In central London, flexible workspace operators now occupy around 10.7m sq ft – roughly 4% of the total amount of office space, according to property consultants Cushman & Wakefield.
The amount of flexible space has almost trebled since 2007, with most of the growth occurring in the past five years. Since 2001, the number of self-employed people has risen from 3.3 million (12% of the labour force) to 4.8 million (15.1%) last year, according to data from the Office for National Statistics.
Remote working and the increase in self-employment has grown exponentially across the country as a whole. London based companies are finding office space harder to source than anywhere else. The lack of space, due to a number of buildings being turned into residential property, has caused an office space shortage – that in return has upped the cost per square foot.
However, there are still opportunities to rent at reasonable costs. It just means sourcing very carefully through, maybe smaller brokers, who are the most helpful to start-up companies and companies with smaller budgets. Maybe a shared office is a solution? Perhaps a semi serviced office would work for you? Or possibly an office just outside a main location if you don’t need to be smack bang in the middle of town?
Working Space London enjoys the challenge of sourcing such offices and is very successful at negotiating best rates on your behalf.
Call Justin or Perry on 0203 950 0797 – www.workingspacelondon.co.uk