Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankMiddleEastLtdViewHSBCGlobalResearchat:https://www.research.hsbc.comInthepastdecadethenumberofflexible/coworkingspaceshasgrownby3,500%,andemployeeutilisationby8,000%Evenso,flexible/coworkingspacestillrepresentslessthan10%oftheofficestockinallglobalmarketsDMrealestateregionsallunderperformedtheirbroaderlocalmarketslastmonthbarringSingapore.GlobalREreturned+17.1%y-t-dtoend-JuneTheFlexibleWorkspaceRevolution‘Overthepastdecadethenumberofflexibleofficespacesintheworldhasgrownby3,500%(KnightFrank-(Y)ourSpaceReport,August2018),whilethenumberofpeopleworkingthereincreasedby8,000%.Accordingtothesamedata,atleast18,000suchspacesexistaroundtheworldandtheyareabletoaccommodateatleast1.7mpeople’(source:KnightFrank’).Inlate2018,KnightFrankpublishedareporthavingsurveyedseniorexecutivesfrom120globalcompaniescollectivelyemploying3.5mpeopleandoccupying233msqftofofficespace(equivalenttoLondon’sentireofficestock).Thereportconcludedthat:69%ofglobalcorporatesplantoincreaseutilisationofflexible/coworkingspaceoverthenextthreeyears44%believeflexibleworkspacewillcompriseuptoone-fifthofallcorporateworkspace75%aimtoboostemployeehappinessandproductivitythroughutilisationofbusinessspaceInthiseditionofourGlobalRealEstateCompass(GREC)wehighlightareportpublishedlastmonthbyHSBC’sAsiarealestateteam,‘Whyhotdesksaresuchhotproperty,June2019’),provideanAtoZoftheglobalflexible/coworkingofficelandscape,andreferencethosecompanieswithinourglobalcoverageuniversethathaveestablishedtheirownflexibleworkspaceoffers.DMRealEstate–allunderperformedlastmonthbarringSingaporeAllDevelopedMarket(DM)realestategeographiesunderperformedlastmonthrelativetotheirlocalmarkets,barringSingapore.Evenso,onlyC.EuropeandJapanrecordednegative(absolute)totalreturns.EMRealEstate–BrazilandRussiabiggestgainerslastmonthBrazilandRussiarecordedthestro...