Demand for flexible workplaces keeps rising. And the UK flex office space market is expected to hit records in four years.
As hybrid working policies become more popular, the flexible workspace market grows across different countries. The annual UK Market Update Report record a 22% increase in the last 12 months. Cities like Leeds, Manchester, and London are leading the way.
Furthermore, demand for flexible offices increased 44% after the pandemic, as several companies opted to include flexible workspace in their policies. For example, GPE announced plans to expand from 12% to 25% of their flexible locations by 2027. And CBRE acquired 40% of Industrious to improve their flexible landscape in the UK.
As a result of this trend, new workspace supplies grew at 5% during the pandemic, expecting a double rate by 2026 – 10% of total UK office space. Despite this growth, the average workstation rises 4% in H2 2021 – £408 PCM across the UK.
Remote and hybrid work arrangements have become more popular for companies of different sizes. And after pandemic restrictions, people changed their priorities around work-life balance. New business ideas create new opportunities, from more time with family and pets to solutions to avoid commuting. And the UK flex office space market will keep rising with this trend.