NOVEMBER 1, 2019, ATLANTA, GA – A majority of corporate real estate professionals polled at CoreNet Global Summits in North America, Europe, and Asia throughout 2018 and 2019 believe in coworking and expect it to be a growing trend, according to a report published by Cushman & Wakefield.
“We’ve seen coworking grow dramatically over the last several years, and we expect that to continue,” said Tim Venable, Senior Vice President at CoreNet Global. “The sector will face issues including maximizing cost efficiency and maintaining a corporate culture across many locations. As that happens, coworking will continue to be a major force shaping corporate real estate.”
Across all global regions, the top two benefits are flexibility (i.e., the ability to quickly ramp portfolio up/down) and reduced real estate costs.
Digital security is the most commonly cited potential downside in each region but is much more salient in EMEA with 70% of respondents selecting this as a concern (vs. 54% of Americas and APAC respondents). Approximately half of all respondents indicate decreased company culture and cohesion and personal privacy are the main downsides of coworking.
“The results show that corporate leaders have a generally positive view of coworking and see flexible space as a growing part of their occupancy strategy,” said David C. Smith, Americas Head of Occupier Research at Cushman & Wakefield. “The percentage of employees with access to flex space is on the rise, and companies increasingly see this as part of a broader solution.”
CoreNet Global gathered corporate real estate (CRE) executive feedback on their organizations’ experience with and perceptions of the coworking sector. Responses were collected from attendees at the 2018-2019 CoreNet Global Summits in Boston, Madrid, and Hong Kong. Global and regional corporations headquartered around the world are represented by the 579 responses collected.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation, and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About CoreNet Global
CoreNet Global is the world’s leading professional association for corporate real estate (CRE) and workplace executives, service providers, and economic developers. CoreNet Global’s more than 11,000 members, who include 70% of the top 100 U.S. companies and nearly half of the Global 2000, meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally. For more information, please visit www.corenetglobal.org or follow @CorenetGlobal on Twitter.