The demand for flexible workspace is set to accelerate as over two thirds of global corporates plan to increase their use of flexible co-working and collaborative space over the next three years, according to new research from Knight Frank.

The Your Space report by Knight Frank, surveys senior executives at 120 global companies which collectively employ in excess of 3.5m people worldwide and occupy an estimated 233m sq ft of office space, equivalent to the total amount of office space in Central London.

The research shows global corporates intend to operate increasingly from flexible, serviced and co-working spaces, which create a more collaborative working environment and offer the freedom to expand and contract quickly according to market conditions.

Today, despite the proliferation of co-working and serviced office operators, the majority of global corporates occupy office space on a traditional lease model. Two-thirds of companies surveyed by Knight Frank reported that co-working, serviced and flexible office space comprise just 5% or less of their current office space. A small minority, less than 7%, said that flexible workspace exceeds a fifth of their total workspace.

However, Knight Frank’s research reveals that the proportion of flexible space within companies’ portfolios is set to increase dramatically. Over two thirds, 69%, of global corporates plan to increase their utilisation of co-working spaces, and 80% expect to grow the amount of collaborative space they use over the next three years.