FULL BODY WORKOUT A REVIEW OF THE CENTRAL LONDON GYM MARKET


STUDIO GYMS


The popularity of studio gym segment has erupted, thanks in part to its focused growth on core central London locations typically near business hubs.


Unlike traditional gyms, these concepts are typically pay per class experiences - although some do offer block memberships. Due to their compact formats, their average size is 4,216 sq ft which represents 7 per cent of the total floor space for health and fitness use in the capital.


Overseas operators are helping to lead the way on studio growth. For example, the Australian brand F45 has taken the capital by storm, with venue locations already in the double digits in a very short period of time. Similarly, Barry’s Bootcamp, known for being the “original high intensity workout”, remains highly popular and has expanded its footprint. Meanwhile, group exercise concepts such as 1Rebel, which offers live music, light shows, dancing and high energy levels, draws parallels to a typical club scene, ensuring the emphasis is as much on it being a social experience as it is a workout.


With unprecedented growth and intensified consumer demand for best in class, many of


the mono clubs have adjusted their model by adding additional studios and classes to grow market share. For example, Psycle, which initially opened with a primarily indoor cycling offer, now provides a range of other class types – offering strength, barre and yoga classes at its Shoreditch venue. It is also expanding its original unit at Mortimer Street to take more space for an additional studio in order to broaden its offer. As such, we anticipate floorspace requirements will rise for this segment. The flexibility of the studio model has enabled consumers to mix and match their exercise routines between different venues and test out various concepts. However, the capital’s love for HIIT-based exercise continues to gain momentum, resulting in this being the most acquisitive sub sector.


Market activity is also likely to remain strong, with new openings from 1Rebel, Sweat by BXR in Canary Wharf and the TRX-based concept Equilibrium opening in Kings Cross. Perhaps unsurprisingly, rents in the studio gym sector remain buoyant with average rents across the sector now averaging £32.20 psf, with notable hotspots.


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