Home Commercial Property Demand continues to rise for flexible workspace across London

Demand continues to rise for flexible workspace across London

by LLP Reporter
13th Dec 18 4:15 pm

In London alone, flexible workspace providers now control nearly 20% of the overall office space, according to a recent Flexible Workspace report from pioneering London-based office consultancy Office Freedom. It’s a trend that looks set to continue to grow into 2019 and over the next decade as experts predict that almost a third (30 per cent) of corporate real estate will be classed as “flexible workspace”.*

Office Freedom suggests that 2018 was a particularly significant year as demand for flexible working has increased by 30% since the same period in 2017. As a result, the whole concept of workspace is being redesigned to meet the needs of a new generation of employers, in both large and small businesses – all who are seeking to offer more innovation in the way their employees organise their working lives.

As well as seeing a shift from the traditional nine-to-five in favour of a better work-life balance, today’s professionals are looking to boost their creativity through collaborative experiences enjoyed by those in flexible workspaces. Furthermore, with the uncertainty of Brexit looming, many are avoiding being tied into onerous long-term contracts for office space that could restrict business growth and hinder dynamism.

Richard Smith, founder and CEO of Office Freedom has used the company’s data from 25 years in business to build up a picture of this rapidly evolving market.

Richard comments: “Our findings attribute much of the significant shift towards flexible workspaces in 2018, particularly in London, to the success of businesses in the tech sector, flourishing with the help of venture capital investments, and to businesses which are expanding but don’t want to commit to lengthy leases with the uncertainty of Brexit. Add to that the popularity of the flexible workspace industry with investors, who have poured £16.4 billion into commercial property in 2017 alone, and you have a recipe for success.

“There are many additional factors driving the flexible workspace market, including the rise in the gig economy and the desire for a more interesting and social working environment from those who have no office base,” adds Richard. “One of the biggest driving forces for these niche workspaces comes from parents who want an alternative to the all-or-nothing choice of staying at home or embarking on full-time work and full-time nursery care.”

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