Central London’s Coworking Presence Is Taking Over Its Office Market
Central London has become one of the leaders of coworking worldwide, with flexible offices and coworking spaces taking up over 4 million square feet of space. While WeWork is one of the more well-known firms in the market, the city’s market is a mixed bag as more than 150 providers are offering some form of flexible work option in London.
A report from digital office broker Hubble, in partnership with JLL, found that flexible offices are expected to grow to an 11% share of London’s overall office stock by 2023. Flexible offices had a 6.3% share of the city’s market by the end of 2018.
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Most private offices cost around £500-800 per desk each month, but some areas have rents as low as £279.
“The flexible office market in Central London is by far the largest and most developed in the UK,” said Elaine Rossall, Head of UK Offices Research & Strategy at JLL. “The sector has seen its footprint expand rapidly over the five years from 2013, increasing by 26 percent per annum, compared to just 9 percent per annum in the previous five years.”
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