Much has been written about the impact of the pandemic on working habits across the capital, with varying opinions on what the future may look like. But one thing that everyone seems to agree on is that hybrid working is here to stay.
We know that as a result, businesses are reassessing the purpose and functionality of the office, with greater recognition on the office as a place to collaborate and meet with colleagues. Of course, amenities are key, but office location is equally if not more important to attract and retain talent.
Increasing demand, in the right places
We have seen a healthy demand for office space in central London, with interest climbing post pandemic. A recent report from JLL found that central London take-up has reached 2.1 million sq ft in Q1 2023, only 9% lower than the 10-year Q1 average of 2.3 million sq ft, while space under offer was 19% ahead of the long-term average.
Throughout the last few years, the hub-and-spoke office model was tabled as a viable alternative to central office locations. However, it has become evident that regional offices don’t offer employees a suitable incentive to travel in, and instead investing in a flagship central office hub has greater appeal to employees and potential clients alike.
Much of this attraction is based on the opportunity for a business to become part of a community and ecosystem of like-minded companies surrounded by best-in-class amenities, such as shops, restaurants and gyms.
This is where a campus-based approach comes into its own. Employers need to be able to offer something more than colleagues can get at home or on their local high street, and collaboration with like-minded businesses and individuals is the greatest benefit firms can offer to their people.
Connecting to a wider business ecosystem offers opportunities for learning, networking and growth than homeworking ever could.
Storey at 1 Finsbury Avenue, Broadgate, is a great example of this. Based on the doorstep of Liverpool Street, it has major transport links including National Rail, Crossrail and several Underground links including the newly launched Elizabeth line. The 32 acre Broadgate campus, with 4.5 acres of public and green spaces provides a mix of retailers, plus flagship restaurants, and is just a short walk from Spitalfields, Moorgate and Shoreditch, with plenty more shops and restaurants within a 5 – 10-minute walk.
Flexibility is key
Although some businesses have made big commitments to getting their workforce back in the office, many small and medium sized firms are taking a slower approach, so flexibility and the ability to grow and scale are crucial.
Storey’s nimble approach gives businesses control over the size of their office, how long the lease is for and how it looks. In a time when many firms are looking to reaffirm their commitments to their colleagues and bring in new talent, flexible leases in prime locations will be key to the every-changing landscape of work and maintaining employee satisfaction.
For more information on Storey, please contact [email protected] and