Rental rates in London’s flexible office space market have hit record highs, as growth in the burgeoning commercial property sector shows continue to escalate.
Average desk rates in London have reached £690 per calendar month (pcm), with desks in central London locations fetching as much as £727pcm.
Driving the sharp rise in average desk rates is East London, with demand for space doubling in areas such as the London Docklands and Canary Wharf as cheaper rents and proximity to the City tempt more commercial tenants into the area.
Westminster and the City of London generated the most demand for flexible space in both London and the UK by a considerable margin in the last 12 months, despite also commanding the highest desk rates at £753pcm and £747pcm respectively.
Enquiries for flexible offices shot up 120 per cent in East London over the last year, higher than anywhere else in the country, according to the research carried out by The Instant Group.
Such news bears strong signs for London as we move towards a Brexit Britain and indicates that the City of London is likely to remain strong as the UK moves beyond Europe.