Are Your Premises Fit For Purpose Going Forward?

Three quarters of UK businesses are on the hunt for a new workspace, according to new research from NCG, which raises plenty of questions for family business owners across the UK to consider.

Key Findings:

• 76% are actively considering changing their workspace or expect to do so in the next year.

• 59% feel that flexible or coworking spaces are the best fit for their business’ needs.

• 45% of businesses currently using flexible workspaces are unlikely to ever rent their own private office again.

The digital infrastructure specialist commissioned an independent survey of 1,002 senior decision-makers within UK businesses. It found that 70% of businesses currently use an office or workspace on a hybrid (46%) or full-time (24%) basis.

Serviced offices (37%) are the most common type of space businesses use. This is followed by office and meeting space hired by the hour or day (36%), private offices (35%) and flexible or coworking space (32%), with many businesses using more than one type of space to meet their needs.

Of all the businesses that currently use any form of workspace, 76% said they are either actively searching for a new space or plan to start looking in the next 12 months. Most (59%) said they are regularly assessing the choice of different workspaces to see which best fits their needs.

Speaking specifically to those who currently use a flexible or coworking space, nearly half (45%) agreed that they were unlikely to ever rent their own private office again, with 59% agreeing that flexible workspaces are the ideal fit for their business’ needs.

Thomas Proctor, CEO of NCG, said: “The times have changed. Today businesses have so much choice of where their employees can work. Clearly, leased and serviced offices remain popular, but flexible and coworking spaces are on the rise, while pay-as-you-go spaces are also becoming an attractive option for businesses that are largely remote but meet in person on occasion."

“There are significant knock-on effects for the entire office and commercial real estate sectors. Ultimately, choice is power, and our research highlights that businesses are constantly evaluating their options. This means that deliver great spaces and great experiences is imperative – otherwise, as our data proves, businesses will simply vote with their feet."

“It’s critical that landlords and workspace operators remain agile if they want to successfully meet the changing demands of modern working – namely, spaces that are dynamic, attractive and tech-enabled. Doing so can simultaneously improve tenant retention and futureproof their assets.”