- A new report by Office Freedom shows that Central London’s flexible office locations have grown by 34% year on year.
- More than 300 operators now manage over 850 flexible workspace locations in Central London.
- Enquiries for larger flexible office space are growing; 35% of enquiries were for 10 desks or more.
A new report from Office Freedom suggests continued growth within flexible office spaces, a growing trend which shows no sign of slowing. Flexible workspaces have seen a dramatic increase in recent years, with Central London seeing particular interest for flex spaces.
The “London’s growing flex appeal” report takes a detailed look at Central London flexible workspace trends. It reveals that the City of London holds a 22.2% share of flex working spaces, Tech City (Shoreditch, Old Street and surrounds) holds an 11.9% share and Midtown (Bloomsbury, Holborn and surrounds) holds a 10.9% share.
While the City of London was the single area in which most transactions were concluded, the locations covered by the W1 Postcode (Mayfair, Marylebone, Soho, Fitzrovia etc.) accounted for the majority of flex office transactions.
In 2019 the average London monthly desk rates ranged from between £314 in Notting Hill to £747 in Paddington, with London rates having dropped an average of 3.1% year on year. Historically Mayfair has been one of the most expensive Central London flex locations; however, with a 13.8% drop in average desk rates it has become the second most popular destination for flex offices behind The City. SE1, the third most popular location, has seen little change in average rates.
“Despite the political and economic uncertainties of Brexit, the flexible office market in Central London has been thriving. Throughout 2019 we have seen sharp increases in supply and demand, the report shows that a new Central London flex space was added to our portfolio every 1.7 days last year,” says Richard Smith, CEO and Founder Office Freedom.