Flex space UK Research | 29 Central London Market overview


The flexible office market in Central London is by far the largest in the UK, with total flexible stock of 14.7 million sq ft. Growth in the sector accelerated from 2013, when the flexible office stock totalled 3.6 million sq ft. Take-up has averaged 1.7 million sq ft between 2014-2018 compared with just 252,000 sq ft over the previous five years. Flexible offices have dominated recent leasing activity, accounting for 20% of Central London take-up in 2017 and 17% in 2018. This compares with just 5% in 2013.


Despite the high number of operators in Central London - we have tracked over 150 - there are fewer than 15 operators who operate more than ten centres in Central London and only around 20 who operate more than 100,000 sq ft in the capital. WeWork is the largest operator with a current footprint in the order of 3.5 million sq ft, even though it only opened its first office in 2014.


Flex take-up, 2014-18


1,000 1,500 2,000 2,500 3,000


500 0 2014 Source: JLL 2015 2016 2017  London flex take-up 1Relates to office-based proxy sectors 2018 Source: JLL Demographics Population (Primary Urban Area) 10.2 million


Numbers employed in technology


(Primary Urban Area) 485,500 Self employed1 (Primary Urban Area) 404,600


Key flex transactions 2017-2019 Operator


WeWork WeWork WeWork


WeWork WeWork


Address


2 Southbank Place 5 Merchant Square


125 Shaftesbury Avenue


The Stage, The Bard Aviation House,


125-133 Kingsway


Size, sq ft 283,443 159,106 140,000


135,517 131,515


Largest operators Operator


WeWork Regus


The Office Group Workspace LEO


Source: JLL Flex market Flex office stock 14.7 million sq ft


Average flex operator size


26,900 sq ft


Flex share of office stock


6.3%


Space occupied, sq ft No. of locations 3.5 million 2.1 million 1.4 million 1.1 million 0.7 million


51 79 41 29 38


Sq ſt thousands


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