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Rising Demand for Flexible Offices to Drive Market Opportunities for Property Services and ICT Solutions
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More Australian offices are embracing flexible workplace options, driving the growth of Australia’s flexible office market. Key factors spurring market expansion include the changing work culture that is prioritising mobility and flexibility, including the trend away from long-term fixed leases towards more flexible terms, and the preference for companies to scale up or down easily. As the demand for spaces that are innovative and foster greater collaboration increases, the role of property service providers and Information and Communication Technology (ICT) solutions and service providers becomes more vital. Flexible workspaces require property services to help in integrating an organisation’s physical space, processes, and people to improve both core business productivity and quality of life. It also requires an ICT infrastructure to implement technology-enabled and collaborative work solutions.Despite the huge potential, there are several restraints to the growth of flexible offices such as price pressures, competition from landlords, end of the mining boom, reluctance from Tier I firms, and diminishing business confidence across Australia in general. For property services and ICT solution providers, the difficulty in transitioning to flexible offices, security concerns, and a crowded market, leading to misalignment between market demand and supply, are some factors limiting them from flourishing in the flexible office market.The emergence of new forms of co-working spaces, day suites, virtual offices, as well as meeting and training rooms also continue to challenge property services and ICT solutions service providers in meeting the evolving needs of flexible office operators. To compete, both providers should learn how to cater to the diverse array of flexible office offerings. Understanding the working environment implemented within flexible offices could enable better customisation to meet the unique needs of each flexible office operator. Specifically, property service providers need to build solutions that support flexible workplace environments, making tasks simpler and quicker for customers, while ICT solutions should be easy to navigate and seamlessly integrated into current workspaces.In response to the flexible office boom in Australia, this research service provides insights into the factors driving the demand for property services and ICT solutions and services providers, market segmentation, market potential, market attractiveness across industry sectors, and risks for market participants with socioeconomic rationale on the prospects for growth during the forecast period.With 2018 as the base year, the study period is from 2018 to 2030 and the forecast period is from 2019 to 2030.
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