THE COWORKING OFFICE - AllWork.Space · results of an occupier survey conducted by CBRE*, 23% of companies with an office in the Tokyo 23 wards said that they were either already

THE COWORKING OFFICE - A NEW ERA OF WORKING PLATFORMS | CBRE RESEARCH© 2018 CBRE, INC.

CBRE RESEARCH

THE COWORKING OFFICE

A NEW ERA OF WORKING PLATFORMS

02/

The Current State of Coworking Office

03/

Advantages and Risks

04/

Outlook

01/

Introduction Page 3

Page 7

Page 16

Page 18

01/

INTRODUCTION


4

EXECUT IVE SUMMARY

Over the past 24 months, the Tokyo office leasing market

has seen an increasing number of cases involving tenants

pre-leasing office space for coworking. According to the

results of an occupier survey conducted by CBRE*, 23% of

companies with an office in the Tokyo 23 wards said that

they were either already using an agile workplace such as

a coworking office, or intended to do so within the next

year (Figure 1). With many new coworking offices having

opened during the period, it appears as if there is a

sudden boom for this type of workplace.

However, currently there is no legal or market definition of

coworking offices, thus making it challenging to assess the

current market situation. This report by CBRE aims to

arrive at a definition of coworking offices by comparing

various types of agile workplace, as well as to provide an

overview of the market.

KEY FINDING INCLUDE:

GROWING INTEREST AMONG LARGE ENTERPRISES DRIVES RAPID

EXPANSION OF COWORKING OFFICES

The coworking office market in central Tokyo amounts to 346 sites totaling 66,000

tsubo (estimate as of September 2018). This represents 1.0% of the total floor area of

the office leasing market in the Tokyo 23 wards.

The space taken up for coworking space as a percentage of total take-up in the

Tokyo 23 wards has grown steadily in recent years, reaching 7.9% in 2018.

Previously, most coworking offices were small-scale offices targeting individuals or

start-ups whose aim for using such offices was to keep down costs. Recent years,

however, have seen the emergence of large-scale coworking offices, which has led to

large companies also taking interest as a means of improving productivity and

employee convenience.

COWORKING OFFICES ALSO INFLUENCING CONVENTIONAL OFFICES

There are number of reasons why the adoption of coworking will continue to

increase, including the growing need for flexibility in workplace, working hours and

lease contracts, as well as changes in accounting standards. If usage continues to

spread among major corporations, it could also change the way in which

conventional offices are operated.

Given the anticipated expansion in the size of the coworking office market and the

increasing presence of coworking within the office leasing market, CBRE believes that

it is essential for investors, developers and occupiers to continue to monitor the trends

in this market.

Source: *JAPAN OCCUPIER SURVEY REPORT 2018, CBRE, September 2018.

Already Using, or Intend to Do

So Within the Next Year

23％

Figure 1: Use of Agile Workplace


5

DEF IN IT ION OF COWORKING OFF ICE (& THE SCOPE OF SURVEY )

There is still no commonly accepted definition

of a coworking office. Facilities that refer to

themselves as coworking offices feature a

variety of space configurations and services. In

order to ascertain the current state of the

coworking office market, which is the objective

of this report, the term must firstly be defined.

A “shared office” generally refers to the format

of sharing desks and meeting rooms with other

users. However, a coworking office places

emphasis on communication. As such, in

addition to all the features of a shared office,

coworking offices hold events and include

features that encourage interaction amongst the

users. This being the case, a coworking office

can be defined as follows:

A workspace in which individuals or persons from different companies share the same

space, and which provides hardware as well as software that encourage

communication among users.

Note: “Hardware as well as software that encourage communication among users" include spaces for

holding events, systems that allow users' skills and business fields to be shared within the community

(e.g. bulletin boards, dedicated SNS, etc.), or community managers who facilitate or promote business

networking among users.

5


6

DIFFERENCES BETWEEN COWORKING OFF ICES AND

OTHER FORMS OF AGILE WORKPLACES

Note: Even among offices that correspond to the definition of a coworking office, there are many forms of hybrid office that are a cross between a serviced office and rental office.

When collating information on coworking offices for this report, CBRE focused on offices that met the two mandatory conditions for a coworking office.

(Ref.) General

OfficeSOHO Rental Office

Serviced

OfficeShared Office

Coworking

Office

Execution of lease agreement

(Leasing of floor area)

Internal finishing/decoration,

communications equipment

installation, furniture/equipment

procurement by user

Dedicated space

Residential equipment such as

dedicated kitchen, shower room

Shared desks and meeting

rooms, etc.

Reception, telephone/postal mail

and other services

Hardware as well as software

that encourage communication

among users

Agile Workplace Formats

6

Mandatory

Condition

02/

THE CURRENT STATE

OF COWORKING

OFFICE


8

COWORKING OFF ICES FROM AN OFF ICE STOCK PERSPECT IVE

ST I LL A SMALL PORT ION OF THE TOTAL LEASABLE OFF ICE STOCK

CBRE data for office space

that meets the mandatory

conditions for a coworking

office show that there are

currently 346 such sites in

central Tokyo, amounting to

66,000 tsubo.

This equates to 1.0% of the

net leasable area in the

Tokyo 23 wards* (although

not all coworking offices are

found in buildings that are

included in CBRE’s basket).

Compared with the total

office stock, the presence of

coworking offices within the

office leasing market remains

small.

Source: CBRE, September 2018.

* As of Q2 2018. Covers buildings located in office markets with a gross floor area of 1,000 tsubo or more, and compliant with the new earthquake resistance standards

Figure 2: Comparison of Office Market Size and Coworking Office Market Size

Coworking Office

Market Size in Tokyo

Approx. 66,000 Tsubo

Across 346 Sites

(estimate as of September 2018)

Tokyo 23 Wards

Net Leasable Area*

Approx. 6.93 Million Tsubo

8


9

COWORKING OFF ICES FROM A TAKE -UP PERSPECT IVE

RAP IDLY GROWING PRESENCE

必須要件

While the coworking office market is still small

on a stock comparison basis, its presence is

growing rapidly in terms of floor take-up.

The number of new coworking offices has

been increasing since 2010, with the market

growing especially rapidly in 2017 and 2018.

The floor area established in the 17-year

period to 2016 (total of 33,000 tsubo) has

been exceeded in those two years.

The amount of space taken up in Tokyo 23

wards for coworking space each year had

accounted for less than 0.5% of the total office

take-up until around 2009. This percentage

started rising from 2010, jumping to almost

8% in H1 2018.

Note: Does not include coworking offices where the timing of establishment is unknown


0

20

40

60

80

100

0

5,000

10,000

15,000

20,000

25,000

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

201

0

20

11

20

12

20

13

20

14

20

15

20

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20

17

20

18

F

(tsubo)New Established Floor Area Number of New Sites (RHS)

Figure 3: Established Coworking Office Floor Area and Number of Established Sites

in Tokyo

2.3%

7.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

20

00

20

01

20

02

20

03

20

04

200

5

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

201

7

H1

2

01

8

Figure 4: Space Taken Up for Coworking Space as a Percentage of Total Office Take-

up in the Tokyo 23 Wards

9


10

6,63

6

10

,9

41

22

,7

47

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

-15%

-10%

-5%

0%

5%

10%

15%

SOCIAL BACKGROUND TO GROWTH

COWORKING OFF ICES SET FOR EXPANSION PHASE FOLLOWING IN IT IAL EMER GENCE AND DIFFUSION

2003 Small and Medium-sized Enterprise Support Act

Establishment of the special scheme allowing companies

with capital of 1 yen supported increase in start-ups

2006 Revised Companies Act put into effect

Abolition of minimum capital system and systemisation of

limited liability companies further promoted start-ups

2010 Office vacancy rate reaches 7% level (Q2 2010)

Start-ups increase y-o-y for the first time since the global

financial crisis

2011 Great East Japan Earthquake

Use of coworking offices as bases for reconstructions

Growing need for office decentralisation for business

continuity and remote working

2015 Conference for the Japan Plan for Dynamic Engagement

of All Citizens ("Ichioku Sokatsuyaku Kokumin Kaigi")

Increasing demand for an environment in which women

and the elderly can work more easily

2016 Council for the Realisation of Work Style Reform,

productivity revolution policy

With the population declining, improving productivity

becomes an urgent issue for companies

2017 Launch of Telework Day

Note: Number of registration of incorporation

Figure 5: New Coworking Office Opening, Number of Business Start-Ups* (YoY) and Vacancy Rate

Source: Ministry of Justice, CBRE, September 2018.

Initial Emergence Diffusion

Phase

Expansion

Phase

New Openings (tsubo)

Number of Business Start-Ups (YoY, RHS)

Tokyo 23 Wards Office Vacancy Rate (LHS)

10


11

FOUR FACTORS SUPPORT ING GROWTH

COWORKING OFF ICES CAPTURE NEW DEMAND

The increase in coworking

offices has been driven by

four main factors. These are

(1) The increase in business

start-ups; (2) Buildings

owners’ leasing strategy

during periods of high

vacancy; (3) the growing

need for remote working;

and (4) addressing the issue

of enhancing productivity.

In tackling these factors, the

types of coworking office

are also diversifying.

Currently, there are broadly

four types.

SME*-type

Coworking

Satellite-type

Coworking

Regional

Revitalization-type

Coworking

Enterprise-type

Coworking

Location

trends

Urban type,

Suburban type

Suburban type (near

main railway stations)

Suburban, Major

regional citiesUrban

Size

TrendsSmall to Medium Size Small size Small size Large size

User

Segment

SMEs, Individuals, and

Start-upsLarge Companies SMEs

Small to Large

Companies

*Small and Mid-size Enterprise

The Increase in

Business Start-Ups

Growing demand for offices that

enable a business to start instantly

at low cost

Leasing Strategy During Periods of

High Vacancy

Letting space to coworking operators that

utilise large units

Need for Remote Working

Preparation for disaster risk, and

measures to retain and secure

human resources

Means of Enhancing Productivity

Engaging with cultures outside of the

organisation, gaining expertise and also

collaborating, or hiring skilled human

resources


11


12

COWORKING OFF ICES FROM A LOCAT ION PERSPECT IVE

NOT NECESSAR ILY CORRELATED WITH OFF ICE DENS ITY

By area, the coworking office market is biggest in Marunouchi/Otemachi, followed by Roppongi/Akasaka and Shibuya/Ebisu.

As a proportion of the office leasing market, the biggest areas in descending order are Tokyo west, Shibuya/Ebisu, Roppongi/Akasaka and

Marunouchi/Otemachi. Coworking offices are expanding primarily in areas where IT, finance (Fintech) and start-up firms are concentrated.

In Kanda/Iidabashi, Shinjuku and Shinagawa/Tamachi, coworking offices have a relatively low share of the office leasing market. This is thought to be

mainly because these areas have a high concentration of business sectors where a high level of security is required, such as law firms and insurance

companies. The ratio of coworking offices is also low in areas where large manufacturers are typically concentrated.

Figure 6: Coworking Office Market by Area and Share of Office Leasing Market


12

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

2,000

4,000

6,000

8,000

10,000

12,000

(tsubo)

Coworking office market size Percentage of net leasable area (RHS)

Marunouchi /

Otemachi

Roppongi /

Akasaka

Shibuya / Ebisu

Yaesu /

Nihombashi

Kanda / Iidabashi

Shinjuku

Toranomon /

Shiodome

Osaki

Shinagawa /

Tamachi

Tokyo North

Tokyo South

Tokyo West

Tokyo East


13

Marunouchi /

Otemachi

Roppongi /

Akasaka

Shibuya / Ebisu

Yaesu /

Nihombashi

Kanda / Iidabashi

Shinjuku

Toranomon /

Shiodome

Osaki

Shinagawa /

Tamachi

Tokyo North

Tokyo South

Tokyo

West

Tokyo

East

COWORKING OFF ICES FROM A SCALE PERSPECT IVE

S IZE OF COWORKING OFF ICES D IFFER ACCORDING TO USER SEGMENT

必須要件 In descending order, the number of coworking offices is highest in Tokyo west, Shibuya/Ebisu, Kanda/Iidabashi, Yaesu/Nihombashi and

Roppongi/Akasaka.

In the Tokyo west area, almost all coworking offices are small offices under 50 tsubo. In many cases, these are used by small community-based

companies and individuals. There is also strong demand in this area for satellite offices and touchdown offices in order to mitigate travelling. There

are many coworking offices with childcare facilities and other services designed to lighten the burden on working parents with young children.

There are also many offices in Shibuya/Ebisu, with floor area ranging from small to large. These offices accommodate a wide range of firms, from

start-ups to more established companies, and are supported by a demand segment with a strong preference for a specific area.

While the number of coworking office sites in Marunouchi/Otemachi is small, many are large coworking offices with a high-level add-on services,

which aim to appeal to a certain size of company.

Figure 7: Number of Sites by Scale

Source: CBRE, September 2018. Note: From left to right in descending order of market size

0

10

20

30

40

50

60

Under 50 tsubo 50 - 100 tsubo 100 - 200 tsubo 200 tsubo or more

13


14

COWORKING OFF ICES FROM A BU I LD ING GRADE PERSPECT IVE

COWORKING OFF ICES FOR LARGE ENTERPRISES ST I L L L IM ITED

必須要件 Of the 346 coworking office sites, 276

(80％ ) are located in offices rated below

Grade B standard, or in non-office facilities

(e.g. residential, hotel, logistics facility, public

facility).

Many are located in relatively old buildings.

In fact, some users of coworking offices

appear to like the industrial or vintage

design of older properties, and actively seek

such buildings.

On the other hand, there is a risk that a

coworking office in an older building could

close for renovations or redevelopment,

leading to the loss of the community for the

users.

From an employee safety perspective, it is

difficult for companies to move into

properties lacking earthquake resistance.

This concern forces them to use coworking

offices situated in buildings of a certain

grade, but the options here are still extremely

limited.

26 31

13

276

0 5 0

62

12,444

9,294

3,095

41,128

0 904 0

3,562

■Number of Sites ■Floor Area (tsubo) (as of September 2018)

■Number of Sites Closed ■Closed Floor Area (tsubo) (since 2005)

Figure 8: Type of Building Occupied

*Refer to the end of the report for definitions of grades

Grade A Grade A minus Grade B Others


14


15

COWORKING OFF ICES FROM A COST PERSPECT IVE

RUNNING COSTS TEND TO BE LOWER THAN TYP ICAL OFF ICES

CBRE conducted a study comparing the

monthly fees for coworking office hot desks*

with the assumed achievable rent for general

offices. In order to make a comparison on the

same tsubo unit price basis as general offices,

we used the average floor area per desk (1.6

tsubo) to obtain the tsubo unit price.

On a per-tsubo basis, the running costs of

coworking offices are estimated to be slightly

lower than the rent of a typical office.

Coworking offices also require less

finishing/decoration work and communications

installation work when moving in. With no

costs for restoring the premises to their original

condition when moving out, there are cost

advantages both when taking up and vacating.

On the other hand, given that hot desks are

shared by several people, there is the risk of all

the desks being occupied and unavailable for

use.

The level of usage fee for coworking offices,

like the rent in general offices, is affected by

the building grade. This is because the usage

fees are determined based on the rent paid by

the coworking operator to the building owner.

Figure 9: Type of Building Occupied and Usage Fee

*Hot desk: A "free address" desk shared with other users.

There is no private room or fixed desk.

15

*Refer to the end of the report for definitions of grades

**Monthly hot desk usage fee (publicly available data) is divided by average floor area per desk (1.6 tsubo) to obtain

the tsubo unit price

***Typical office assumed achievable rent has not been calculated for Others

Grade A Grade A-Minus Grade B Others

36,550

25,500

21,800

N/A

***

27,300

23,600

16,200

12,600

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

(JPY/tsubo)Typical Office Assumed Achievable Rent

Coworking Office Average Usage Fee**


03/

ADVANTAGES AND

RISKS


17

ADVANTAGES AND R ISKS

(USER PERSPECT IVE / BU I LD ING OWNER PERSPECT IVE )

必須要件

Advantage Risk

• Initial costs (internal finishing/decoration costs,

communication costs, furniture and fixtures) and running

costs are kept down

• As a general rule, costs for restoration to the original

condition are not required

• Possible to quickly establish and vacate an office

• Can engage with other cultures and expertise outside of

the organisation (potential for business collaboration, no

cost involved in meeting people)

• Security (Wi-Fi sharing, PC/documents being seen by others,

telephone)

• Limited understanding by customers

• As a single hot desk is used by several people, all the desks could

be occupied and unavailable

• Risk of not being able to concentrate on work due to background

music, conversations, events, etc.

• Office could be closed irrespective of the user’s own plans

• As a single desk is used by several people, income from

running costs could be higher than with general office

• A business can be established in a wider range of

locations than with typical offices (even possible in a

residential area)

• Can accommodate temporary expansion of floor area

by tenants which would help to retain tenants

• There are costs including initial costs of finishing/decoration,

furniture and fixtures, etc., and maintenance costs

• Higher complexity of operation (short-term vacation risk, need to

provide value-added services, need to provide an environment

that is available for use when wanted through appropriate control

of user numbers)

• An unspecified large number of people come in and out not just at

normal times, but also when events are held, so there is a risk that

other tenants will keep a distance

• Can accommodate temporary expansion of floor area

by tenants which would help to retain tenants

• Complex operation involving a large number of small-

scale tenants can be contracted out, which is easier than

forming direct agreements with individual end users

• Weaker relationships with tenants

• An unspecified large number of people come in and out not just at

normal times, but also when events are held, so there is a risk that

other tenants will keep a distanceBuilding Owner

(Management contract /

lease)

Building Owner

(Self-management)

User

17

Here, we consider the advantages and risks of using or installing a coworking office, from the user’s as well as building owner's perspectives.

Of note, various measure are implemented in many cases to manage the risks shown below.

04/

OUTLOOK


19

OUTLOOK

必須要件As described in the previous slides, there are four main factors driving the

increase in coworking offices. These are the increase in business start-ups,

building owners’ leasing strategy during periods of high vacancy, the need for

remote working, and means of enhancing productivity. In considering the outlook

for coworking offices, we will first look at these factors that have led to the growth

in coworking offices to date.

Outlook for “Increase in Business Start-Ups“

Needless to say, the number of start-ups is dependent on economic trends.

Recently, concerns have emerged that the consumption tax hike could lead

to an economic downturn. However, while the last consumption tax hike in

2014 dampened consumer spending, the number of new company

registrations actually rose. This indicates that the main focus should

actually be on global economic trends. While there is some downside risk,

growth is expected to remain firm and the number of start-ups is likely to

maintain a positive trend in the mid- to long-term. As a result, demand for

coworking offices should also increase. The number of start-ups who

operate coworking offices may also increase. Meanwhile, the rapid growth

of the coworking industry as a whole is set to negatively impact some of

the existing smaller coworking office providers and spaces.

Outlook for “Building Owners’ Leasing Strategy During Periods of High

Vacancy“

With vacancy rates in Tokyo currently at their lowest levels since CBRE's

surveys began, building owners are not actively seeking to attract

coworking operators to fill vacant space. However, there are concerns that

the supply-demand balance will be impacted by the expected large-scale

supply of new office buildings in 2020.

19

Outlook for “Need for Remote Working“

Japan continues to suffer from a serious labour shortage and a falling

working age population. The need to attract and retain new personnel

is expected to result in companies offering greater flexibility in work

location and working hours. Coworking offices are expected to benefit

from this demand.

Outlook for “Enhancing Productivity“

Enhancing productivity will be critical for companies if they are to

navigate the labour shortage. Communication is key to realising this

kind of innovation, and the use of coworking offices as the platform for

enhancing productivity could spread.


20

OUTLOOK

必須要件Other new factors that could lead to more coworking offices include:

Change of IFRS Lease Accounting Standards

(Lease Cost Off-Balance Requirement)

Effective from 2019, International Financial Reporting Standard (IFRS) 16

will change the accounting practices for occupiers of real estate, requiring

them to capitalize most leases on balance sheets. However, coworking

offices are expected to be allowed to continue being expensed. This could

encourage occupiers seek more flexible or short-term office space to

manage the impact to their balance sheets.

Shorter Business Cycles

vs Longer Lease Contracts

Digitalisation is hastening the speed of technological innovation and

driving rapid change in consumer habits and requirements. On the other

hand, lease contracts tend to be longer as landlords aim for stable

operations amidst large-scale supply of new office buildings in Tokyo.

Coworking offices could be used to gain flexibility in contract terms, so as

to synchronise with the ebb and flow of business.

20

In summary, the coworking market looks set to continue expanding. If

usage continues to spread among major corporations, it could result in

changes to the way in which conventional offices are operated. Given the

anticipated expansion in the size of the coworking office market and the

increasing presence of coworking within the office leasing market, CBRE

believes that it is essential for investors, developers and occupiers to closely

monitor its trends.


21

必須要件

Tokyo Central 5 Wards Tokyo 23 Wards

Grade AGrade A

minusGrade B Sub-Grade

less than 11 years old Building complying to the 1981 anti-seismic standards

82 249 559 1,393

1.46 million tsubo 2.52 million tsubo 1.39 million tsubo

GFA ≧10,000 tsubo

NLA ≧6,500 tsubo

Typical floor plate ≧500 tsubo

GFA ≧1,000 tsuboGFA ≧7,000 tsubo

NLA ≧4,500 tsubo

Typical floor plate ≧250 tsubo Typical floor plate ≧200 tsubo

2,000 ≦ GFA < 7,000 tsuboSize

Age

Number of

Buildings

NLA

(Total Stock)1.50 million tsubo

Note: Above are basic definitions, to which there are exceptions

Figure 10: Definitions of Grades in Tokyo 23 Wards

21


22

WORKPLACE STRATEGY

Office environments are increasingly being configured to support the realization of corporate goals; the improvement

of collaboration or productivity, the reduction of operating costs, or the promotion of diverse working styles. Office

environments that support the achievement of such goals and realization of management strategies can only be

created through the right strategies and processes. CBRE's Workplace Strategy (WPS) Team uses its unique insights to

establish workplace strategies that promote new working styles, and it works alongside clients to successfully

implement transformations.

Advisory Based on Surveys

Experts with experience in building a diverse range of workplace

strategies support customers throughout the entire process, from

on-site surveys through to strategy and reform in the way of

thinking.

A Cutting-Edge In-House Workplace

In 2015, CBRE won the Nikkei New Office Promotion Award.

The advice we offer reflects our day-to-day experience of

workplace innovation.

Drawing on Global Expertise

CBRE's more than 270 members worldwide have built up and

share their expertise as workplace strategy experts.

"WorkStyle Transformation” and "Workplace

Transformation"

To achieve successful workstyle transformation, it is effective to

implement workplace transformation.

We provide workplace solutions tailored to your business goals.

Analysis and Knowledge Based on

Use of a Real Coworking Office

CBRE's Workplace Strategy (WPS) Team believes that coworking

offices could bring about the spread of new Activity Based

Working (ABW). To be able to provide consulting and solutions

based on experience, we have actually worked in various

coworking offices.

Survey Time

255 Hours in TotalSurvey Duration: April to August 2018 Survey Staff: 10 Persons

33 Site VisitedAreas: Chiyoda-ku, Chuo-ku, Minato-ku,

Shinjuku-ku, Shibuya-ku, etc.

22


23

COWORKING OFF ICE: USAGE CHECKL IST

必須要件Clarify the objectives and expected benefits of the coworking office.

e.g. Enhanced productivity (reducing commuting/travel time, ensuring concentrated work time)

Collaboration with external parties (launching new businesses, etc.)

1

2

3

4

6

Based on 1, set benefit indicators and perform evaluation.

When selecting the coworking office, take the following into consideration.

Area, cost, size.

Users' usage goals (solo work, collaboration or networking?). Does the environment suit the individuals' working style?

Does the user segment and internal atmosphere match the existing corporate culture? And if looking to achieve reform, does it support this

goal?

Amenities/services and security level. Does it have the required facilities?

Establish a drop-in and trial period, and consider what benefits have been gained from the coworking office.

Give feedback within the company and team

The management team should take the lead in using the coworking office and act as role models, while also sharing the usage objectives within

the department.

7The management team should draw up guidelines for internal communication and share these within the department.

5When a company that previously used a conventional office introduces a coworking office, make preparations for the change.

Establish rules in consultation with the HR and Legal departments, including work system, working time management, information management,

and crisis management rules.

Based on our exper ience o f work ing in a cowork ing of f i ce , we be l ieve tha t when in t roduc ing a coworking of f i ce as

a new work space, the max imum benef i t can be ga ined by tak ing the fo l lowing po in t s in to cons idera t ion.

23


Follow CBRE

CBRE RESEARCHThis report was prepared by the CBRE Japan Research Team, which forms part of CBRE Research - a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.

All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of

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THE COWORKING OFFICE - AllWork.Space · results of an occupier survey conducted by CBRE*, 23% of companies with an office in the Tokyo 23 wards said that they were either already