Preferred Office Network Expands its Global Footprint with Strategic NewFlex Partnership
Preferred Office Network, a curated network of hospitality-driven flexible workspace locations created to meet the unique needs of enterprise clients, is pleased to announce a strategic alliance with NewFlex, a London-based flexible workspace provider delivering and managing a range of branded solutions including Citibase, easyHub, BOLD, Serendipity Labs, Fredericks, XCHG Spaces, and Quad across the UK and Europe. The partnership will add 60+ locations to the Preferred Office Network roster, all of which are located throughout the United Kingdom.
Location, Location, Location
The UK is a hotbed for flexible work, with more than 6,000 coworking spaces across the nation, accounting for more than 85,000,000 total square feet of space. Demand for flex spaces also grew by 22% in 2022, a figure that demonstrates coworking’s continued popularity across the country.
And the activity isn’t just in the nation’s capital (although, to be fair, London does lead the world in the number of coworking centers it offers: more than 1,400). A recent report by The Instant Group surveying the UK flex market revealed that demand for flexible workplaces is surging across the country, not just in London. For example, Northern cities like Liverpool, Manchester, and Leeds have shown a robust 15-25% increase in demand.
What’s Driving Demand
Progressive employers in the UK are touting flexible work as a draw for talent attraction and retention. These organizations understand that offering hybrid work arrangements and the option of working in appealing, amenities-rich flexible workplaces close to home in busy, dense cities like London keeps employees engaged and productive while also keeping their real estate overheads low.
This intentional approach to corporate agility is helping to define the future of work, which is centered around the adaptability that flexible work arrangements offer. Companies that demonstrate dexterity are better equipped to handle fluctuations in the marketplace and keep their employees engaged, productive, and innovative.
From Crisis to Opportunity
As we emerge out of the global pandemic, businesses in the United Kingdom and around the world have been forced to rethink their working practices, with nearly half of UK enterprises with office space planning to shrink their holdings within the next five years. One in seven (18%) have already done so since the pandemic began.
UK businesses will also be looking for shorter, flexible leases – as well as utilizing coworking spaces, with 12% intending to use these locations more often instead of an office with a long-term lease. Meanwhile, 47% of UK businesses stated they expected their real estate strategies to incorporate more flexible workspaces in the future.
In fact, the pandemic amplified market tendencies that were already evident. Prior to the lockout, there was an increase in demand for flexible office space, and it wasn’t just from startups and high-growth companies. Even larger, more established companies began to take a “core-and-flex” real estate strategy, with serviced and coworking providers handling the flex. Flexible office solutions have become increasingly appealing as businesses discover the perfect balance and blend of office space, allowing firms to modify their requirements as their approach evolves.
Preferred + NewFlex = More Options for the Evolving Enterprise
How will this new partnership benefit employers looking to incorporate more adaptability and agility into their future organizational initiatives?
Preferred Office Network is composed of more than 220 independent business center operators and more than 850 locations — the largest global coworking network of its kind. Preferred Office Network provides account management services for its clients, handling all paperwork, billing, and portfolio oversight on behalf of its partner operators, all with one master contract. Clients also have the unique opportunity to reserve spaces such as drop-in desks, private offices, virtual offices, meeting rooms, and spec suites at each location using Preferred Office Network’s on-demand booking site, meet.ponworks.com.
“Preferred’s partnership with NewFlex extends our market reach with some of the best flexible workplaces available,” said Michele Penaranda, Preferred Office Network’s Vice President of Strategy. “As this important global market continues to flourish — with the coworking sector representing a sizable market share throughout the UK commercial real estate landscape — partnering with an influential organization such as NewFlex will prove to be a benefit for our enterprise clients.”
NewFlex has unrivaled scale and experience in hybrid and flexible working. In order to keep up with the speed of change and to add enhanced value to their asset, landlords are turning to NewFlex for help. In more than 25 years, company management has branded, filled, and managed buildings all around the world on behalf of its landlord partners.
“NewFlex is delighted to include our portfolio of seven brands and 60+ locations to the Preferred Office Network platform,” stated Andrea Pirrotti-Dranchak, NewFlex Global Enterprise Director. “This relationship underscores our commitment to adding value to our clients’ assets and to enhancing the way enterprise and SME office today and long into the future. Additionally, having a US-based presence — and one with the reach of Preferred — will allow us to expand our connection with landlords and enterprise clients to create vibrant, vital coworking experiences.”
In a rapidly changing workplace, this powerful connection between Preferred Office Network and NewFlex will further help businesses thrive by promoting the #1 employee benefit — flexibility — which has never been more relevant and resonant.