London’s Midtown has an established reputation as a prime location for business and leisure, so it is no surprise that it has also continued to grow as a flourishing flexible office destination. Covering the areas between the West-End and City, Midtown is home to a number of operators with Runway East and Canvas Offices set to join the neighbourhood. So, what keeps Midtown at the peak of interest for both flexible office operators and occupiers?
Why Midtown?
Simply put, Midtown can offer more bang for your buck. The market’s name says it all - the middle of two competitive locations and very well-connected, flexible office demand in Midtown is driven by the availability of high quality space priced competitively compared to the more mature West End market.
Currently, the average desk price in Midtown is £700, which is up 10.2% from 2022 due to increased demand. With the City market also quoting up to £700 per desk and the West End reaching £1000 per desk, Midtown offers a strong alternative for those looking for a central London location.
Flex operators in Midtown
The flex market is not new to Midtown and there is more space coming through the pipeline. We have seen the opening of Chancery House, Fora's largest workspace, spanning 127,000 sq ft, Uncommon’s 140,000 sq ft Templar house and Orega’s flex spaces at 16 and 330 High Holborn totalling 55,500 sq ft. Runway East has signed a deal to deliver 45,000 sq ft of flex space at WPP’s Bloomsbury home by the end of the year and Canvas Offices has revealed plans to launch a 35,000 sq ft building above Holborn Tube Station.
Due to the influx of operators coming to Midtown, there is a wide mix of offerings available to occupiers. For example, Fora and Uncommon will have spaces to house a variety of businesses from start-ups to enterprises. They can add partitions to create the desired space for clients because of their large floor plane size. Whereas, Canvas Offices or Runway East may have smaller spaces dedicated to clients looking to consolidate the amount of office space they need without compromising the quality of space quality provided.
Who goes there?
Historically, Midtown was predominantly occupied by more corporate, professional or recruitment businesses as a consequence of the bigger floor plates. However, as the offerings broaden, it is now polarising new players such as tech, creatives, and marketing businesses into the market.
Due to the level of operators in the vicinity there is a variety of choices that can accommodate business growth or there is the option to stay with the existing operator and grow in the portfolio.
A bright future
Midtown continues to be an attractive destination for occupiers who still want that buzzing city / West-End feel without breaking the bank. This translates into ongoing occupier demand which is a great sign for operators looking to boost their portfolio with flex space in London’s Midtown. We expect the future of the flexible office market in Midtown to include a greater focus on cultivating best-in-class spaces that will attract a variety of diverse business and talent.
