There was a great deal of uncertainty surrounding the commercial property market leading up to the EU referendum and this has continued after the result.
Businesses are unsure of how to act, whether to remain on the side of caution or to continue with their practices and hope the market settles.
Despite the 2 years it will take to formally leave the EU, businesses are left with the task of predicting results and strategizing the best course of action to take without any real direction. With this type of doubt forming a cloud over the commercial property industry, businesses are fearful of investing in long-term leases, making the search for office space problematic.
While long-term contracts are still readily available and popular, there are plenty of companies doing everything they can to avoid being tied down by rigid terms and therefore co-working becomes an attractive option.
Co-working space can be acquired on an as and when basis, providing businesses with shared office space that allows costs to be kept at a minimum. The way people work is constantly evolving, with a shift of focus from traditional offices to flexible spaces that hinge on promoting collaborative environments at an affordable rate.
Designs may be wackier but the concept is actually that less is more, you don’t need a big fancy office, you need a desk and you don’t necessarily need it for 8 hours a day, 5 days a week. In the wake of the Brexit result, businesses need to be reactive and co-working space allows for a quick response to an uncertain economy and a means to restore some balance to the current state of flux.
The commercial property industry has seen a huge shift into flexible leases being taken up by SME’S and start-ups. There is less reason for these types of businesses to invest in long-term leases because their work does not necessarily facilitate this type of contract. With all the trends millennial have brought with them, co-working is certainly at the forefront. It is a unique way for professionals to work, acting as a catalyst for creativity and encouraging networking, all the while maintaining affordable costs.
Brexit may give businesses the nudge they need to re-consider the structure of their work place. By adapting to a new way to work, professionals can take control of their situation instead of blindly waiting for future data predictions about the market.
Co-working space has been on the rise for some time now, however the result of the EU referendum may have been push in the right direction for some companies to reap the benefits of what may become a marquee of the commercial property industry - if it’s not already.
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