The rise and rise of co-working spaces

The rise and rise of co-working spaces

One of the biggest trends we have seen this year, within the London office market, is the rise of co-working or shared office spaces. In the last few years co-working spaces have grown into a phenomenon. This year, more than one million people worldwide will work across an estimated 14,000 co-working spaces compared to half a million people in 8,700 spaces in 2015.

What is a co-working space?

A co-working space is a shared workspace where you can hire a desk or an office on a daily, weekly or monthly basis. There are no restrictive and expensive rental agreements – you show up whenever you need to and work surrounded by other fellow flexible workers.

Co-working spaces can be a great fit for some businesses, especially start-ups. Essentially, you will rent a couple of desks in a room or part of a larger office. This gives you flexibility, while keeping costs low while your business is in the early stages of development.

This arrangement can be beneficial in many other ways too. You can interact with other businesses working in the same shared space and can make some useful new business contacts. We have heard of several success stories about close business relationships being formed in shared work environments.

Changing nature of work space requirements

Office occupiers in London are increasingly focused on creating smart offices that boost efficiency and productivity and are now demanding more than ever before:

  • More flexibility in their leases

  • Increased connectivity

  • Better access to like-minded businesses

Technological innovation and flexible/remote work arrangements have had a major impact on office space requirements in the recent years and office locations are increasingly being chosen based on the following criteria:

  • Collaboration between staff and clients

  • Cost

  • Business flexibility

This has naturally led to a growing interest in flexible and shared office space, even among corporate businesses, and there is now a stronger demand for smaller office units, open workspaces, and serviced offices. In fact, this year, for the very first time, serviced office and co-working providers have set a record for the largest share of space leased in Central London!

If you are looking for a home for your business, our team will work with you to find the right office property to rent in London with the floor space, accessibility and amenities you need to thrive. Give us a call today on 020 7399 8600 to discuss your requirements or view our current listings for commercial and office property here.