Future of work newsletter free subscription Future of work newsletter free subscription Future of work newsletter free subscription
  • Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Nexudus - Tech Stack Lovers
Home News

Flexible Office Space Demand Reaches New Heights in the U.K.

Demand for flexible office space in the U.K. has surged in the recent years, with demand up 206% since 2019 along with significant increases in both inquiries and desk prices.

Dominic CatacorabyDominic Catacora
July 18, 2024
in News
Reading Time: 3 mins read
A A
Flexible Office Space Demand Reaches New Heights in the U.K.

More stories for you

The U.K. Just Proved Gender Equality Is A Win For All Workers

The U.K. Just Proved Gender Equality Is A Win For All Workers

1 day ago
Two In Three Brits Won’t Apply For Jobs Without Salary Info, New Survey Finds

Two In Three Brits Won’t Apply For Jobs Without Salary Info, New Survey Finds

2 days ago
India's Smartworks Coworking IPO Draws Strong Demand As Investors Snap Up All Shares On Day 2

India’s Smartworks Coworking IPO Draws Strong Demand As Investors Snap Up All Shares On Day 2

2 days ago
IWG To Double Flexible Workspace Locations Across Kenya This Year

IWG To Double Flexible Workspace Locations Across Kenya This Year

2 days ago

The demand for flexible office space in the U.K. has surged dramatically in the past year, with a year-over-year rise of 14% in the first half of 2024 — a 206% increase in inquiries compared to pre-pandemic levels in 2019.  

New data published by Workthere shows the high demand is primarily driven by occupiers seeking larger work environments and companies expanding into new markets. 

Advertisements
Maximize Flexible Space Revenue

In the first half of 2024, 24% of the inquiries were for spaces requiring 20 desks or more. This reportedly doubles the figure by 12% year-over-year. Meanwhile, companies entering new markets made up 18% of inquiries — up 10% year-over-year. Experts suggest this growth trend reveals more tenants view flexible office spaces as a long-term solution rather than just temporary or project-based needs. 

The financial/costs aspect of flexible office spaces has also transformed within the past year.  

Advertisements
Workspaces Run Better On UltraSoftBIS

In London, the average cost for a private desk within the flexible office market is reported to have risen by 12% year-over-year to £805. This price hike is attributed by Workthere as a “flight to quality,” with top-tier office spaces driving the average cost upwards. Across the rest of the U.K., the average price for a private desk experienced a 1% year-over-year increase to £379. 

“Desks throughout the rest of the U.K. remain competitively priced as operators seek to retain occupancy against growing competition,” said Tom Leahy, Co-Head of Workthere U.K. “In addition, we have also seen a need from operators across the market to pass on some of the rising costs they are facing to occupiers as a result of inflation, which is also pushing up the desk prices. In the second half of the year, we are expecting no let-up in the popularity of the flexible office market and continued delivery of exciting new schemes across the whole of the U.K.”  

The rise in demand and prices coincides with an observable increase in the average contract term lengths, which are reported to have grown to 15.6 months in H1 2024. This reflects a 27% year-on-year rise.  

Notably, the rapid expansion of flexible offices and new entries into the market have caused a slight dip in occupancy rates. In London, occupancy for flexible office spaces has decreased to 82% from 88% at the end of H1 2024, and similarly, dropped to 83% from 86% across the rest of the U.K.  

Advertisements
Maximize Flexible Space Revenue

The upswing in demand for flexible office spaces in the U.K. reflects a fundamental change in how organizations around the world are viewing and utilizing commercial office environments.  

Advertisements
Subscribe to the Future of Work Newsletter
Source: Work There
Tags: BusinessCoworkingCREeuropeInvestment
Share10Tweet6Share2
Dominic Catacora

Dominic Catacora

Dominic Catacora is a Staff Writer for Allwork.space. He is based in Pittsburgh, PA. He graduated from Radford University in 2017 with a Bachelor of Science degree in Media Studies - Journalism. He has previously covered the Historic Triangle as a journalist living in Williamsburg, Va, and is now focused on writing related to the future of work.

Other Stories Recommended For You

The U.K. Just Proved Gender Equality Is A Win For All Workers
Workforce

The U.K. Just Proved Gender Equality Is A Win For All Workers

bySheya Michaelides
1 day ago

A new report links gender equality to stronger economies and calls for urgent action where progress has stalled.

Read more
Two In Three Brits Won’t Apply For Jobs Without Salary Info, New Survey Finds

Two In Three Brits Won’t Apply For Jobs Without Salary Info, New Survey Finds

2 days ago
India's Smartworks Coworking IPO Draws Strong Demand As Investors Snap Up All Shares On Day 2

India’s Smartworks Coworking IPO Draws Strong Demand As Investors Snap Up All Shares On Day 2

2 days ago
IWG To Double Flexible Workspace Locations Across Kenya This Year

IWG To Double Flexible Workspace Locations Across Kenya This Year

2 days ago
Advertisements
Yardi Kube automates flex and coworking operations
Advertisements
Drive Virtual Office Revenue

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00