The emergence of a new breed of tenant in London has led to significant changes in the office market. The rapid growth of start-up and scale up businesses has influenced the way in which we perceive the commercial property market, pushing forward new ideas of how we should meet and work. It was announced this year that London had overtaken New York and Shanghai in EY’s global ranking of top tech cities and our shared workspace scene has been at the very heart of this progress and success.
Shared Workspace Demand
What has driven London’s fantastic shared workspaces is the desperate need for shorter and flexible terms. The UK’s thriving start-ups have high expectations of growth but are unable to predict the scope of this growth and therefore the demand for adaptable workspaces, both in length of lease and size of office, has increased to accommodate London’s growing start-up/scale-up scene.
The UK’s booming technology and digital economy has been at the forefront of start-up growth and has shaped London’s shared office space market. Whilst co-working and serviced offices are nothing new, the new breed of companies that are filling them are, and their demand for fluid, employee satisfaction driven workspaces has brought on an evolution in the market.
What this has produced is truly modern flexible office spaces that rival the likes of San Francisco’s Silicon Valley. Technology and design led offices spaces in London are now more sensitive than ever to the requirements of modern businesses and are leading the way in creating some of the most efficient and creative workspaces in the world, acknowledging the need for collaboration, flexibility and comfort.
The amount of space dedicated towards shared, serviced and co-working offices is constantly on the rise and these spaces continue to improve in quality. Shared office space is a perpetually evolving beast and innovations keep the market fresh and exciting. The options for start-ups in London today endless and have far outgrown isolated tech hubs. Due to the lack of significant capital, start-up and scale up businesses are looking for ‘plug in and play’ space to curb any additional expense on fit out, furniture, cleaning staff, security etc. What they are being offered is not only cost effective in the short term, but has been shown to have a positive impact on the progression of new businesses. London is currently second only to San Francisco in likeliness to produce the next tech giant, and with a shared office scene as good as it as, it is no wonder.
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