Lucy Watts discusses trends driving the demand for Space-as-a-Service with Caleb Parker on the second episode of the #WorkBold Podcast.
Lucy is Senior Director of Strategic Projects for The Instant Group. She shares insights on customer demand:
Lucy manages Instant's flex and data insight service and explains how Instant has reacted to market demand for more data, insight and overall transparency.
About Lucy Watts
Lucy is responsible for key strategic projects across The Instant Group. Starting her Instant Career in 2006, Lucy previously headed up the company's broker division, working with both SMEs and large corporates to help them locate and acquire office space worldwide. She's built long-standing relationships with Instant's key operator partners across the globe to ensure they have the knowledge and market expertise to deliver valuable solutions for clients.
There are currently 6,000 flexible workspaces in the UK but 4,000 providers. So, whilst the big brands are growing they still only have a small market share. The demand for hybrid space (a mix of coworking and private offices) increased by 25% in 2019.
Did you know that 80% of the UK population live within 30 minutes commute of a flexible workspace? Carsten Foetsch recently revealed that 52% of coworking spaces are profitable but if you have been open more than a year, have over 200 members and have hybrid space the percentage increases to 74%.
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Value Bombs and Tweetables
1) " The average cycle of a business is getting shorter, therefore, you need some flexibility in a typical fixed lease portfolio so that you are not taking on so much risk!"
2) " The demand for data will continue to grow and there will be a continued blurring of the lines between flexspace and the traditional leases as more landlords enter the market with a solution!"