Demand for serviced office space in London spiralled in 2015, accounting for 15% of take-up for the entire year.
The latest Central London Office Analysis report from Bilfinger GVA found serviced office take-up increased 36% last year compared to 2014.
Demand for serviced offices has grown to such an extent that take-up last year amounted to more than the total take-up between 2009 and 2013.
Patrick O’Keeffe, head of London agency and investment at Bilfinger GVA, said: “The significant rise in take-up from serviced office providers indicates a seismic shift in the type of demand within the central London office market.
“This is being driven by a growth in new start-ups and self-employment, a burgeoning technology sector and the changing demands of a young workforce which requires flexibility and opportunities for networking.
“The declining supply of small suites in the West End and City is also contributing to the increasing demand for serviced offices. In the West End, these smaller spaces have been lost to residential conversions, and in the City large developments are usurping smaller buildings.”
The report found that increased demand has led to a substantial fall in supply and a long period of rental growth.
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