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IN THE NEWSApril 19, 2021: WeWork Companies LLC announced that it has signed an agreement with one of the leading real estate companies in Israel, Ampa Group. The deal would allow WeWork to expand its operations in Israel.
November 24, 2020: Jones Lang LaSalle, IP, Inc. announced that it has signed a Vested agreement with bp to transform its workplaces globally. JLL has been associated with bp for over a decade, and the deal would allow JLL to meet the Net Zero Carbon ambitions of the latter.
The global flexible space market is estimated to garner a significant revenue of USD 41,069 Million by the end of 2028 from USD 27,860 Million in 2019, by growing at a notable CAGR of 16.76% over the forecast period, i.e., 2020 – 2028. The growth of the market can be attributed to the growing demand for gig workers across organizations worldwide, backed by the increasing emergence of start-up companies, along with the rising need amongst organizations to expand their business operations beyond their local geographies. Moreover, the growing number of establishments worldwide, along with the focus of the governments of nations to promote ease of business, are also anticipated to contribute to the market growth. According to the statistics by the United States Census Bureau, the total number of firms in the United States grew from 5,734,538 in 2010 to 5,996,900 in 2017. Additionally, the total number of establishments grew from 7,396,628 to 7,860, 674, and employment in the nation grew from 111,970,095 to 128,591,812 in the same period.
Additionally, increasing trends of space-as-a-service business models, along with the increasing expansion of the e-commerce industry, are some of the significant factors anticipated to drive the market growth during the forecast period. The share of online retail sales out of the total retail sales around the world, owing to the COVID-19 pandemic, grew close to 20% in the year 2020. Moreover, the e-commerce sales around the world grew by around 4% to reach a value of USD 27 Trillion approximately in the year 2019 from 2018. The global flexible space market is further anticipated to cross USD 15,000 Million by the end of 2021.CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global flexible space market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to witness the highest market share of 34.10% and attain a market revenue of USD 14005 Million by the end of 2028 primarily on the back of growing demand for commercial spaces from businesses in secondary and tertiary cities in the region. Owing to the growing commercial property prices in major metropolitan cities across the region, along with the rising need to lower the commutation time of the employees, businesses are opting for the expansion of their businesses to the secondary and tertiary cities. The commercial property price index value in the U.S. grew from around 130 in the first quarter of 2014 to around 185 in the fourth quarter of 2019. On the other hand, according to the American Community Survey of the United States Census Bureau, reported that in the year 2019, the average one-way commute in the U.S. increased to a new high of 27.6 minutes. The data also reported the average travel time to work for workers over 16 years and those who did not work from home in some of the major metropolitan areas, such as New York-Newark-Jersey City, Los Angeles-Long Beach-Anaheim, Chicago-Naperville-Elgin, Dallas-Fort Worth-Arlington, and Houston-The Woodlands-Sugar Land, among others to be 37.7minutes, 31.7 minutes, 32.4 minutes, 28.6 minutes, and 30.7 minutes respectively.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global flexible space market is segmented by type into flexible office space and flexible warehouse space. Out of these, the flexible office space segment is anticipated to hold the largest market share and further attain a revenue of USD 38150 Million by the end of 2028. The segment is further divided into office type, room service and end-user vertical. The virtual office segment, under the office type segment is further projected to hold the largest market share and reach a market value of USD 4271 Million by the end of 2021. Based on room type, the market is divided into meeting/conference room, training room, common space, deposition room, and others, out of which, the common space segment is anticipated to grow with a significant CAGR throughout the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global flexible space market for flexible office space that are included in our report are WeWork Companies LLC, Jones Lang LaSalle, IP, Inc., IWG plc, Colliers International Property Consultants, Inc., Deskpass Corporation, LiquidSpace, Inc., Davinci Virtual, LLC, JustCo Management Pte. Ltd., Techspace, and others. The report also includes details of the prominent industry leaders in the market for flexible warehouse, which include Cubework, STORD, Inc., Ware2Go Inc., Flowspace, Inc., Stowga (Warehousio Ltd.), Clutter, Inc., FLEXE, Inc., and others.
FREQUENTLY ASKED QUESTIONS
Growing number of organizations worldwide, along with the rising trends of ‘Space-as-a-Service’ model are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 16.76% over the forecast period, i.e., 2020-2028.
Increasing preferences for work from home is one of the major factors estimated to hamper the market growth.
The market in Europe is anticipated to display significant business opportunities in the future.
The major players in the market are WeWork Companies LLC, Jones Lang LaSalle, IP, Inc., IWG plc, Colliers International Property Consultants, Inc., Cubework, STORD, Inc., Ware2Go Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type and by region.
The flexible office space segment is anticipated to hold largest market size by attaining a revenue of USD 38150 Million by the end of 2028, and display significant growth opportunities.
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