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THE STATE OF CAPE TOWN CENTRAL CITY REPORT 2018

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SPOTLIGHT ON: FLEXIBLE AND CO-WORKING SPACES One of the defining characteristics of a digital city is a highly connected, tech-savvy, mobile workforce. These characteristics present a shift in mindset, not only about how work is done, but where it is done. The research bears this out: in a survey of 18 000 professionals in 96 countries International Workplace Group (IWG) found that 70% of employees work away from the office for at least one day a week, and 50% work remotely for half of the week. Co-working spaces, flexible office space and micro-office pods – a new arrival on the scene – have begun to disrupt the traditional workplace model, replacing long, restrictive leases with

pay-as-you-go, short-term or flexible leases and cost-effective rates. Shared meeting areas and business services offer greater flexibility for lower prices, enabling solo entrepreneurs, remote teams and small businesses to access the kind of office space they need, rather than settling for the only office space they can afford. Real estate consultancy JLL reports that around 20% of office space in London is flexible workspace, and trends in New York, Paris and Amsterdam reflect similar numbers. WeWork, a major flexible office space operator valued at $2 billion, is about to land its first site in Africa, in Johannesburg. The operator reports that 30% of its membership is made up of

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large corporates employing more than 100 people – including IBM, which moved 600 employees into a WeWork building – indicating a demand in more traditional businesses for greater flexibility. The trend is influencing local property developers, too, with players such as Growthpoint, Redefine and Investec Property offering offices-on-demand or shared space in key business hubs. Co-working operator Ideas Cartel, which has buildings in Loop and Waterkant streets, is exploring the concept of micro-working pods, the SOLOffice, which offers small, private work pods located in shared, communal environments, providing both privacy and community for individuals.

Profile for Cape Town Central City Improvement District

The State of Cape Town Central City Report 2018  

Looking back at 2018 in terms of the economic and investment climate of the Cape Town CBD.

The State of Cape Town Central City Report 2018  

Looking back at 2018 in terms of the economic and investment climate of the Cape Town CBD.

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