Co-working spaces are trending globally as employees call for more flexibility in their working arrangements and companies embrace the remote workplace. The concept of shared office spaces is not a new one, with many small companies opting to pool their resources into a shared office space. However, this trend has evolved into the co-working spaces we know today, unique multi-purpose buildings often located in city hubs and retail precincts.
International Workplace Group reported that by 2030, it is predicted that 30% commercial real estate will be flexible workplaces. This figure is quite realistic, with the co-working market current worth $36 billion and at least 50% of workers doing their job remotely a couple of day a week. A survey of 18,000 business leaders found that an overwhelming 89% believed utilising flexible workspaces helps their business grow.
With flexible workplaces and remote working set to become the new normal, we can expect to see changes in city plans, with a shift away from corporate parks and office districts towards a more integrated approach. A significant appeal of many co-working spaces is their proximity to dining and retail amenities, often located in the heart of the city.
As an industry set to see significant growth in the coming years, co-working spaces present an opportunity for the franchise industry to grow and diversify. Whilst traditionally the franchise model is associated with retail and quick service restaurant brands, getting involved in a flexible workplace franchise is an investment in a new era of corporate operations.
With lower overheads and operating costs than more traditional franchise businesses, co-working spaces present an opportunity for high return. There are a range of options for those looking to invest, ranging from a full service office space, with hot desking, private offices, meeting rooms and communal areas, or simply a desk within a large open plan space.
So whether you are looking to purchase your first franchise, or diversify your existing franchising portfolio the co-working market could be the right investment for you.