Driven by recent labour reforms, flexible offices are increasingly popular
・As of the end of March 2020, the flexible office market in the Tokyo metropolitan area covered a total of approximately 176,000 tsubo (581,000 sq. m.) of space located in 976 separate properties.
・Of these, some 191 flexible offices, with a total floor area of 75,000 tsubo (248,000 sq. m.), are located in buildings covered by CBRE’s office market index surveys. This equates to 1% of the total office floor space in the 23 wards of Tokyo.
・The ratio of new coworking office floor area to total office take-up in the Tokyo 23 wards has been rising every year, reaching 3.9% in 2019.
Flexible offices take different forms depending on their purpose
・Flexible offices’ characteristics and configurations differ by location. While larger properties tend to be found in city centres, smaller properties are more common in suburban areas.
・This is due to differences in target users and purpose of use. CBRE has divided flexible offices into two categories, depending on purpose of use: “enterprise-solution” and “shared office suite”.
Further strong growth is predicted for flexible offices
・Flexibility in terms of location and time is increasingly demanded among office-based workers. The spread of COVID-19 has served as a catalyst to further accelerate this evolution.
・The coming years will see corporations looking to include not only standard leased office space in their office portfolios, but also a variety of other workplaces, including but not limited to flexible offices.