This page contains a Flash digital edition of a book.
Workplace


A shifting landscape Coworking thrives particularly where there are clusters of start-up businesses and especially where these are active in the key creative and digital sectors. That is just one of the reasons why the new world capital of coworking may well be London. A report published earlier this year by property consultants DTZ found there was an upsurge in coworking space worldwide and that the total global market would hit 50,000 spaces over the next three years. However, the market is clearly focused on key urban centres and especially those linked with telecoms, media and technology start-ups. London already has around 1,000 coworking locations across the city and this is why the seemingly unstoppable global coworking juggernaut that is WeWork is so focused on becoming the major player in London’s commercial property market. The other main reason London is such a hotbed of coworking is because of its current ‘perfect storm’ of conflicting market forces that are making it both an attractive and problematic location for the sorts of businesses drawn to coworking space. For all that workstation sizes are shrinking, and that firms are reducing and divesting the space they occupy, demand for commercial property in the capital is consistently outstripping supply, driving up rents and forcing firms to make harsh decisions about where and how they work. The problem is exacerbated by the new office-to-residential planning freedoms which are further depleting the availability of office space in key locations. These disruptive forces were encapsulated in a CoreNet global study published over the summer 2015. The report claims that coworking spaces are having a major effect on local property markets and are particularly attractive to occupiers from specific sectors such as those in digital fields where flexibility and an ability to network with like-minded businesses are key drivers of success. How this can play out is evident in the digital enclaves of East London right now. While it’s important for firms in the creative and tech sectors to have access to a strong pool of talent and related businesses, the hothousing of start-ups in the tech area in Shoreditch has created a situation in which rents have risen to the same levels as prime locations in the West


End and The City. Under those conditions firms are looking either to relocate to nearby districts to the north and east or for new ways of occupying office space.


Growth phenomenon Enter the coworking phenomenon, and in particular specialist firms like WeWork alongside traditional serviced office providers who are evolving their own business models to take advantage of the new realities. In the course of last year, WeWork opened the UK’s largest coworking space, in Moorgate, and sought to quadruple the commercial property it occupies in London to 1.5 million sq. ft. In late November, it duly announced three new locations to add to its six existing properties in London. What this is telling is not just the size of these acquisitions but their locations; City Road, Waterhouse Square and Docklands are all in the East of London, emphasising not just the markets that coworking providers are targeting but also the general and ongoing shift of London’s epicentre eastwards. Of course this is not just a phenomenon restricted to London. Coworking spaces are springing up all over the country. Often the drivers for their location and use are familiar from those in the capital: the need to have consumable office space for techs and other start-ups, situated squarely in the deep end of a talent pool, with flexible, low cost arrangements and the sorts of surroundings attractive to these sorts of firms. The influence of the design of these





Coworking thrives particularly where there are clusters of start- up businesses and especially where these are active in the key creative and digital sectors


’ FACILITIES 59


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160