Demand for SME office space grows in Central London

Office space provider WorkPad has seen a significant increase in demand as businesses look to return to London with more flexible office arrangements.

The rapid growth of small businesses, which make up 99.9% of the business population, has seen WorkPad receive record numbers of enquiries for working spaces within its 35 buildings in prime London locations.

WorkPad reports that there are a number of reasons for this increase in demand:

1. Growing SMEs are looking for impressive, central London workspaces
2. Larger businesses are adapting a hybrid approach – so they are downsizing their office space accordingly but still want a London base
3. They want a central place to host clients within prestigious London postcodes
4. SMEs are looking for increased flexibility in their contracts

With a clear roadmap out of lockdown, as well as WorkPad introducing a new Flex Start Agreement, which allows businesses to secure an office with no commitment to pay until they move in, occupancy is forecast to reach 80% by the start of April 2021.

Unlike many shared office spaces, private unbranded spaces provide no distractions and tenants can enjoy privacy and discretion. This, coupled with the demand for beautiful spaces in prime locations in which SMEs can claim a presence in London and occasionally receive their clients in, has seen the business fill two properties to full capacity in the past month alone.

“WorkPad itself is an SME, so we know the importance of the perfect space in which to grow a business, said WorkPad’s CEO, Edward Griffin. We also understand the specific needs of small businesses, whether they’re in their earliest days, a few years old and making major strides in their field, or an established, small, but mighty business.”

“Our ability to offer clients private office spaces tailored to their individual requirements, with the flexibility to expand or contract as needed, is absolutely key. As businesses emerge from lockdown, they are looking for flexible contract terms whilst maintaining a presence in the capital and we are ready to respond to their changing needs.”