Providing a facility for co-working might be an opportunity for rural estate and farm businesses who are at a loss to know what to do with that surplus workspace. We know from our Estate Benchmarking Survey that these businesses have been proactive in maximising their assets. This diversification dilutes reliance on farming – now only 37 per cent of gross income compared with almost half 16 years ago. The local economy also benefits through new employment opportunities created by the services/trades required for the renovation of property and new businesses occupying the new space.

What is co-working

Putting it simply, it is a place to work, network, meet clients and is a work style for individuals or businesses that do not require, now or possibly ever, conventional office space. In addition, co-working is a viable alternative to home working – more space than a spare bedroom and less distraction or more social interaction. It also works well for collaborative and innovative/creative working by providing the environment for like-minded individuals who are working remotely.

Who is it for?

It is perfect for freelancers, SMEs (small and medium-sized businesses) and remote workers. It may be of particular interest to older professionals who have established careers, are more affluent and have moved to the country. This is borne out by our latest research, illustrated in the table below.

Working location preference (first choice by age group)

Source: YouGov, Savills, BCO

Savills has also analysed the growth in venture capital flows where the company is specifically involved in the agriculture sector, commonly known as agtech. The global volume of venture capital (VC) going into global agtech companies has grown by 33 per cent year on year in the past five years. During 2016, around £850 million of VC was raised for this type of company and we would expect the UK to see a growing number of companies in this sector. In Europe, the 2016 level was £106 million, which is relatively modest but is likely to grow significantly in the future.

A key question is whether this type of company would prefer to be located in a rural location and whether the provision of co-working space within a rural setting would be attractive. The benefit of being located in co-working space is to meet like-minded companies and feel part of a community. This provides vital support to younger companies and helps them to flourish. Our research also suggests the physical facilities available within co-working space are also important.

What should the facility include?

Co-working space should provide a first-class working environment along with a relaxed ambiance for networking and social interaction. Therefore it should tick the boxes on superfast broadband, private and informal desk space, top notch IT including printers and presentation facilities and possibly refreshments.

Savills survey of office workers’ preferences, for those that prefer a rural work location, showed that they placed a higher importance on air quality and noise levels, compared to the UK sample of office workers across all major UK cities. These are clearly the driving factors of working in a rural setting and must be considered in order to attract the best employees.

Interestingly, 48 per cent of those preferring a rural setting also preferred a dedicated personal desk at their workplace. This highlights the need for companies to ensure they provide the appropriate quantum and quality of office space.

Our survey also showed that around 10 per cent of workers preferring a rural office working location spend over 20 per cent of their working day video conferencing clients. This highlights the importance of having excellent IT/telecoms connectivity, particularly super fast broadband in rural co-working space.

Further information

Contact Savills Rural Services