Why co-working isn't just for the technology, media and telecommunications (TMT) market

Published on: 11th August 2017

Co-working and serviced office working is an ever-growing trend within the UK office market with co-working space providers accounting for the largest share of office space let in London in the first half of this year, over 880,000sq ft of newly leased office space.

But what exactly are serviced and co-working offices? In simple terms, the concept revolves around an office environment, where employees, not all working for the same employer, work under one roof in a shared office environment.

Despite being successfully implemented within the TMT sector and by start-ups across the country for a number of years, why is it that co-working and serviced office spaces are suddenly growing in popularity among major corporate companies? We analyse the three driving factors behind the popularity growth; technology, talent and teamwork.

The three T’s of co-working

Teamwork

As mentioned, the concept is not new and has been effectively utilised for years by start-ups and in sectors that rely heavily on collaboration, such as technology, media and other creative industries.

The ability to work in close proximity with like-minded individuals provides a number of networking opportunities and being part of a co-working community allows you the chance to surround yourself with potential clients and partners.

More frequently we are seeing larger corporates utilising this style of working as it allows project teams to be grouped together to ensure individuals are sat alongside those with complimentary skillsets.

Technology

One of the key reasons behind the surge in popularity of co-working environments amongst corporate companies is technology. Most serviced and co-working office spaces are now working towards high tech fit outs with innovative technology that drives connectivity.

While perhaps a little behind the TMT market, the corporate and professional services markets are beginning to acknowledge the role up to date technologies can play in enabling better business.

Talent

Retaining talent is a challenge across all sectors and to keep up with employee demands it is important to ensure space is created with a healthy work-life balance in mind. In serviced and co-working office spaces staff are at the heart of the designs, with innovation, creativity and collaboration actively encouraged throughout inspirational shared environments.

In a recent survey we found that 86% of respondents agreed that co-working and modern office spaces are key to them attracting and retaining talent in future.

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How are the modern day workforce changing the property market?

The modern day workforce are going through a gradual, but very noticeable transformation. Enabled by technology, changing attitudes towards flexibility, and surging numbers of millennials in the workplace, modern day professionals are redefining working life, and consequently challenging where and what a modern day workplace is.

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The modern day workforce are going through a gradual, but very noticeable transformation. Enabled by technology, changing attitudes towards flexibility, and surging numbers of millennials in the workplace, modern day professionals are redefining working life, and consequently challenging where and what a modern day workplace is.

[fulltext] =>

Being able to read emails, access files and join meetings at any time, from anywhere, has been a game changer for working life. The fact that an employee can be constantly, virtually connected to their job is raising questions about the need for them to be physically present in a workplace, and what sort of spaces business owners should be providing for them to work in.

Do workers need a physical workplace?

One way that some business owners are responding to the declining requirement for their employees to be sat at a desk is to introduce ‘hot desking’; the concept where workers sit at any desk, as and when they need to come into the office. This then allows a business to reduce the amount of office space it occupies, and consequently save on property costs.

However, when considering ‘hot desks’, a business owner should consider the longer term impact that not having assigned desks can have on both the workforce and the business. By providing individual employees with a space of their own, business owners are encouraging them to spend time in the workplace and interact more with their colleagues. In taking that away, a business may lose its sense of community, and employees may lose the social interaction that a workplace can provide them with.

Rather than simply reducing space, a business owner can challenge the traditional concept of an office by introducing more flexible spaces within the workplace. By creating a range of working environments, employees can enjoy some flexibility in where they do their work, and be encouraged to collaborate with others in the workplace. Engaging work spaces can also help to motivate and inspire professionals, allowing them to be more innovative and better engaged in their work.

Location, location, location?

The property industry has long been driven by location, but with technology changing the way people work, as well as how businesses are run, physical location may become less of a defining factor for where a business owner chooses to locate their office.

With an increasing demand for flexible space, with better integrated, cutting edge technology capabilities, the impact of placing those factors above physical location, could be huge on the property market.

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Office Agency

Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country. Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage. Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business. Agency Disposals: Realistic marketing advice and methodology Comprehensive market knowledge and full research facilities Extensive enquiry database Innovative marketing ideas Appraisal of alternative uses with in-house town planning advice Agency Acquisitions: Obtaining a clear understanding of our client’s requirements and commercial objectives Comprehensive property stock search and identification of development opportunities Objective advice on the suitability of identified properties Negotiation of favourable terms Full back up service including structural surveys, planning advice and fitting out etc. Valuation and finance advice Development Consultancy: Thorough market research Advice on selection and appointment of consultants Undertaking of full financial appraisals and timescales Advice on optimum composition of development Assessment of deliverability Advice on specification and scheme layout End user knowledge   Contact Us

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Our office agency team provide advice and expertise on the sale, acquisition, marketing, development and leasing of office properties and developments across the country.

Utilising in-depth experience of the UK office sector coupled with extensive knowledge of the local and regional marketplaces in which we operate, each team possesses unrivalled skills to work to your significant advantage.

Our specialist knowledge ranges from individual office suites to out of town business parks and new-build city centre developments.The specialism is supported by a broad range of additional services within the business.

Agency Disposals:

  • Realistic marketing advice and methodology
  • Comprehensive market knowledge and full research facilities
  • Extensive enquiry database
  • Innovative marketing ideas
  • Appraisal of alternative uses with in-house town planning advice

Agency Acquisitions:

  • Obtaining a clear understanding of our client’s requirements and commercial objectives
  • Comprehensive property stock search and identification of development opportunities
  • Objective advice on the suitability of identified properties
  • Negotiation of favourable terms
  • Full back up service including structural surveys, planning advice and fitting out etc.
  • Valuation and finance advice

Development Consultancy:

  • Thorough market research
  • Advice on selection and appointment of consultants
  • Undertaking of full financial appraisals and timescales
  • Advice on optimum composition of development
  • Assessment of deliverability
  • Advice on specification and scheme layout
  • End user knowledge

 

Contact Us

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Office Property Services

Office Property Services Our office team deliver effective property solutions to support you in delivering your business objectives. We understand business and workplaces, and provide leading property solutions to companies around the UK. Our regional market knowledge, and understanding of the national trends, ensures we will deliver first class results based on what your business needs. Maximising workplace potential with award winning office property services From securing you the right property or managing your building, to assessing your business rates or even designing the perfect workplace, our property solutions deliver on all elements of your property needs. Contact our office team and we’ll develop your service plan to ensure you're getting the most out of your workplace. Contact Us

Read More....

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Office Property Services

Our office team deliver effective property solutions to support you in delivering your business objectives.

We understand business and workplaces, and provide leading property solutions to companies around the UK.

Our regional market knowledge, and understanding of the national trends, ensures we will deliver first class results based on what your business needs.

Maximising workplace potential with award winning office property services

From securing you the right property or managing your building, to assessing your business rates or even designing the perfect workplace, our property solutions deliver on all elements of your property needs.

Contact our office team and we’ll develop your service plan to ensure you're getting the most out of your workplace.

Contact Us

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Weatherall [secure] => 0 [page_description] => [page_rights] => [robots] => [access-view] => 1 ) [initialized:protected] => 1 [separator] => . ) ) URL: /news/96-sectors/70-office?layout=default&breadcrumb=noimage

Architecture & Design

View Architecture Website Sanderson Weatherall’s architecture department provides a high level of expertise both in design and technical solutions. Our goal is to work closely with our clients to understand their requirements and help achieve their ambitions through realistic design.

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View Architecture Website

Sanderson Weatherall’s architecture department provides a high level of expertise both in design and technical solutions. Our goal is to work closely with our clients to understand their requirements and help achieve their ambitions through realistic design.

[fulltext] =>

Working in unison with clients, we pride ourselves on our competence to fully understand their needs and develop this into a logical working brief. The finer detail is important and with our extensive understanding of both construction detail and development cost control, we provide innovative, yet achievable solutions.

The right design in the correct context is of vital importance and shapes the way in which we work and play. We aim to reduce the complexity and provide our clients with coherent designs that serve their purpose. We are providential to have sufficient experience to deliver and converse in all conventional sectors of architecture. We have a wealth of experience in all key areas of design development which allow us to develop projects from concept to completion.

Our Services

  • Feasibility and Conceptual Design
  • Masterplanning and Urban Regeneration
  • Commercial Office Design & Spatial Planning
  • Retail Design
  • Hospitality and Leisure
  • Residential
  • Commercial & Residential Interior Design
  • Conservation and Listed Building Design
  • Historic Church Design & World Heritage Site Works


We can assist our clients through all stages of architecture, from Appraisal, Design Development, Technical Design, Tender issue through to practical completion. As a company we recognise the importance of sustainability and pride ourselves on achieving ISO 14001Certification. We aim to assist our clients on understanding the significance of sustainable design and the conservation of fuel. We strive where appropriate to advise and integrate specific materials, technologies and systems into our designs which can be supplied from an approved sustainable source in order to minimise our effect on the environment.

As a department within a multi-disciplinary practice we have distinct advantages over our competitors, being able to offer our clients a wider knowledge base on property matters so we can ensure that all aspects of a development can be accommodated. From land purchase to funding, we work as one consultant to ensure all your requirements are addressed.

 

Contact Us

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Newcastle office market update Q2 2017

View our Newcastle Office Market Update for Q2 2017. Total Newcastle office market take up, including out of town take up, stood at nearly 130,000 sq ft, which was better than expected but reflected a slower market than in the previous quarter with some hesitancy caused by political uncertainty.

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View our Newcastle Office Market Update for Q2 2017.

Total Newcastle office market take up, including out of town take up, stood at nearly 130,000 sq ft, which was better than expected but reflected a slower market than in the previous quarter with some hesitancy caused by political uncertainty.

[fulltext] =>

In the city centre take up stood at 41,105 sq ft across 7 transactions. A small increase on Q1 2017 with the most significant letting being Eldon Insurance acquiring 21,261 sq. ft at St James Gate. The deal takes out the remainder of the vacant space within that office development, showing its popularity close to the Central Station.

At Gateshead Quays, Northern Gas and Power acquired an additional floor within Baltic Place of circa 9,500 sq. ft.

In the out of town market take up was below the previous quarter at 88,190 sq ft across 22 transactions. The principal transactions were a letting to Northumbria Water negotiated by Sanderson Weatherall on behalf of Hilford Developments at 26,000 sq ft at Spectrum 5 taking occupancy at Spectrum Business Park, Seaham to 75%.

In the City of Sunderland, the Tombola Group are building their own headquarters at Wylam Wharf comprising circa 25,500 sq ft.

If you have any questions on the quarterly report then please contact head of agency, Robert Patterson.

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Leeds office market demonstrates it's resilience

View our Leeds Offices Market Update for Q2 2017. Total office market take-up in Q2 stood at 226,509 sq ft which reflected a 77,380 sq ft / 52% uplift increase on Q2 2016. In Q2 the Leeds office market demonstrated its resilience in the face of an uncertain economic climate posting improved take-up compared to both the preceding quarter and equivalent period last year.

Read More....

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View our Leeds Offices Market Update for Q2 2017.

Total office market take-up in Q2 stood at 226,509 sq ft which reflected a 77,380 sq ft / 52% uplift increase on Q2 2016.

In Q2 the Leeds office market demonstrated its resilience in the face of an uncertain economic climate posting improved take-up compared to both the preceding quarter and equivalent period last year.

[fulltext] =>

The highlight of the quarter was the letting to Burberry at 6 Queen Street. The 46,000 sq ft acquisition was the largest deal to complete in the city centre for over 2 years, also setting a new benchmark rent of £30psf.

The out of town market also posted encouraging figures with a total of 21 transactions, including three in excess of 10,000 sq ft. The largest out of town deal was Smartcredit’s acquisition of 18,179 sq ft at Mayfield Business Park.

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