Co-working industry will expand to a projected 5.1 million members by 2022

The evolution of tech has changed the way we do simple day to day tasks, but perhaps, more importantly, it has changed the way we do, access and set up businesses. And it seems the impact it’s had on business in the UK is beginning to change the face of the residential property sector.

Once upon a time, the home was where you lived and work was largely saved for the physical workplace. However, cost and technology advance allowed for the introduction of mobile devices and cloud networks to name just two benefits, so work can now be easily accessed, set up and carried out remotely. As such, the trend for remote and flexible working has grown so significantly that, based on ONS statistics from 2012 to 2016, it is thought that around 50% of the UK workforce will be working remotely by 2050.

However one of the reported concerns with remote working is that whilst it offers freedom – of where and when you work - it can be lonely, particularly for the self-employed. So arose the introduction and booming popularity of co-working spaces – bringing people together to collaborate on projects and share ideas by creating dynamic, close-to-home sites and fresh, energetic environments. For forward-thinking start-ups and fast-growing companies, not to mention established brands like PwC and Microsoft, co-working spaces offer the flexibility to scale quickly and seamlessly while also removing the pressure and cost of supplying the necessary infrastructure.

Also known as 'space-as-a-service', there are further substantial reasons behind the rising momentum of co-working spaces. According to a survey of 'co-workers' by Visual Capitalist, the highest-ranking benefits of the model include:

Social and enjoyable atmosphere (59%)

Interaction with others (56%)

Community (55%)

Proximity to home (51%)

Like-minded people (47%)

The Grand Exchange

It's these benefits for professionals that are suggesting the co-working industry will expand to a projected 5.1 million members by 2022. Where this is now filtering into residential property is within the new era of apartment and amenity development, designed to cater to this new way of living and working. Remote workers may not want to work from their lounge or bedroom, however, proximity and accessibility are important, so developers have begun to respond to this requirement by introducing communal, co-working spaces into developments, creating much sought-after value for tenants and investors alike.

Whilst they may not profit from using the space this way, it is turning out to be a key selling point for future tenants and, subsequently buyers. One example of where this is happening is within SevenCapital's recently launched 'The Grand Exchange' development in Bracknell, which offers a co-working space, as well as a bookable, private dining room designed to host a larger number of guests.

Andy Foote, director at SevenCapital says: "Tenants, especially those living and working in central urban areas, are increasingly looking for convenient, flexible amenities. We've already seen private residents-only gyms become more commonplace, now with the growing numbers of remote workers, start-ups and self-employed workers looking to operate in spaces outside of their home, but without expensive overheads, we're starting to see demand for purpose-built co-working spaces within developments too. Places, where they can easily get to, can interact with their neighbours – which creates a sense of community – and where they can invite partners and colleagues to meet them without inviting them into their homes. So developers willing to adapt and cater where this need arises will ultimately come out on top."