2022 Flex Office Changing Workplace

2019: Flexible Office Demand Was Growing Despite Short-term Challenges, Long-term Opportunities Exist Occupiers’ Pre-Pandemic Plans: % of Workforce Utilizing Flexible Office / Coworking

Occupier Demand Then (2019) • Operators and the wider industry tended to believe those that could weather the short-term storm would have a more positive environment for their long-term prospects. • Sentiment was backed by many landlords and investors who were actively looking at the sector to see whether it was a good time to invest. • Prior to the pandemic, occupiers were planning on increasing their use of flexible office. The average respondent to the 2019 Cushman & Wakefield / CoreNet Global survey expected to double the proportion of employees utilizing flexible office within five years (from 12% to 24%).

30%

24%

20%

17%

15%

12%

10%

10%

5%

3%

0%

0%

2 years ago

As of 2019

In 2 years

In 5 years

Median Occupier

Average

Source: Cushman & Wakefield Research; CoreNet Global