Rising demand for flexible office space in London has caused record rental levels throughout the capital. Average desk rates in London have reached £690 per calendar month (pcm), with desks in Central London locations fetching averages of £727 pcm.
Westminster and the City of London generated the most demand for flexible space in both London and the UK despite also commanding the highest desk rates at £753 pcm and £747 pcm respectively.
The sharpest rise in average desk rates is East London, with demand for space doubling in areas such as the Docklands and Canary Wharf as they still maintain cheaper desk rates that more centrally located areas yet are still easily accessible to the City. Enquiries for flexible offices in East London shot up 120 per cent over the last year, higher than anywhere else in the country according to research.
While giants such as WeWork and The Office Group are known for flexible workspaces, smaller, more niche providers make up 83 per cent of the market in London.
If you would like to enquire about flexible offices or are becoming increasingly concerned your flexible office is becoming too expensive, please contact a member of our agency team on 020 7456 0700.