Want to enter the co-working market? easyHub® could be the brand for you
The world of work has changed forever. With both small and medium-sized enterprises and corporates demanding increased flexibility, the flex space market moves from niche to mainstream and new opportunities are opening up. New locations. New types of buildings. New sizes.
New market entrants are creating new solutions to help businesses achieve greater flexibility and save money. In an era where the UK Teconomy looks set for an extended period of low growth, there are few markets that offer the prospects as attractive as flex space. But with explosive growth, how do new entrants cut through the noise and make a significant impact?
Introducing the flex space market
Since 2016, the UK flex space market has grown 25 per cent year on year and the market shows no signs of slowing down. With flex spaces used by both SMEs and now increasingly corporates, the market is estimated to increase to 8.5 per cent of all office space in the next three years, adding over 10 million square feet.
Companies now consider flexible working as a key part of their competitive advantage, rather than a last resort. But what’s driving this growth?
The rapid growth in the market is driven by the evolving nature of work and the shifting structure of the economy, widely supported by rapidly advancing technology. Flex space tends to offer short-term commitment alternatives to long-term leasing and upfront capital expenditure. This allows companies greater control of their costs, giving them the ability to scale up or down depending on their business objectives.
It’s not news that flexibility gives companies more control, but as more and more companies increasingly need flexibility, demand is at an all-time high. Online searches for the term ‘co-working’ act as a good insight into the demand for flex space and demonstrates a 1,000 per cent growth in search since 2014.
The new level of demand we’re seeing is having a huge impact on the flex space market.
Looking at the competition in the market, there has been significant change over the last year. As supply of flex space develops across the country, albeit at different rates, many new players have entered and have taken market share away from the top 10 operators.
In an interesting trend, most new entrants are from newly formed companies looking to maximise a potentially very profitable opportunity in the UK flex space market.
What we’re increasingly seeing is poor brand recognition across these new providers, with 53 per cent of the UK market made up of independent operators, classified by having less than three centres. These players must work incredibly hard to get their name heard in this fast-moving market.
A gap in the market for a well-known brand
The biggest opportunity in the flex space market is for a well-established brand to enter and make a significant impact.
Arguably one of the most recognised brands in the UK, which boasts a 98 per cent recognition rate, is the easy® brand. easy® is renowned for offering a wide range of franchise opportunities, such as easyGym and easyCoffee, but spotting a gap in the market, easyHub® was launched.
easyHub® is a co-working and serviced office business that provides all the main amenities for price conscious SMEs. With six easyHub® centres open already, easy® is proving that by using an established brand it is possible to cut through the market and grow rapidly.
If you’re interested in entering the co-working market and think an easyHub® centre is the right route for you, the company would love to work with you. Or if you have a space in mind that you believe could generate cash by being converted to an easyHub® space, get in touch.
At a glance easyHub®
Number of franchised outlets:
Location of units:
across the UK
minimum investment £250,000