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The impact of flexible working on European office markets

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Hot-desking, co-working, remote login, touchdown space… Flexible workspace is home to a large range of work concepts and an even greater choice of workplace-related terminology. New technology has brought mobility to the workplace and made a tangible difference to how many people work.

While there is no official definition for ‘flexible’ workspace, as well as greater flexibility for employees regarding the time and the location of their work, the term is also used to describe
the general change in the use of office space, which involves open-plan offices and hotdesking. Serviced offices started with a focus on cost-savings, a result of all-inclusive rents on a desk-by-desk basis, but another advantage quickly became apparent: housing similar or complementary companies together, fostered collaboration. Co-working space, which runs on a monthly membership, gained momentum in 2009 after the Financial Crisis, when the number of start-up companies, in particular in the Technology, Media and Telecommunications (TMT) sector, grew by 23% over the year. Start-ups required flexible office space at a low cost, which property owners were happy to provide, due to the increasing amount of space available on the market at that point in time, as traditional occupiers retrenched.

Source : AXA Real Estate

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