Think we’ve reached peak flex? Think again.
In the offices market, flexible workspaces have been responsible for the biggest headlines of the past year. WeWork’s expansion has been the driving force, though the acquisition of The Office Group by Blackstone bagged acres of coverage too.
Soon there will be another new player in town: Convene.
The meeting space and flexible workspace provider is already well established in the US and is backed by Brookfield Property Partners. It is hunting for five or six initial centres of between 40,000 sq ft and 60,000 sq ft around central London. That requirement will soon double and be replicated in other global, gateway cities.
Conference disruptor
As well as challenging WeWork and TOG, its offer could also disrupt London’s conference space business.
Flexible workplaces and space as a service may have a long history as serviced offices but their current iteration is a more recent phenomenon. Fast growing, yes, but also diverging.
For Convene, co-working is only a part of an offer that runs from design and tech to food and beverage, and events spaces. TOG sees itself as a “home to one of the most creative, exciting and forward-thinking working communities in the UK”. WeWork, meanwhile, famously defines itself as a tech business. Growth through differentiation is a sign of maturity in the sector.
Where there is convergence, though, is in the gravitation of major players to the sector. Blackstone and Brookfield – two of the world’s biggest real estate investors – are there. WeWork, one of the fastest growing, is too.
Peak flex? Not a bit of it. Expect plenty more headlines to come this year too.
■ The EG Awards 2018 are open for entries. We have new categories and, once again, some seriously impressive judges. You wanted an award to reflect to the rise in the alternatives sector, so we’ve delivered that. Given the focus on diversity and efforts made to draw upon a wider talent pool, we’ve introduced an Employer of the Year category. And with the pace of change in the industry accelerating, we’ve added a Future of Real Estate Award.
Don’t worry, there are plenty of categories that reflect the importance of core agent and propco activity too.
And as for those impressive judges, if you want a sneak preview, we have created a page that we are adding to all the time. We’ll feature all the judges in EG in the next few weeks but rest assured your peers, your clients and the influencers you would want to cast an eye over your work are there.
To enter and for more on anything awards-related go to the EG Awards page.
Sleath on inclusivity
■ David Sleath has written a powerful column for us this week, available in full on the EG website. The SEGRO chief executive makes some compelling points about the need for “permanent, positive change” on diversity, inclusivity and, in some cases, behaviour.
“We must make a step change in how we address the fundamental lack of diversity and create a truly inclusive industry, reflective of our broader society. We must be totally committed to recruiting from non-traditional property backgrounds. We must ensure that ALL our colleagues, at every level, receive the training and support that best maximises their individual talents. We must create cultures that are truly inclusive. We must educate where needed – taking time at moments such as this to address issues and make sure we learn from them.
“Each one of us – individuals and corporate citizens – should step up.”
He’s absolutely right.
To send feedback, e-mail damian.wild@egi.co.uk or tweet @DamianWild or @estatesgazette
