Jacob Frydman on How Flexible Workspaces Affect the Office Market

Companies are embracing flex spaces partly to meet the needs of their workers and partly to ensure their own agility

New York, NY - May 15, 2019 /MarketersMedia/ —

Remote working is on the rise in today’s business environment, and is one of its major changes. This is possible thanks to the technology that allow people to move and work as they wish, at a level that couldn’t have been imagined some 10 years ago. The “gig economy,” a term coined to describe the explosion of independent contracting, has helped to popularize the concept of co-working spaces, igniting corporate interest in the hybrid solution known as flexible workspaces. The latest annual report from The Instant Group cites the United States as the world’s leading flex space market, with a supply estimated at 80 million square feet. Having delivered “sensational growth” in 2017, this segment is forecast to continue in the same vein, which inevitably poses the question of how the trend will impact the overall office market. Now that the shock of disruption has receded, both suppliers and tenants are starting to focus on the benefits while also acknowledging that the change in working styles requires of the environment to evolve, notes Jacob Frydman, a prominent real estate expert and consultant based in New York.

Companies are embracing flex spaces partly to meet the needs of their workers and partly to ensure their own agility in times of economic uncertainty or fluctuations in demand, Jacob Frydman explains. Frank Knight, a leading estate agency based in London (UK), has just released a report titled “(Y)our Space,” which explores factors driving occupational demand and draws on input from senior executives at 120 globally operating companies. The push for productivity has emerged as one of the five main themes in the workspace narrative, and real estate is considered a “strategic device” for businesses. However, the focus is no longer on cheap solutions but effective ones, and “the aim is now to increase productivity by strengthening the interaction between people and property via the creation of, and investment in, a positive, serviced and well-supported workplace experience.” This aligns strongly with another theme, which Frank Knight calls “space as a service.” As the report says, “The workplace is becoming a flexible business service that can actively support business growth, rather than a fixed and often (to the occupier) financially onerous physical product. This repositioning is alluring to the occupier and will become the demand default.”

The office evolution and its impact on the commercial real estate market were also addressed in an earlier report by the Urban Land Institute (ULI), which noted that the pursuit of greater productivity and the shift to smarter working were imposing new requirements on property developers. The focus on flexibility, innovation, and green design is leading to more companies seeking “curated, configured office spaces that boost productivity.” As a result, success for developers will be determined by their ability to combine design and efficiency and provide office spaces that cater to a workforce which no longer conforms to the 5-to-9 routine.

With more than 30 years of experience, Jacob Frydman is the Chairman and CEO of Frydco Capital Group and one of the leading experts in structuring, financing, and executing complex real estate transactions. He has been involved, either as an investor or adviser, in property deals valued at over $2 billion in total. The acclaimed professional shares his industry insights as a speaker and guest lecturer and is frequently invited as a commentator by major television channels such as CNBC, Bloomberg TV, and Fox News. Jacob Frydman served as a member of the Board of Directors of the Bardavon Opera House, home of the Hudson Valley Philarmonic, and supports numerous charitable organizations, among them the National Committee for Furtherance of Jewish Education (NCFJE), The Brem Foundation, and The Chabad of Duchess County.

Jacob Frydman - Blog - JacobFrydmanNews.com: http://JacobFrydmanNews.com

Jacob Frydman (@jacobfrydman) - Twitter: https://twitter.com/jacobfrydman

Jacob Frydman -- Huffington Post: http://www.huffingtonpost.com/author/jacob-frydman

Contact Info:
Name: JFN
Email: Send Email
Organization: JacobFrydmanNews.com
Website: http://www.jacobfrydmannews.com

Video URL: https://vimeo.com/jacobfrydman

Source URL: https://marketersmedia.com/jacob-frydman-on-how-flexible-workspaces-affect-the-office-market/512480

Source: MarketersMedia

Release ID: 512480

Latest News

Putin engineers shakeup that could keep him in power longer

Jun 3, 2020

MOSCOW — President Vladimir Putin engineered a surprise shakeup of Russia's leadership Wednesday, proposing changes to the constitution that could keep him in power well past the end of his term in 2024. Prime Minister Dmitry Medvedev resigned his post after Putin announced the proposed constitutional amendments. Putin kept his longtime ally in the Kremlin's leadership structure, appointing him to the newly created post of deputy head of the presidential Security Council. The shakeup sent shock waves through Russia's political elites who were left pondering what Putin's intentions were and speculating about future Cabinet appointments. Putin’s proposed constitutional reforms, announced...

Sultan Qaboos bin Said, who modernized Oman, dies at 79

Jun 3, 2020

DUBAI, United Arab Emirates — Oman’s Sultan Qaboos bin Said, the Mideast's longest-ruling monarch who seized power in a 1970 palace coup and pulled his Arabian sultanate into modernity while carefully balancing diplomatic ties between adversaries Iran and the U.S., has died. He was 79. The British-educated, reclusive sultan reformed a nation that was home to only three schools and harsh laws banning electricity, radios, eyeglasses and even umbrellas when he took the throne. Under his reign, Oman became known as a welcoming tourist destination and a key Mideast interlocutor, helping the U.S. free captives in Iran and Yemen and...

On streets of Tehran, relief for now at no wider conflict

Jun 3, 2020

TEHRAN, Iran — Iranian newspapers proclaimed the country's attack on U.S. forces in Iraq to be "a dark night for Americans," and Washington's "first admission of failure in history." On the bustling streets of Tehran, however, there was relief Thursday that neither side appeared primed for war. “War is not something like the ‘Call of Duty’ game," said Dara Shojaei, a 23-year-old architecture student. “It's not a game you can play to win. There's no winner.” But with the relief came some mixed feelings about how far Iran should go to avenge the killing of Revolutionary Guard Gen. Qassem Soleiman,...

Stocks rise as China confirms trade deal signing next week

Jun 3, 2020

NEW YORK — U.S stocks climbed in morning trading on Thursday as investors cheered confirmation from China that its top trade official will head to Washington next week to sign a preliminary trade deal. The “Phase 1” accord is the opening step on a possible path toward a broader agreement between the nations. President Donald Trump has said he will travel to Beijing after the initial signing to start the second stage of talks. Every major index is on track for a record as Wall Street distances itself from a bout of anxiety over the last week because of tensions...

Soleimani, a general who became Iran icon by targeting US

Jun 3, 2020

TEHRAN, Iran — For Iranians whose icons since the Islamic Revolution have been stern-faced clergy, Maj. Gen. Qassem Soleimani widely represented a figure of national resilience in the face of four decades of U.S. pressure. For the U.S. and Israel, he was a shadowy figure in command of Iran's proxy forces, responsible for fighters in Syria backing President Bashar Assad and for the deaths of American troops in Iraq. Solemani survived the horror of Iran’s long war in the 1980s with Iraq to take control of the Revolutionary Guard’s elite Quds Force, responsible for the Islamic Republic’s foreign campaigns. Relatively...

Search

Deck Biz is an intelligent platform providing international and regional business news updates. You won’t get these insights elsewhere other than Deck Biz.

Contact us: sales@deckbiz.com