the workspace peopleWith over half of 2022 under our belt, here at Flexioffices we've created a data sheet infographic which provides a candid overview for London Flex Space, compared with 2021.
Some key takeaways:
Overall desk rate is growing strongly. This is indicative of greater take-up momentum reducing overall availability, but…
- There are huge swings between the ‘high’ and ‘low’ desk rates achieved
- The ‘lows’ would indicate there is still a lot of operators that need to significantly drop rate to secure deals
- Overall, there is still a large amount of instability in the market as it equalises post-pandemic
Contract lengths tell an interesting story:
- Ultra-flexibility is still very much a thing… 25.9% of clients are signing for an initial contract of 3 months or less, and 42.5% of clients are signing for an initial contract of 6 months or less
- But there is clearly confidence from half of the client base – 55.2% of them are signing for 12 months or more – so for at least half of the market it’s back to business-as-usual
- A combination of increased desk rate and consumer confidence is driving contract values higher, with many areas of London already grossing more contract revenue this year than all of 2021
Whilst the strongest desk price growth is concentrated in core central locations, outer regions are also growing strongly. North, North West, West, East, and South East Greater London are all seeing fast-growing desk prices. The only Greater London region still to recover is South West London.
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