Last Updated on February 9, 2023 by Morgan Beard
The third workspace has now become essential for modern day business. With COVID-19, the work from home experiment accelerated a change in how we work. Many companies are now exploring hybrid models that enable employees to work from home yet come into the office for collaboration and team meetings. Another trend has emerged is the third workspace. In fact, a global Accenture survey found that: “76% of 9,650 people said they want a “third place” to work that is outside of their homes and the traditional office.”
This blog will explore what the Third Workspace means for your real estate strategy and how you can capitalize on this trend to enhance your business workplace model.
The Third Workspace
What is the Third Workspace? It is a flexible, additional space in which we spend our time, outside of our home office and company headquarters. Sometimes this is with friends and family, but it can also be community spaces like libraries, coffee shops, co-working spaces, and even a rentable table at a local restaurant. The point of the Third Space is that it’s where people can interact with each other outside the workplace and home environment. And as more and more people are looking for new ways to immerse themselves in the community, many businesses have been exploring how they can use these social spaces as a creative solution to meet employees’ new workspace needs.
Why a Third Workspace Matters
The work from anywhere trend has become a new standard. Employees want flexible options that allow them to be closer to family, closer to home, and closer to their everyday lifestyle. The flexibility to pick up your children from daycare, grab groceries and walk home is a game changer for working parents. The Third Workspace creates community hubs in which folks can immerse themselves in the local area they love, around their working neighbors, and can get work done. It enable productivity outside of the home and away from the office.
How the Third Workspace Impacts your Real Estate Strategy
Workplace strategy is integral to the success of any business. Right now, many corporate occupiers are evaluating their return to the office plans as well as their long-term commercial real estate strategy. As your business asses a new and/or different CRE strategy, numerous questions need to be asked in order to determine which type of space is right for your business:
- What does your company culture look like?
- What do your employees want most?
- How far are you employees willing to commute?
- How much space do you need for your staff?
- Where do your employees live?
- What type of real estate strategy will retain and attract top talent?
According to your answers above, now you can determine if the third workspace fits into your business model.
The Third Workspace Revolution
The Third Workspace is bridging the gap between employees’ work life and home life. It enables a focus on finding new ways to work that suit people’s lifestyles. Employees want flexibility, accessibility, affordability and a third place to be productive – all incredibly important factors to consider for your business future real estate strategy, check out our ultimate guide to corporate real estate strategy for more on this topic.
To accommodate this newfound third workspace revolution, co-working spaces have begun opening up around the world with an increasing number of options available. Some of our favorite co-working spaces include, Kettlespace, Regus, and Industrious Office.
If you team is working through a new real estate strategy, set up a demo with Occupier to see how our software can help manage your real estate portfolio and entire lease lifecycle.