Key Takeaways from Preferred’s 2023 Partner Survey: The State of Flex

Today’s workplaces are in a historic state of transition — it’s no longer enough for organizations to require 9-to-5 attendance and rely on one-size-fits-all cubicle farms to encourage employees’ best contributions. Modern companies need vital, vibrant, collaborative spaces where workers can come together with intention and inspiration. 

The flex space industry is leading the charge in offering organizations meaningful workspace solutions. Preferred Office Network is comprised of these industry leaders: flexible workplace operators who are helping to reshape how, when, and where we work and to provide companies with purposeful ways to meet their employees’ real demands for more flexibility and agency over their day-to-day lives. 

In our annual State of Flex Survey Report, we strive to get to know the operators in our network better: what drives them to succeed, what challenges they are facing, and how they are serving their clients in impactful ways. We asked them about everything from their hospitality and sustainability initiatives to their business stability, square footage, products and amenities, and much more. The survey responses provide the Preferred Office Network team with valuable insights into not only what our partner operators offer their clients, but what matters most to them and their businesses.

Here we present the top 5 takeaways from our 2023 Preferred Office Network State of Flex Survey Report. 

1. Our operators have proven track records in the flexible workspace industry: The average number of years in business for our partners who responded to our survey is 17, with 44% operating 20 years or more. The longest-running operator who particpated? Thirty-five years in business. Happy emerald anniversary!
2. Our operators can accommodate companies of all sizes: The square footage of these flex spaces varies widely — from less than 5,000 square feet to more than 20,000 (the majority of our operators) — giving organizations the freedom and flexibility to grow their businesses without the need to commit to traditional office space.
3. Our operators put a premium on hospitality: Just a few of the above-and-beyond amenities offered in these flexible spaces? Fitness center access, quiet rooms and wellness areas, childcare, and personalized services and experiences, all of which contribute to greater employee engagement, as well as talent attraction and retention. 
4. Our operators are running successful businesses: Seventy-eight percent of respondents in our Partner Survey reported having a profitable year in 2023, with an 81% average occupancy rate. Even more encouraging? Thirty-nine percent of our operators plan to expand in 2024.
5. Preferred Office Network is a curated collection of operators providing unique workplace solutions: More and more enterprise companies are discovering that flexible workplaces hold the key to greater employee engagement and productivity, as well as long-term financial savings. 

These future-focused organizations require workplaces that meet their evolving needs, including attentive, concierge-level services, access to other locations, virtual office assistance, and adaptable, streamlined agreements that do away with complicated, long-term leases. The office of the future has arrived.

Access more insights by downloading our 2023 State of Flex Survey Report. We hope this information helps you make informed decisions about your workplace needs in 2024 and beyond.