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Co-Working Office Rental Take-Up Has Doubled Since Brexit

Free Office Finder has reported that take-up of co-working office space across the UK, has doubled since the Brexit vote. From their database of 2,150 office locations, 6.1% of clients that rented office space chose co-working spaces between July 2015 and June 2016. However, that percentage doubled to 12.4% for the period of July 2016 to June 2017.

The company says that the percentage of flexible office space tenants that choose co-working has increased six-fold in the past three years (from just 1.2% in 2014). It also expects this growth to continue over the next few years, rising to 17% next year, 19% in 2019 and 21% in 2020.

Managing director at Free Office Finder, Nick Riesel, says: “I believe we’ve seen a big jump partly due to a large amount of co-working spaces that have come onto the market in the last 12 to 18 months. Post-Brexit uncertainty has caused many businesses to either lay off staff or stop hiring, which in turn has prompted many to start up on their own. Co-working take-up has benefitted from these new ventures, and their success should eventually provide a further boost for private flexible workspace.”

London’s tech industry, a prominent client base for co-working office space, received an unprecedented level of venture capital investment in 2016, says Riesel who adds: “We predict a rise in the take-up of co-working space in the next few years. However, depending on what new trends and demands emerge, that could change.”

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