Service: Agency | Sector: London Offices | Contact: Patrick Ryan
The projected growth in co-working across London taps into how businesses are responding to the current economic and political uncertainty. This, coupled with new businesses’ desire to touch down without the aggravation of complex ‘long’ leases and the frustrations of connectivity and fitting out, simply fuel the demand.
Even global corporates such as Facebook are endorsing co-working offices by using them as ‘swing space’ and the convenience created by such an arrangement is likely to see more blue chip occupiers following this trend.
However, as a firm acting for both for landlords and occupiers, we are live to comments from companies who have turned away from co-working buildings or don’t feel that it would suit their business culture.
We’ve heard soundbites like, ‘’the working environment is distracting’’, ‘’we noticed a decline in productivity’’ and it was ‘’hard to concentrate’’. Some financial and professional sector occupiers mentioned that they considered a co-working environment but it didn’t provide the level of privacy or ability to book meeting rooms that was essential for the way they operate.
Businesses are constantly seeking to create their own distinct culture and yet co-working appears to create a ‘one size fits all’. It’s hard for companies to personalise their working environment and the culture of a company is keeping existing employees and attracting new ones, which a co-working environment can sometimes unsettle.
There is often a perception amongst prospective employees that some companies in co-working space are still figuring out the next steps, whilst going to a conventional office, creates the perception that business is stable and ‘here for the long haul’.
Co-working is here to stay but there a large number of occupiers for whom the ability to have ‘their own front door’ and the stability and culture that they can create behind it, will always be key.