Understanding London’s Shared Workspace Needs

London is a large and thriving city and people working there have differing needs when it comes to working spaces. As renting can be very expensive, many search for other options such as shared workspaces and flexible solutions. Additionally, commuting to the main office can be both challenging and costly, prompting many individuals to seek alternative working arrangements. In this blog post we give you a general overview of the shared workspace market. And then in the end we give you tips on how to find a shared workspace to fit your needs.

Overview of the workspace market in London

London has seen remarkable growth in coworking spaces in the last decade and is one of the leading cities in providing shared workspaces. Here are some  key stats from different sources about the current state of the market. As the situation evolves numbers are not exact, but will give you an idea how the market looks like. 

Number of spaces

According to some sources there are more than 1400 shared workspaces on the market. Some offer turnkey solutions for demanding needs and others offer hot desks where you can book a desk for a day. 

Market size

As coworking spaces are ever more popular it is estimated that market size would be around 2 billion pounds and continuously growing. 

Occupancy rates

Even though there is a lot to choose from, the occupancy rates for shared workspaces are fairly high and some estimate the number to be between 70% and 80%. This indicates strong demand. 

User demographics 

It is estimated that around 40 percent of the coworking space users are freelancers and 35 percent are startups. Remaining 25 percent is occupied by small and medium sized businesses and workers from large corporations who have a need for flexible and scalable solutions. 

Why a shared workspace?

Workspace is so much more than just a desk and Wi-Fi. At best it can be a vibrant hub for creativity, collaboration and community. It offers the possibility to network with other industry professionals and it is possible to meet people from various industries outside your own niche with different skill sets. There might be a good chance of learning something new when talking with someone outside of your regular circle. 

Some potential clients or partners can often be found from shared workspaces too. When hiring people or searching for someone for project collaboration, a shared workspace might be the place to find them. 

Often there are lots of different kinds of events for networking, fundraising, different kinds of workshops and training. Industry-specific events and talks with guest speakers are often held on the premises. And on top of all formal events there often are informal gatherings like community lunches or happy hours after work. This allows for informal networking and mentoring. 

Lastly, sharing a workspace is a more sustainable option than everyone having their own individual office. Corporate office occupancy rates can often be quite low, leading to unnecessary expenses. By opting for shared spaces, fewer new offices need to be built, which reduces the demand for building materials and allows available space to be repurposed for other uses.

How to find a shared workspace in London?

As the numbers indicate the coworking landscape in London is evolving and there is a growing demand for different solutions. And now it is easier than ever for users to access various locations with the Spacent App. It allows you to choose workspaces near you with ease as you can see all the locations and with a few clicks you can make a booking. Also, if you need a podcast studio or recording studio those kinds of spaces are also easy to find. Signing with Spacent is easy and it gives you freedom to try different options. Also, when traveling in the UK or elsewhere in Europe it is possible to use the Spacent network abroad.