Office Research & Statistics

2019 second best year on record for flexible office lettings in London

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11/05/2020

Our latest market research shows that despite ongoing wider economic and political uncertainty, a total of 2.2 million sq ft was leased to flexible office providers throughout 2019 in the capital representing an increase of 18% on the previous year. In terms of location spread, the lion’s share of activity was concentrated in the City, with the Square Mile reporting 1.5 million sq ft of take-up from the sector. This equates to a 68% increase of take up from the sector in Central London compared to 2018.

While the overall average price per desk per month within flexible office space was down 5% year-on-year across London as a result of increased supply, the West End saw a 6% increase going from £776 per desk per month in 2018 to £826 in 2019. Average desk costs in Victoria, King’s Cross and Soho, were £700, £800 and £750 respectively, with top prices for the best quality space reaching over £1,000 in each sub-market which is subsequently driving the price increase in the West End.

You can read our full London market snapshot here and our press release here.