Workspace: why the future is fluid

In my last few blogs I’ve set out my thoughts on where the business space market is heading. In this one I’m going to add one extra theme to my thinking – and also describe some new developments of mine where I hope to incorporate these ideas.

While the lockdown has put something of a dampener on the occupational market nationally, what we are certainly seeing at our “Depot” business centre Weedon Bec, which has 200,000 sq ft of space over 15 acres, is an acceleration of the trend for “agile space” – with flexible leases and the potential for enterprises to expand or contract quickly as their circumstances dictate.

Equally, companies are looking to increase occupational densities, in order to reduce overheads and exposure in an uncertain market – and are now far more relaxed about letting staff work part of their time at home. The technology to meet virtually and collaborate remotely is has suddenly become mainstream. 

There is also plenty of evidence to suggest that younger people are far more attuned to working in a less structured way – in cafes, at home, on the tube – than their older managers, preferring a very different work/life balance. They also want to work in more congenial surroundings. And they certainly don’t want to be doing long commutes which keep them away from home.

So shared workspace – enabled by technology that allows people to book desks, workspaces or meeting rooms, remotely – will radically reduce overall requirements. Critically, the sort of space businesses will be looking for will not just comprise serried ranks of desks, but contain the huddle spaces, coffee bars and break out areas where the important work is often achieved: collaboration.

Equally, the old concept of “uses” is rapidly being eroded. At The Depot, a huge range of different occupiers works in adjoining spaces – from tech companies and craft businesses through to retail operations and even a microbrewery. Everyone is feeding off the vibe of a mixed-use business community.

Changing times, changing uses

And that’s where my investment is now going: space which can be used far more fluidly to meet the needs of today’s businesses, and where “categories” don’t really matter. Regardless of your business, you may well prefer to work in a converted warehouse, chapel or cotton mill than a conventional office or industrial unit.

For example, I recently acquired an empty, unloved retail unit right in the heart of Gloucester, steeped in character and right next to the train and bus station. Plans for the available 60,000 sq ft are now being drawn up to incorporate a buzzing co-working space for companies able to choose anything from a single desk to an entire floor. It will have space for a leisure and food area that will double up as an entertainment space from time to time – helping to attract the talented staff that look for an inspiring place to work.

Applying the principle of “core and flex” will allow businesses unsure of the future or dependent on short term or seasonal contracts to minimise their costs.

Also currently being refurbished is Building 17 at The Depot, Weedon Bec – part of the 200-year-old former army stores and barracks I own right in the heart of the Midlands. Some 18,000 sq ft are on offer here – again from a single desk through to an entire floor of a Grade II listed building steeped in character.

Slightly more prosaic is International House on Canvey Island – a former industrial unit that is being repurposed for co-working spaces. More tired business units in Stourport are being given a new lease of life too.

These and a few others currently being acquired will be the start of a new venture for me – “Co-Lab Smart Working”: born in 2020, the year when the way we worked changed forever.

I'd love to hear your thoughts… and if you’d like to talk to me directly about any of these developments, do message or call me.