Construction + Economy, Lighting Industry

The Traditional Office Is Rapidly Being Replaced By Co-Working Spaces

A previous LightNOW post discussed the shift of offices from downtowns to suburbs, a significant reduction in downtown office occupancy, and the conversion of office buildings to residential use. There is another significant trend in office spaces. 39% of prospective office tenants report they either already use co-working spaces or are considering using co-working space solutions for their employees.

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Yardi Kube, a co-working management software company, released a survey of more than 1,100 prospective office tenants. Cost savings is the main reason for leasing flexible workspaces. 47% of respondents indicated they would require no in-office attendance or at most 2 days per week for their teams.

Office tenants have rapidly shifted towards remote and hybrid work arrangements after the onset of the pandemic, sending vacancy rates to all-time high levels across the U.S. Remote work, or work from home, has dominated the workspace landscape for the past two years, but many organizations are now making a move towards bringing employees back to the office, an adjustment that must take into account changing workforce expectations. Those working remotely have enjoyed no commute times, a flexible work schedule, extended family time and a more comfortable environment, among other work-from-home benefits.

Flexible workspace solutions have been getting a lot of attention as corporate America adapts to employee requests for hybrid work. Organizations across the country are reconsidering their office space needs while trying to provide their employees with a traditional workspace that fosters collaboration and empowers productivity.

The percentage of companies planning to return to the office full-time and those planning to work fully remote is almost the same, 34% and 35%, respectively. This means that the return plans for companies differ, and each company’s needs are important when considering the ideal office solution and work dynamic. Another 12% of companies are leaning towards some of the time (1-2 days) and 19% towards most of the time (3-4 days) in office.

How do you think the growth in co-working space will impact lighting products specified? Will it have other impacts on the office lighting market? Please share your thoughts below in the comment section.

The full article about the Yardi Kube survey can be found here.




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