The City of London holds 22.2% share of the capital’s flexible working spaces (the most out of any borough), according to new Office Freedom report.
A new report from flexible workspace specialists Office Freedom suggests a 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 the City of London leads the charge, holding a 22.2% share of flex working spaces, Tech City (Shoreditch, Old Street and surrounds) then follows with 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.
Richard Smith, CEO and Founder of Office Freedom, notes: “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.”