MANILA – Real estate service provider Santos Knight Frank, Inc. sees the flexible workspace arrangement as the next big growth driver of the Philippine property market.
Santos Knight Frank director for occupier service and commercial agency Francis Goño said a significant growth in flexible workspace sector is expected in the coming years as other property developers are also beginning to venture into this kind of business, while third-party co-working space providers are also opening their operations in the country.
Santos Knight Frank said there are more than 110 co-working locations operating in Metro Manila alone.
“Flexible workspace is a ‘sunrise idea’ in the Philippines,” said Santos Knight Frank chairman and chief executive officer Rick Santos.
“While a number of multinational companies with local offices have converted to flexible workspace to increase productivity, the concept is yet to be adopted by most local corporations. This presents local pioneers with a vast opportunity to reap the benefits of an optimized workplace,” he added.
Knight Frank global head of occupier research Lee Elliott mentioned that the demand for flexible workspace will shape the global property market within the next three years.
Elliott said around 1.7 million in global workforce are using co-working spaces.
In its survey, two-thirds of companies said co-working, serviced, and flexible office space comprise 5 percent of their current working space.
It added that 69 percent of global corporations plan to increase their utilization of co-working spaces, and 80 percent expect to grow the amount of collaborative space they use over the next three years. (PNA/PN)
