Rising flex locations: South Bank secures its shine!

The South Bank in London has come to mean many things for many different people. Historically shunned by Londoners in favour of the more affluent North Bank, areas including London Bridge, Waterloo and Borough were not always favoured. Fast forward to 2021 and the story is very different.

Boasting two of the busiest rail and tube hubs in London, the area has become synonymous with a wealth of cultural activities and tourist attractions including the London Eye, The Tate Modern, Borough Market & the Royal Festival Hall alongside a plethora of restaurants, bars, street entertainment and festive markets.

But what about the office scene? Despite London being much quieter than usual in recent months due to Covid-19, we are seeing the area start to open up again with many new offices filling up quickly; there is no doubt the area has retained its appeal.

The popularity of Waterloo and London Bridge stations has meant that many companies have looked to this area for workspaces that are a short walk from both stations, removing the need to use the tube. Its abundance of local amenities, as well as fantastic transport links, makes it one of the most popular and well-connected office markets in London. Whilst we’ve seen an increase in the supply of premium Grade A space in this area in recent years, there are still more affordable buildings available that appeal to smaller, start-up businesses. As a result, the last 18 months has seen a significant rise in the number of flexible office spaces emerging, housing a range of sectors including marketing and communications, technology, entertainment and professional services.

Transport links aside, the culturally rich and vibrant area means that the co-working spaces allow companies from different sectors to operate under the same roof, build business relationships as well as host networking events which is all an added bonus they wouldn’t have access to if they chose to go down the conventional office route.

WeWork has delivered one of the largest co-working spaces in the world here: Southbank Place. The landmark development, which is spread over 280,000 sq ft is home to a wide range of businesses with a number of corporate occupiers including HSBC and Shell. The Office Group is also present at Scott House which, forming part of Waterloo Station, comprises a 30,000 sq ft flexible workspace. Smaller providers include Working From_ (By Ennismore); a flexible office brand that boasts space in the new Hoxton Hotel in Southwark.

Just a stone’s throw away is Borough, where serviced providers such as TOG, Runaway East and Workspace have operated for years. Borough Underground station (Zone 1) is on the Northern line which runs from Morden (South) to Edgware or High Barnet (North) passing through hubs such as Moorgate, Old Street and Kings Cross making it one of the most accessible lines in London. Its renowned Market, which has been around for hundreds of years is another huge draw for Borough with a variety of food and drink stalls from around the world.

With an exciting array of co-working spaces available, one might wonder what’s next for the South Bank and just how it will retain its appeal. The biggest challenge that providers will face in this area is the supply of suitable office stock. Given that the current levels of demand outstrip supply, future schemes such as HB Reavis’ One Waterloo, which is set to deliver over 945,000 sq ft, will be fundamental in providing the opportunity for flexible workspace operators to expand their portfolios in the area. We also hope to see a greater variety of spaces available to help encourage the diversity of businesses looking to relocate to the area.