What’s next for the flexible workspace sector?

Christmas traditions provide us with a familiarity each year that make us feel comfortable and nostalgic. I don’t think the fundamentals of Christmas ever change, but the festive season does evolve subtly every year.

It is also then at this time of year I am asked, what will next year bring, what will be different and how will the flex workspace sector up its game to be more attractive to tenants? Well, maybe it won’t change, but maybe it too will evolve.

Evolve to solve 

In 2022, Boutique Workplace Company had six new openings in London. We have not changed our business model. We still offer extreme flexibility and a strong work community at an affordable price. But we are evolving our offer to meet customer demand. Having launched ‘The Boutique Collection’ earlier in the year to group our workspaces under one brand umbrella, the boutique experience is growing to be comparable to the hotel industry, and we will see more of this in 2023 as we plan to open further workspaces.

As most offices look to permanently move away from the functional operation of a sea of desks, we are introducing concierge-style services, access to on-site gyms and facilities and fully-equipped kitchens with limitless tea and coffee. I can only see this trend growing as the boundaries between flex working and hospitality blend and we continue to prioritise the employees experience and wellbeing, so they can work or recharge in an innovative and creative environment.

Technology and wellbeing 

The wellbeing of workers will still be a key focus for employers. Many businesses now bake wellbeing into their corporate DNA as they acknowledge the relationship between mental health and productivity. The rise of social workplace apps and AI to monitor employees’ wellbeing are seen as an effective way to keep colleagues communicating and connected in working from home and/or hybrid working conditions.

In 2023, technology is going to be more essential than ever to keep these communities fluid. Zoom is launching more video conferencing options and Microsoft and Meta are already on the case investing more into the metaverse to bring us cutting-edge virtual experiences, which will transform how we interact with each other. How can Boutique locations prepare for this international phenomenon already spearheading its way through our social channels? By providing a fully equipped unique space for organisations to take full advantage of the latest platforms available to them.

Employee experience 

The focus on the employee experience is set to expand. With many companies experimenting and rolling out the four-day week, I can see others following in a bid to offer extreme flexibility. Workers are already choosing jobs based on their ‘package’ rather than the job description, and workplaces need to be set up for the benefits employees expect. An interesting report published by JLL states that 50% of office workers have left their jobs since the pandemic, suggesting there is tougher competition to retain talent. Employees want hybrid working to harness their work/life balance, consistent training for development and motivational purposes and the choice to work where they want, when they want. We could also see further dilution in homeworking, possibly due to the energy crisis as heating our homes becomes more expensive.

But they do want a home from home. A spokesperson at JLL further notes that the office is the “anchor” for a “well-run organisation” and the proof is in the pudding. Our clients works are up 150% YoY, and companies are prepared to spend money on how they want their office to look to attract new talent. Boutique’s unbranded destinations fit the brief and we are meeting our desk space targets. The average stay of a company at one of our curated locations is around three years, so the companies’ work culture can flourish under Boutique’s flexible-terms agreements.

Whilst I don’t have a crystal ball, I can see the workplace is still adapting to meet the challenges that arose during the pandemic, and 2023 can only bring more choices to the flex-space market as it continues to thrive.