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According to new research by SpareOffice (www.spareoffice.co.uk), the UK’s fastest growing Serviced Office portal, London is the most expensive city for co-working spaces in the UK, with an average monthly asking rent of £357 per space and person.
The Scottish capital, Edinburgh comes second with an average monthly asking rent of £284 per space and person.
Bristol, with a strong developed tech hub, commands an average monthly asking rent of £265 per space and person.
In addition to being the most expensive city, London also has the largest disparity between average asking rent due to location, facilities, access etc. giving companies looking for co-working spaces more choice than available outside the capital, where the average rent disparity is much smaller.
The ten most expensive co-working cities are (Average asking rent for a co-working space per month):
- London, £357
- Edinburgh, £284
- Bristol, £265
- Oxford, £262
- Southampton, £255
- Birmingham, £246
- Manchester, £230
- Newcastle, £218
- Glasgow £210
- Sheffield, £205
Joe Vallender, SpareOffice’s Chief Executive said: “It comes as no surprise that London clinches the first place given that property values in the capital are higher than anywhere else, but we are slightly surprised that the Scottish capital claims the second spot which can be attributed to its relatively high end offering of co-working spaces and a limited supply.
It’s difficult to predict how prices will change going forward as new spaces are being added to the market due to a growing demand from the UK’s start-up sector, and in particularly the tech sector. However, we believe that prices will continue to rise as more and more companies embrace the flexible arrangements and collaborative environment offered by the co-working space providers. Indeed, we have seen an increase in investment by institutional investors, which see co-working spaces as an interesting investment opportunity given the relatively low yields offered elsewhere in the commercial real estate sector.”
