Flexible office occupancy rate recovers to pre-pandemic levels

Flexible office spaces in central London have seen their occupancy rates recover to pre-pandemic levels, new data show.

Most of the world’s top 30 flexible workspace providers have now seen occupancy rates in their central London offices cross the 60 per cent mark, a survey by Knight Frank shows.

Of the top 30 flexible office companies, including WeWork, The Office Group, and IWG, 88 percent said they now plan to expand their office footprint by adding new sites.

More than a third of those surveyed said financial services companies were driving demand in central London, while 25 per cent said demand was being driven by tech companies.

“Flexible offices have seen post-pandemic growth from sectors with traditionally driven office demand [the City and West End] submarkets,” said Knight Frank executive Amanda Lim.

“Companies of all sizes, from start-ups to large established businesses, increasingly value the option of going straight into the workspace, and depending on headcount trends and how much their employees use the office Is.”

In a major deal this year, tech recruitment company Levin leased the entire 23,000 sq ft of 155 Bishopsgate Tower in British Land.

The research follows prior research by Knight Frank which showed that almost half of UK businesses plan to include more flexible office space in their property portfolio.

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