As more developments are put up, space is becoming more precious. With overflowing demand for new offices, the need to maximize space is becoming more evident. Central Business Districts such as Makati, BGC, and Ortigas currently have numerous serviced offices and co-working spaces that cater to freelancers, professionals, and small- to medium-scale enterprises. The market for this is less established office tenants who are looking for a permanent working address and the amenities of a fully operating office space.
As demand for office spaces near homes continue to grow, co-working spaces and serviced offices are seen to expand beyond the initial CBDs to areas with high population, labor force and existing presence of office developments within the area. Places such as Quezon City and the Pasay–Bay area are expected to have an inflow of co-working and serviced office spaces for 2018. In terms of selecting for work location, the current market, dominated by millennials, places more importance on accessibility and convenience over address prestige.
The trend within the millennial generation is a penchant for flexibility and freedom in terms of work, e.g. taking project-based work and part-time jobs to fit their target lifestyle. Freelancers traditionally do their work in cafés, tea shops, and other beverage stores. What makes co-working spaces attractive to this demographic is their flexibility in lease terms and their capability to maximize the full office setup, from conference rooms to high speed internet to free flowing coffee. As the millennial market breaks traditions, so does the office market in innovating itself.
Trend Watch: The rise of Grade A Serviced Office Spaces spearheaded by GreatWork
A Grade A coworking and serviced office space operating in Quezon City, GreatWork takes the office space setup, innovates, and brings it closer to the working force by positioning itself near their residences. Equipped with high speed internet, well-designed interiors, meeting and conference rooms, a biking area, shower room, and napping houses, it aims to provide comfort and convenience while boosting productivity. The future of the office sector is in shared spaces, and further innovations and service improvements are expected for it to continue.