Maximizing Office Spaces: The Continuous Growth of the Co-Working and Shared Service Market

PRIME Philippines Research and Advisory Group • April 18, 2018

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.

 

Tags:
maximizing office spaces, growth of co-working and shared service, office spaces near homes, co-working spaces, serviced offices
PRIME Radar logo

Get the latest real estate insights, events and news from our newsletter

Our Expertise

Whatever your real estate service needs may be, our expert team of dedicated professionals will deliver value beyond your expectations.

Find a Property

Browse our offered available properties. We have lots or spaces that suit your requirements.

Industry Insights

Secure your competitive edge with our insights spanning various industries and competencies.

Book a Consultation

Unsure about what you need? We can help.

Social Media

Talk to Us

For general inquiries:

[email protected]

For client concerns:

[email protected]

Recruitment and hiring concerns:

[email protected]

Press and public communications:

[email protected]

MANILA

Ground Floor, Pacific Century Tower #1472 - 1476, Quezon Avenue South Triangle, Quezon City, Philippines

DAVAO

Fourth Floor, Topaz Tower, Damosa I.T. Park, J.P. Laurel Avenue, Lanang, Davao City, Davao Del Sur, Philippines 8000

CEBU

Regus - Cebu, Park Centrale, 5th Floor, Park Centrale Building Jose Maria del Mar St, cor Abad St, Cebu City 6000

© 2013 - 2020 PRIME Philippines. All Rights Reserved.