The rapid growth of the flexible office and coworking markets over the last five years is evident, with more than 4 million sq. ft. of space leased to flexible office providers in Central London, according to a new report from Hubble in partnership with JLL.
Although WeWork often dominates the headlines, the London market remains highly fragmented, with more than 150 providers offering some form of flex or coworking space in more than 650 separate locations.
At the end of 2018, flexible offices had a 6.3 per cent share of the Central London market (14.7 million sq. ft.) and this figure is set to keep growing. By 2023, flexible offices are projected to grow to an 11 per cent share of overall office stock in London.
The report analyses areas which have seen the highest demand, and in turn increases in prices, and where tenants can secure cheaper space. Temple has seen the greatest increase in cost per desk (69 per cent) between 2017 to 2018. The regeneration of Victoria has been reflected in desk price with an increase of 30 per cent, closely followed by Hoxton (25 per cent) and Marylebone (25 per cent).
Article was originally published by Nao Group. Read more https://www.naogroup.com/the-coworking-boom-is-reshaping-the-london-office-market/
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