Over time, there has been an increasing demand for comfortable and easy setup at workplaces such that a single room can be changed based on the requirement from time to time so that the chairs or other materials in the office can be moved and changed based on the need of an hour. For instance, with the breakout of COVID-19 and the extended lockdown that followed up most of the companies remained shut, due to which the companies provided a work from home option to all of their employees so that the company can run smoothly and thereby, increasing the demand of flexible workspace materials such as tables, chairs and other accessories so that a working individuals can work comfortably from their homes. Some of the companies have even provided other necessary arrangements so that the employees achieve their target with a comfortable home set-up which makes one feel like they are in the office. Flexible workspace is an on-demand market as most of the companies are adapting towards a free and open workspace so that everything in the office or home office can be rearranged based on the companies need or the employee’s comfort. Flexible workspace provide multiple options for the company holders as a single room can be used for multiple things just by changing the placement of the furniture.
According to a statistical, in the year 2019, there were around 6,293 flexible workspaces in the United States which shows the progression of the market and how various countries are adapting towards such flexible workspaces. The Asia Pacific region is one of the largest co-working regions in the world and hence, co-working requires flexible workspace as different professionals come together to work and each of them have to carry out different tasks at work which calls for a flexible workspace. Construction of new companies as well as renovations of existing companies is propelling the in-build of flexible spaces within the work environment and with the advancement of everything virtual, there is going to be a rising need for flexible workspaces globally. A flexible workspace can enhance the look of a company even if it is small or too big as the office can be readily as well as easily arranged as everything in it can be rearranged and easily movable. On the whole, the market has shown a high progress and is expected to grow continuously in the future as the flexible workspaces add more opportunities for a company as well as cut-down costs. Flexible workspace market is growing globally as new corporate and start-up companies are opening everyday with more open-minded individuals who can work in a stress free and easy to change workspace.
Several flexible workspaces include office, home among others. Among the various end-use places, the office segment has been escalating the market growth till 2019 as people used to work in offices and setting up office space for different needs such as interviews, client calls, committees, programs, social activities, among others was comfortable. With the covid-19, people have been working in homes and this work from home setup is expected to grow as companies think it as more productive and therefore, home office set-up end use may rise in the upcoming years.
Most of the companies that manufacture flexible workspace furniture as well as other services are focusing on more production as per the demand as they can be easily carried and moved around within the offices. Increasing adoption by corporate companies towards flexible workspace is increasing the need for manufacturers to add more products and accessories into the product catalogue. The rise in demand for flexible workspaces is encouraging various manufacturing companies to invest towards providing flexible workspace furniture for the corporates as there is a high adoption rate towards the need for a flexible office space. The manufacturing companies are providing more improved flexible workspace options even for small as well as large companies as well as co-working spaces. Some of the key players that manufacture flexible workspace include Herman Miller Furniture, Urban Office, WeWork Companies Inc., Awfis Space Solutions Pvt Ltd., Servcorp Limited, Bizspace Limited, IWG plc., Haworth, Garage Society and The Great Room Offices.
Trends and Future Outlook:
- In the year 2021, between January and June corporates that are looking for flexible workspace rose by 73% owing to its cost-effective for the companies.
- According to a report, post COVID-19, especially in city centers and suburbs, the flexible workspace demand is going to increase between 10-15% especially in India.
