The winds of change

Okay, so today’s breezy weather gave inspiration for my article headline, but in truth there is a definite gust blasting its way through the office space market which we are experiencing first hand at Working Space London.  

So, what’s powering the change?

Whilst there are a number of economic and political factors which affect the demand for office space in London, I’d say there has been a noticeable shift in the number of startups, Fin Tech and Financial company relocations - particularly in Central London and The City. Indeed my hunch is perfectly backed up by yesterday's article on the Insight website. 

In the startups sector, it is as much about business professionals leaving corporate life and establishing practices in their area of specialisation as it is about ‘entrepreneur fever’. This is particularly prevalent in the Fin Tech sector where small businesses with big ideas are flourishing even in this uncertain financial climate.

I’d also add to this that in Q2-Q3 2019 (pre-Brexit) we have also seen a sharp increase in the number of overseas companies opening new offices in London. I’m intrigued by this movement as personally I did not expect it until Brexit was ‘done and dusted’ but it does restore faith in our Capital as the City where businesses can thrive and survive.

We’ve also experienced a sharp increase in the number of enquiries for conventional office space as well as requests for buildings where they offer both serviced offices and co-working spaces. 

So what do you think, the winds of change in the London office market or a storm in teacup…. I’ll let you decide!