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szdaily -> World Economy -> 
Big companies get down with WeWork effect
    2018-11-13  08:53    Shenzhen Daily

THE biggest employers in the world see a future filled with free beer and new age motivational posters. Their offices will need to catch up.

After WeWork Co. reinvented the office experience for freelancers and startups, large businesses see their use of flexible space rocketing over the next three years, according to a survey of global companies with 3.5 million employees by broker Knight Frank LLP. More than half of them expect the non-traditional space to account for at least a fifth of the total compared with about 5 percent now.

“WeWork has changed the narrative around corporate real estate,” said Lee Elliot, global head of occupier research at Knight Frank, who led the survey. As well as seeking more flexibility, big businesses will increasingly look for “amenity-rich environments that help their employees with the challenges of modern work.”

The shift presents a major challenge to the world’s biggest landlords, which have traditionally focused on securing long-term leases to maximize the value of buildings and reduce the risk of vacancies. In London, landlords including British Land Co., Great Portland Estates Plc. and the Crown Estate Ltd. have begun using some of their buildings as flexible spaces in response to changing demand.

“Average central London lease lengths are now about seven and a half years,” Elliot said. “That’s at least two or three planning cycles for most business now.” He expects the share of space on flexible leases in London to rise to between 7 percent and 10 percent over the next few years from almost 5 percent now.

As big business becomes more focused on hiring and keeping talented staff, their offices become more of tool to improve recruitment and productivity.

Paying higher rents for high-quality or flexible spaces offered by co-working companies may prove cheaper than constantly replacing unhappy and unproductive staff, Knight Frank researches said. (SD-Agencies)

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