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How far behind the curve is the commercial real estate industry? The growth of ‘flex’ space and its implications for CRE
Flexible workspaces and technology are driving considerable growth in the commercial real estate sector, with more than 35 per cent of office activity driven by flex space in London last year, for example. But is it really representative of systemic change and what can we learn from other sectors? This paper looks at examples from other sectors to assess a move from businesses focused on asset management to the provision of services, driven by customer demand and increasing digitisation. This paper debates whether flex space is CRE’s own transformative moment, which will demand that landlords becoming increasingly service-orientated and operators more sophisticated in their market offer.
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John Williams is CMO at the Instant Group, responsible for research and insight. A former journalist, he has worked in the property sector for more than 15 years for a variety of companies including Knight Frank, Land Securities, Brookfield, Sotheby’s International Real Estate and Rightmove. John has spoken at conferences around the world on the subject of flexible workspace and co-working including Corenet, MIPIM, Worktech, GCUC and the JP Morgan Real Estate Conference.