La evolucion del sector por Instant Office_James Rankin_Instant Office
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Ponencia de James Rankin en la Coworking Spain Conference 2019
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La evolucion del sector por Instant Office_James Rankin_Instant Office
- 1. The development of the sector by Instant Office James Rankin – The Instant Group
- 2. Private and confidential © Instant 2019 Flexible Working in Europe and Spain
- 3. Private and confidential © Instant 20182 • Instant Offices….. who? • The European industry today • How does Spain compare • What does the future hold?
- 4. Private and confidential © Instant 2019 Who are Instant Offices and why do we use data? 3 60,000 people placed in flex space annually 14,000 unique flex workspace listings 10,800 solutions each year >1.2m sq. ft. of managed workspace #1 digital lead gen platform for flex space THE GLOBAL FLEXIBLE WORKSPACE MARKET $26 billion based on industry revenue 30,000+ flexible office centers 18% GLOBAL MARKET ESTIMATE BASED ON 24,596 “INSTANT KNOWN” CENTERS ABOUT INSTANT OFFICES
- 5. Private and confidential © Instant 20194 CORE / HEAD OFFICEY Flexibility or Agility? N Market Entry and Exit Mergers & Acquisitions Employing Flexibility Running Projects HQ Office Occupancy at Speed CLIENT DEMAND 0-24 months 24-60 months 60+ months Account Management Instant Serviced Solutions Instant Managed Office Solution INSTANT SOLUTIONS Lease Length Independent Supply Chain Transact. FM PMDesign Constr. Where do we see flexible workspace fitting into the CRE industry?
- 6. Private and confidential © Instant 2019 Industrias en Transformación 5 •Automotriz / Transporte •Hospitalidad •TI •RH •Real Estate
- 7. Private and confidential © Instant 2019 Whether Instant is managing a client’s global estate, a flexible portfolio or single workspace, we drive to deliver several core benefits. Instant tailor solutions in line with our client’s business strategy and deliver success in line with their goals. 6 Access to expertise/an extension of our clients team Increased speed to market due to shortened procurement cycle Enhanced flexibility Simplicity – one short form contract Cost certainty Reduced administrative burden International capability and compliance Independent solutions that share risk What are our clients looking for?
- 8. Private and confidential © Instant 20197 Why am I saying “flexible workspace” instead of “coworking”?
- 9. Private and confidential © Instant 2019 The flexible workspace industry in Europe today
- 10. Private and confidential © Instant 20199 Western Europe 552 Asia 238 Central America 11 South America 19 North America 406 Oceania 96Middle East 46 Eastern Europe 36 Caribbean 1 Africa 32 Centre growth 2014 – 2018 (YTD) 2014
- 11. Private and confidential © Instant 201910 Western Europe 677 Asia 418 Central America 15 South America 31 North America 595 Oceania 143Middle East 49 Eastern Europe 27 Africa 82 Caribbean 2 Centre growth 2014 – 2018 (YTD) 2016
- 12. Private and confidential © Instant 201911 Western Europe 932 Asia 564 Central America 73 South America 54 North America 605 Oceania 230Middle East 61 Eastern Europe 56 Africa 91 Caribbean 5 Centre growth 2014 – 2018 (YTD) 2018
- 13. Private and confidential © Instant 201912 2019
- 14. Private and confidential © Instant 2019 El aumento de opciones Flex Coworking Incubadora / Aceleradoras Oficinas “Serviced” Oficinas “Managed” Continuidad de Negocio Exceso de espacio
- 15. Private and confidential © Instant 201914 How much is demand growing in Europe 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Coworking Office space WeWork Regus Google search traffic in Spain, Portugal, France & Germany 309% 50% 197% -75%
- 16. Private and confidential © Instant 2019 Demand is growing but also changing 15 Percentage of occupier searches that now start online 75% 27% 2018 28% 2017 24% 2019 Share of demand going to the top 10 cities
- 17. Private and confidential © Instant 201916 But so is supply 0 500 1000 1500 2000 2500 3000 2015 2016 2017 2018 2019 Supply of new flexible offices in EMEA Big hybrid spaces are the new normal
- 18. Private and confidential © Instant 201917 300 400 500 600 700 800 900 2016 2017 2018 Average Achieved Rates (Euros) London Madrid Berlin Paris Amsterdam Is over supply a problem today?
- 19. Private and confidential © Instant 2019 What is happening in Spain today
- 20. Private and confidential © Instant 201919 3th largest start- up ecosystem in Europe* *Digital Start-up Ecosystem Review Spain…… a hot office commodity 1/3rd the labour costs of London Start-up funding up 45% yr on yr
- 21. Private and confidential © Instant 201920 The markets is as confusing for occupiers as any where else 8% 1% 1% 1% 1% 1% 1% 1% 1% 1% 83% Spain Regus Utopicus WeWork Melior Centros de Negocios Inn Offices Impact Hub Networkia GSG Doble Mitad Nego centre Other 9% 3% 1% 1% 1% 1% 1% 1% 0% 0% 82% Western Europe Regus Buro Club Bizspace WeWork Orbit Flexspace Merin Property Bruntwood WS Group Mapelely Other
- 22. Private and confidential © Instant 201921 Demand in Spain continues to accelerate 2015 2016 2017 2018 2019 Demand as seen by Instant 36% 37%
- 23. Private and confidential © Instant 201922 Primary vs secondary cities in Spain Title slide 10% of the population 50% of flexible space Madrid & Barcelona
- 24. Private and confidential © Instant 201923 Demand remains centralized to key cities
- 25. Private and confidential © Instant 201924 10% 20% 30% 40% 50% 60% 70% 80% 90% 2015 2016 2017 2018 2019* Primary cities Secondary cities But this is starting to change *Forecast % of overall Spanish demand
- 26. Private and confidential © Instant 2019 56%32% 8% 4% Secondary cities 25 The type of customer is also starting to change 43% 42% 10% 5% Primary cities 1 - 2 3 - 9 10 - 25 25+ A higher than average size compared to Europe and the US. Is café culture still limiting the markets size? OR Is there limited quality supply for SMEs in the traditional market? Average size of demandSize of occupier Primary Secondary
- 27. Private and confidential © Instant 201926 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Primary cities Secondary cities Length of occupier term 1 - 3 Months 4 - 12 Months 12 - 24 Months 24+ Months But requires less flexibility than in other markets Why? More traditional in mind set More stable businesses with slower growth Freelancers more likely to work from home or in a café (more personal space)
- 28. Private and confidential © Instant 201927 150 200 250 300 350 400 450 500 2016 2017 2018 2019 Achieved rates for flexible space in Spanish cities Primary cities Secondary cities Rates remain stable with roughly a €100 gap A far smaller rate gap than in other European markets London Secondary cities Berlin Secondary cities Paris Secondary cities €790 €450 €580 €380 €770 €410
- 29. Private and confidential © Instant 2019Private and confidential © Instant 2019
- 30. Private and confidential © Instant 2019 What do your customers really want? 29 #1 HR Advice What do you think the #1 seminar topic / support area that coworking occupiers wanted information on?
- 31. Private and confidential © Instant 2019 What do your customers really think? 30
- 32. Private and confidential © Instant 2019 What does the future look like – consolidation and growing brands 31 72% of you said they expect to see further consolidation going forward with 58% of you saying it’s a great opportunity
- 33. Private and confidential © Instant 2019 What does the future look like – larger requirements 32 64% of you said they expect to see 50+ requirements growing going forward but just 9% of you say that this is an area that you can cater for at present
- 34. Private and confidential © Instant 2019 What does the future look like – secondary & tertiary market growth 33
- 35. Private and confidential © Instant 201934 High levels of education Higher than average education levels with positive educated immigration Comparatively high property rates alongside a work hard / play hard lifestyle High cost of living Business environment Strong levels of local and external investment, driving R&D and innovation alongside large finance and business service sectors Tech sector Established tech sector with access to investment alongside high levels of tech engagement Well connected Strong connections with both external markets alongside an established urban transport network What does the future look like – What makes a “hot” market?
- 36. Private and confidential © Instant 201935 Just how big can the industry get?
- 37. Private and confidential © Instant 201936 Business is at a crossroads. The world is changing. Work is changing. And commercial real estate is just starting to catch up. Gracias www.theinstantgroup.com www.instantoffices.com/es/es