A new report from JLL and online flexible workspace platform Hubble predicts that flexible offices will grow from a 6.3% (14.7m sq ft) share of London office space at the end of 2018 to an 11% share by 2023.
The entry of new providers into this market doesn't appear to be slowing, including 26 last year in London alone.
Assuming the growth of this sector continues as predicted, it will be interesting to see how occupiers look to seize the opportunities that may arise as a result of the competitive market place.
Tushar Agarwal, chief executive and co-founder of Hubble, said: “Fierce competition among flex operators has led to attractive discounts for occupiers, providing an opportunity to move into areas which would previously have been too expensive. In fact, on average transaction prices were 15% below listed prices in 2018, so finding and negotiating the best deal without compromising on location is key.”