Sirius Sirius Real Estate

 

Coworking is both the future and the past. You would think that with seemingly every commercial real estate company making a move into coworking and trying to be the next Silicon Valley unicorn, that it’s a recent trend which has been brought on by a digitally-focused, new working generation. But this is not the case. While coworking undoubtedly has increased in popularity over the past few years, we at Sirius have been offering coworking spaces for eight years, and in my view, this is a trend with even older roots – right back to the 1980s and 90s. As telecommunications and IT technology has improved and converged, so has the ability to cowork, and people have increased the opportunities to be more productive.

According to the GCUC (Global Coworking Unconference Conference) forecast, the number of people coworking will surpass 5 million in 2022 - more than double the current number (2.3 million) - so there is a significant need for the coworking space to grow in the immediacy to accommodate such a boom. As a diverse holder of many commercial real estate properties, including five coworking offices around major cities in Germany, the investment in these spaces is an integral aspect of Sirius Real Estate’s market strategy moving forward.

Evolution of the workplace

The in-the-office, 9-to-5 workday is over. As a consequence of improvements in technology and increased mobility of travel, your office no longer needs to be your destination for work. You can work from wherever you are in the world, day or night. Many companies have adjusted to this new way of working, including Sirius with our approach to flexible working. This has resulted in more and more large companies investing in coworking spaces rather than putting capital into a fixed office space.

And employees are more productive when they are operating from a flexible working space. According to Marketplace for Flexible Work research, 71% of users agreed that their workspaces have a positive effect on how they engage with work, with four in five citing higher productivity levels and engagement. And we abide by the freedom of flexible working at Sirius, which has contributed to the company’s strong shareholder returns (17% in 2017/18) – the highest for a main market listed real estate company traded on the LSE. We know that as a growing business, our flexibility through time zones, languages and cultures is key for our people and for our success. This is as true for our tenants as it is for companies right across the world.

Making a coworking space work for your business

For me, the beauty of a coworking space is that you can make it work for your business no matter what size or investment level you’re willing to make in your workspace. For bigger businesses with a large, established HQ, coworking spaces can provide necessary auxiliary sites for your employees. Or if you run a small business, the flexibility in membership of a coworking space and ability to collaborate with like-minded professionals are key advantages. The coworking spaces themselves buck the traditional office environment – without stuffy cubicles or creativity-killing meeting rooms. Employees and business are inspired from the space, feeling the energy and inspiration of others.

So with increased flexibility, productivity, employee engagement and a potential reduction in fixed costs, does the rise of coworking spaces signal an end to the traditional office environment? Time will tell of course - but at the moment here in Germany, tenants aren’t necessarily looking for one model to replace the other. They are, however, welcoming the arrival of a viable and innovative new workspace which adds to the options they have to choose from.

Visit our website to find out more about how we’re supporting businesses in Germany with a range of conventional and flexible workspace solutions: Sirius-Real-Estate.com

 

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