reports help operators:
The platform is live in many regions. If you want to learn more, contact the CoworkIntel team at firstname.lastname@example.org