Why shared workspace is becoming the new competitive advantage

Coworking has been part of the workplace conversation for more than two decades, emerging in the early 2000s as a means to bring freelancers and remote workers together. But it wasn’t until a decade later that the model shifted from community-led experimentation into a widescale commercial proposition.

As operators scaled their offers and brands like WeWork entered the market, coworking moved into the mainstream, becoming a valuable real estate asset. Today, that commercialisation has set the stage for a new phase of shared workspace where coworking and corporate space have converged. To this end, shared environments are becoming embedded within traditional office portfolios as strategic, experience-led destinations.

A new report from WORKTECH Academy and Area, in partnership with Lendlease, explores this shift and offers four scenarios for change in the sector based on different corporate needs.

Charting the convergence

Traditionally corporate real estate and coworking have been evolving along separate, but parallel, trajectories. Corporate space prioritised efficiency, later moving towards experience and amenity. Meanwhile, coworking developed from community-led activation to large-scale commercial propositions.

Today, those paths are colliding. Organisations are no longer treating flexible space as a temporary solution or external supplement. Instead, shared environments are being integrated into commercial portfolios as curated destinations designed to elevate experience, foster connection and support innovation.

This convergence represents more than a design trend. The workplace is positioned as a tool to enable interaction across teams, tenants and communities.

The rise of a new space typology

At the centre of the report sits Lounge TwentyOne, a 20,000 sq ft shared amenity floor in the Turing Building at Stratford Cross, East London. Designed by Area for Lendlease, the space serves as a real-world exemplar of this emerging typology.

Unlike traditional coworking environments, Lounge TwentyOne is highly curated and exclusive to building occupiers. It belnds hospitality, technology and workplace functionality in a single environment. The design combines bookable boardrooms, flexible event spaces, lounges, bars, wellbeing areas and a landscaped terrace, creating a destination that supports both focus and social interaction.

Crucially, this isn’t about flex for flex’s sake. It’s about creating shared experiences that increase the long-term value of a building, while giving occupiers access to higher-quality spaces that might be difficult to justify individually.

Reimagining shared space

The report explores why organisations are increasingly drawn to these models. Drawing on academic research and a collaborative workshop led by WORKTECH Academy, four strategic pathways emerge:

• • Explorer organisations seeking exposure to new ideas and innovation communities
  • Start-up Hunters looking to connect with external innovation partners
  • Implementers focused on product development and experimentation
  • Transformers aiming to shift organisational culture and mindset

What links these approaches is a recognition that the office is no longer just a place to complete tasks. It is a platform for learning, collaboration and cultural change, and shared space offers the conditions for these outcomes to occur more naturally.

One of the report’s key insights is that future shared environments will balance two essential qualities: experience and adaptability.

Traditional offices often deliver low levels of both by prioritising efficiency over engagement. But as expectations around workplace quality rise, organisations are looking for spaces that feel dynamic, responsive and emotionally engaging, while remaining flexible enough to evolve over time.

Technology is expected to play a growing role, enabling environments to adapt to user needs, personalise experiences and support hybrid collaboration. At the same time, wellbeing, curation and community programming are emerging as vital ingredients in creating meaningful shared experiences.

What comes next

The report’s creative workshop generated a series of conceptual scenarios, from AI-enabled innovation hubs to modular environments that can be reshaped by users. These concepts illustrate how shared workspace can evolve beyond today’s norms, pointing towards a future in which hospitality, technology and workplace design converge to create spaces that are constantly learning and adapting.

Perhaps most notably, the research suggests that the next phase of workplace evolution won’t be driven by mandates or policies alone. It will be defined by environments that people genuinely want to use and places that support talent attraction, encourage connection, and deliver an experience worth travelling for.

The report, entitled ‘Shared Workspace: Unlocking the Potential’, offers a deeper dive into the forces shaping this shift by combining research, expert insight and real-world design examples to help organisations rethink the role of shared space in commercial real estate.

Read the full report here: Shared Workspace: Unlocking the Potential