The 9-to-5 workday has run its course. More people than ever are freelancing, and with this shift, cubicles and restrictive workspaces are on the outs. Modern, full-time employees are choosing custom hours and working remotely – taking up temporary residence in coffee shops, libraries and co-working spaces to complete their work – and companies are finally catching on.
The term “flexible working” has long been a staple in the working person’s lexicon, as its shorthand “flextime” was coined in Germany in the late 1960s. Still, the idea of companies adapting to flexible working needs only became mainstream in the last few years.
Employees have long desired more than the standard competitive pay and comprehensive benefits and they’re pushing flexible working to the top of company priorities today. According to a survey conducted by CBRE UK, 72 percent of workers over 55 years old and 92 percent of workers between 18 and 34 years old would like flexible working policies in their workplaces, and in a candidate-driven market, companies that adopt these policies earn a unique selling point in attracting top talent.
In the United Kingdom, the government recognizes eight types of flexible working arrangements, of which 63 percent of full-time workers have already taken advantage. Workers with flexible schedules, unlimited paid time off and the ability to telecommute, for example, have higher job satisfaction and less absenteeism, according to research from the University of Chicago.
Co-Working Spaces and Lease-Term Flexibility
With the growing demand for flexible work schedules, however, the demand for new office space has decreased. Developers are moving quickly to adapt to this new paradigm, working with companies to accommodate their changing leasing needs as the employee’s workspace needs evolve.
Co-working is the most well-known flexible space solution. Per CBRE, “the appeal of the co-working model lies in the opportunity for lease-term flexibility coupled with highly appealing workplace environments.”
Co-working spaces were originally intended for small start-ups and individuals, like WeWork’s “hot desk” option, which gives individual workers 24/7 access to space at their preferred WeWork location, 42 of which are located in London. Now, WeWork is at the forefront of agile space offerings, boasting options from short-term private offices to shared workspaces, a slew of amenities available depending on the individual’s or company’s needs.
“Big companies want to act small. They need to be agile but are held back by the constraints of being a big business. Space, and the investments they make on space, are a major part of this,” said David Fano, Chief Growth Officer at WeWork. “By providing them with flexible space, they are unencumbered to be the businesses they want to be, something that applies more and more the bigger the company becomes.”
Competing building owners are not only providing diverse lease models (shared, on-demand workspaces, short-term leases, and traditional long-term options), but they’re also offering enhanced amenities, as 92 percent of these owners believe this will increase leasing velocity and rental rates in their buildings.
In 2018, CBRE announced Hana, a plug-and-play flexible space offering, after hearing from property owners that their investor and tenant needs were not being met with current industry technologies.
“Our new approach is enhanced by [CBRE’s] track record of value creation for property owners, expertise in workplace strategies, extensive relationships with large tenants, tech-enabled workplace offering, and vast network at global scale,” said Andrew Kupiec, CEO of Hana.
In 2019, CBRE Workplace will launch Hana Team, Hana Meet and Hana Share, all of which are geared toward serving the needs of enterprise clients and their teams. This product mix includes diverse options from dedicated suites and on-demand conference rooms to cozy nooks and quiet areas.
Companies with similar goals in mind have provided their teams with these alternatives to traditional desks, like lounges and comfortable seating, in addition to fitness facilities, catering and concierge services. When the latter perks are placed in shared amenity floors, these spaces become truly agile.
The 24-Hour Workday
Of course, we cannot forget to account for those who prefer not to adhere to the 9-to-5 workday schedule. While some co-working spaces, like WeWork, provide individuals with all day- and night-access to working individuals, many buildings that boast an agile workplace model still have a closing time.