UK demand for offices providing flexible workspace has increased by 21%, according to a study carried out by workspace specialist Instant.
The Flexible Workspace Review also revealed the market for flexible workspace has grown 11% in the past 12 months, led by growth in London which has the biggest increase of space at 16% - a third of the whole UK market. Demand for suburban locations however had outgrown that for inner London, at 25.9%.
Suburban locations have seen some of the UK’s most aggressive growth in terms of workstation rates and enquiries, despite a 12.5% increase in supply, as occupiers have chosen cheaper locations with good transport links over the highly competitive market in central London.
The supply of flexible workspace in London has outstripped conventional office space by some margin in the last year and this trend seems set to continue into the future.
Tim Rodber, CEO of The Instant Group, said: “Growth in what might be considered secondary locations in the fringe and outer fringe of London have been driven by occupiers seeking more competitive workstation rates in a booming market.
“This trend will continue through 2016 to 2017 with new locations such as Camden, Hackney, Clapham, Waterloo, Soho, Stratford, Marylebone and Vauxhall coming to the fore.
“There is still high demand in traditionally popular areas with strong transport links such as Kings Cross, Euston, London Bridge, and Oxford Circus but operators are struggling to acquire the right floor plates at competitive rates that would facilitate increased supply.”
While enquiries for flexible space were up 21% for the UK in total and 39% in the regions, the growth in non-flexible office enquiries was up only 15% according to data from Estates Gazette.
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