New York, NY, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Flexible Office Market By Offering (Private Offices, Co-Working Spaces, Virtual Offices, and Others), By Space Provider (Big Brands and Independent Brands), and By Vertical (IT & Telecommunications, Media & Entertainment, Retail & Consumer Goods, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”. According to the report, the global flexible office market was USD 26.90 billion in 2018 and is expected to generate around USD 111.68 billion by 2027, at a CAGR of around 17.1% between 2019 and 2027.

The increase in small- and medium-sized businesses and start-ups is a trend observed across all major cities of the world, while new working practices are neither location- nor sector-specific. These trends have fuelled the flexible office market globally. Self-employment has grown by a quarter since 2009, to nearly five billion people; the freelancing sector, which tends to have knowledge-based workers, is one of the fastest-growing sectors. PeoplePerHour, an online freelancing marketplace, forecasts that one in two people in the U.K. will be a freelancer by 2020. While in a survey of 9,000 knowledge-based workers across the U.S., UK, and Germany, more than half said that they would consider changing to freelancing or on-demand model of work over regular employment if offered. Thus, the above trends suggest that in the future more people will be working in positions that are more likely to be housed in flexible workplaces, which will further propel the flexible office market globally.

Browse through 54 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Flexible Office Market Growth 2018 Report: Industry Type, Size, Share, Trends, Analysis, and Forecast, 2018–2027”.

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The flexible office market is fragmented on the basis of offering into virtual offices, co-working spaces, private offices, and others. Private offices held the major market share in 2018. Additionally, co-working spaces are likely to show a CAGR of 17.4% over the forecast time period. In spite of struggling with the sublease model of typical co-working providers, investors are majorly exploring partnerships and vertical integration opportunities within this sector. Co-working has become a rising trend since the last five years and is also among the widely adopted trends in developed nations.

By space provider, the flexible office market includes big brands and independent brands. The big brands segment accounted for the major share of the flexible office market in 2018. Small businesses and MNCs are adopting hybrid working practices to improve their talent and collaboration retention. From app-based resource sharing to reception-less entrances, the take-up of flexible spaces has become a global trend and will continue to gain traction in the future. This can be attributed to the big brand and renowned organizations’ continuation to place a great sense of value on employees’ well-being, environment, and work-life balance.

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Based on vertical, the flexible office market comprises retail and consumer goods, media and entertainment, IT and telecommunications, and others. The IT and telecommunications segment is anticipated to dominate the market over the forecast time period, as the durability of offices with co-working operators on the rent roll is becoming diverse as compared to traditional offices. Additionally, co-working operators are service-oriented retail operators that care about footfall access and micro-locations and provide a space or service mix that can’t be produced on the internet.

Europe dominated the flexible office market in 2018. Desk rates in the key cities of Europe are relatively inexpensive as compared to their equivalents in the U.S. and the Asia Pacific. The average desk rate in London is 19% cheaper as compared to Paris and New York. Berlin is almost 60% cheaper than San Francisco or New York. This has helped to increase the European market growth, as more centers are coming in the German tech hub since the last year.

Browse the full “Flexible Office Market By Offering (Private Offices, Co-Working Spaces, Virtual Offices, and Others), By Space Provider (Big Brands and Independent Brands), and By Vertical (IT & Telecommunications, Media & Entertainment, Retail & Consumer Goods, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” Report at https://www.zionmarketresearch.com/report/flexible-office-market

North America is the second leading regional flexible office market and is expected to show significant growth in the years ahead. The total number of flexible office providers in the U.S. is more than 4,000; among these, half are concentrated in Texas, California, New York, Florida, and Illinois. California leads with the maximum number of flexible spaces and the largest number of dedicated co-working spaces. This is mainly driven by the widespread adoption of co-working by advertising media, technology, and IT firms in Palo Alto and San Francisco. Additionally, the launch of additional centers in New York has resulted in about 24% growth, wherein, WeWork has opened 20 new centers with underlying growth of just 17%. This is a strong indicator of the increased supply to meet the escalating regional demand.

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The Asia Pacific flexible office market is likely to show the highest CAGR, as the number of co-working centers and other types of flexible office spaces has grown by 38% in Australia, Hong Kong, Singapore, and Shanghai in the last five years. Additionally, over the past two years, the number of inquiries for flexible workspace in Australia has tripled with occupier interest in these centers as listed on Instantoffices.com. Sydney saw 19% growth in 2016 with co-working spaces growing almost three times faster than serviced offices with one-third centers being located in the Central Business District, i.e., almost 36%. Singapore has been a strong part of the Asia Pacific market evolution, with almost 22% center growth in 2017. Co-working space has increased four times in size in the last few years in the country.

The Middle East and Africa and Latin America are other major regional markets that will experience moderate growth in the future. Abu Dhabi has witnessed the effects of reduced global oil prices, which have resulted in a drop in rental values by 25% in the office sector. Flexible office operators have followed suit and reduced their prices accordingly, including the two large players in the market, Servcorp and Regus.

Some leading players in the flexible office market are Alley, Croissant, Davinci Virtual, Greendesk, Hubble, Instant, JustCo, LiquidSpace, Office Freedom, Regus Group, Serendipity Labs, Servcorp, ShareDesk, TechSpace, WeWork Companies, and The Office Group.

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This report segments the global flexible office market into:

Global Flexible Office Market: Offering Analysis

  • Private Offices
  • Co-Working Spaces
  • Virtual Offices
  • Others

Global Flexible Office Market: Space Provider Analysis

  • Big Brands
  • Independent Brands

Global Flexible Office Market: Vertical Analysis

  • IT and Telecommunications
  • Media and Entertainment
  • Retail and Consumer Goods
  • Others

Global Flexible Office Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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