Long office leases are likely to be less favorable due to the International Financial Reporting Standard, which causes UK businesses to add £200 billion of liabilities to their balance sheets.

Last year, Savills reported a 150% increase in serviced offices in 2017 and JLL predicted that flexible work spaces would grow by 30% annually.

Still, the Office for National Statistics revealed that company investments fell by 0.7% which suggests that occupiers are being more cautious due to Brexit concerns.

There will be a wider variety of operators in the market, from major firms to smaller companies servicing local areas. It is also expected to see newer firms enter the market, but they will need to differentiate themselves from the competition in order to be successful.