Central London has seen a growing demand for shorter leases which has led 150 new flexible office locations opening in the area, a 42% year-on-year increase.

The same report found that prices of these spaces have fallen across the area amongst rising competition between operators.

For example, prices in Knightsbridge dropped by 38% between 2014 and 2018.

“Flexible workspaces are booming and we are seeing more and more large corporates, such as Amazon, Facebook and Microsoft embracing the benefits that flexible workspaces bring,” said Richard Smith, chief executive of Office Freedom. “There are market uncertainties due to Brexit, but businesses increasingly want to be able to react whatever conditions they face.”