New York, NY, Dec. 04, 2020 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Flexible Office Market By Space Providers (Big Brands and Independent Brands), By Offerings (Private Offices, Virtual Offices, Co-working Spaces, and Others), and By Verticals (IT & Telecommunications, Retail & Consumer Goods, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2026”.
According to the research study, the global Flexible Office Market was estimated at USD 32 billion in 2019 and is expected to reach USD 107 billion by 2026. The global Flexible Office Market is expected to grow at a compound annual growth rate (CAGR) of 18% from 2020 to 2027.
Global Flexible Office Market Is Mainly Driven By Growing Number of Small and Medium Enterprises Along With Improved Visibility of Organizations and the Reduced Overhead Costs for Corporations
Flexible office space is referred to as a shared office space. It has the potential to provide businesses with reasonable solutions and the opportunity of implementing versatile space solutions. This type of office space is equipped with telephone lines, desks, chairs, and a setup that enables employees to work from home to provide experience for a few hours, weeks, or months of working in a physical office simulation.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
With the rapid digital transformation journey, there is an increasing number of freelancers in the industry as they have encountered a shortage of skilled workers. Thereby, it has led the demand for freelancers from various verticals including IT & telecommunications, retail, consumer goods, and media & entertainment among others. As a result, it is significantly influencing the demand for flexible offices among them and anticipated to offer lucrative opportunities to the space provider such as big brands and independent brands. Besides, a rise in the establishment of small & medium-sized companies along with the development of start-up companies in urban centers will dramatically contribute to the overall market increase during the forecast period.
During the upcoming years, the rise in globalization along with the progressive technological development is projected to boost demand for the worldwide flexible office market. Furthermore, with the low rent of spaces and a significant number of tenants who prefer flexible spaces landowners are evaluating or reconsidering the option to open co-working spaces. This will further drive the growth of the market during the forecast timeline. However, lack of engagement may get difficult for the higher authorities to manage which may restrict the market development in the coming years.
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Top Market Players:
- Croissant Inc.,
- Dav Inci Virtual,
- Greendesk LLC,
- LiquidSpace Inc.,
- Office Freedom Limited,
- Regus Group Companies,
- Serendipity Labs,
- WeWork Companies Inc.,
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Global Flexible Office Market: By Space Providers Analysis
- Big Brands
- Independent Brands
Global Flexible Office Market: By Offerings Segment Analysis
- Private Offices
- Virtual Offices
- Co-working Spaces
Global Flexible Office Market: By Verticals Segment Analysis
- IT & Telecommunications
- Retail & Consumer Goods
- Media & Entertainment
Flexible Office Market: Key Segments Analysis
On the basis of space providers, the worldwide Flexible Office market can be segmented into big brands and independent brands. In 2019, the big brands’ segment represented the major chunk of the flexible office market. Small companies and MNCs leverage hybrid practices to develop their expertise and collaboration retention. The usage of flexible spaces has been a global trend and will continue to gain momentum from app-based resource sharing to reception-free entries. This can be due to the continued importance of the major brand and renowned organizations on the well-being, culture, and work-life balance of workers.
The flexible office market is further fragmented based on types of flexible office that includes co-working spaces, virtual offices, private offices, and others. The private office segment had accounted for the largest market share. Since the last five years co-working has become a growing trend and also one of the most commonly adopted trends in both developed and developing economies. In terms of vertical, the global flexible office market has been bifurcated into IT and telecommunications, media and entertainment, retail and consumer goods among others. The IT and telecommunications segment is estimated to register the highest market share in the next few years owing to the longevity of offices with rent roll co-workers is becoming different from conventional offices.
Flexible Office Market: Growth Drivers
- Rise in the number of startups & SME’s to spur the market growth
- The need for a flexible workplace has increased for the startups
- Rise in self-employment with freelance industry growth gaining momentum
Browse the full “Flexible Office Market By Space Providers (Big Brands and Independent Brands), By Offerings (Private Offices, Virtual Offices, Co-working Spaces, and Others), and By Verticals (IT & Telecommunications, Retail & Consumer Goods, Media & Entertainment, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027″ report at https://www.fnfresearch.com/flexible-office-market-by-space-providers-big-brands
Retail & consumer goods segment to record the highest CAGR over the forecast period
The retail & consumer goods segment is projected to register the highest CAGR of approximately 17.5% over the forecast timeline. The growth of the segment is credited to the longevity of service-oriented retail features. Moreover, retail service providers or retail operators have long-term liabilities along with short-term cash flows. Both the retail service provider & retail operators offer a flexible space to the users. This will prompt the segmental growth over the forecast timeline.
Flexible Office Market: Regional/Geographical Analysis
Based on geography, the worldwide flexible office is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further classified into countries such as U.S., Canada, Germany, U.K., France, Brazil, China, Japan, Egypt, and Saudi Arabia amongst others. In 2019, Europe held the major market share. In the United States, the Market prices are very expensive. Co-working soon infiltrated the flexible workspace market of main US cities and now, in Los Angeles, San Francisco, New York, and Chicago, an average 38 percent of the space. The market growth rate in each of these cities has grown more than 20% over the past few years. The Asia Pacific region is projected to be the fastest-growing region in the global flexible office market owing to an increase in the number of co-working centers and other types of flexible office spaces.
Europe to dominate the regional market revenue share during the forecast period
The growth of the market in the region is credited to the low costs of flexible offices in countries like the UK, France, and Germany. Apart from this, the presence of giant players like Regus & Servcorp in the region will further boost the regional market growth trends.
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