The Cost of Office Space in London 2022

The determining factors driving these decisions are culture and leadership – workplace rules and strategies are being implemented based on individual business circumstances as it is no one-size-fits-all. This is pushing companies to start gathering workplace data to help inform new strategies. This change in space allocation will not happen immediately, but with an increased demand for these types of space, this is the standard that office design is expected to follow.

Organisations will look to create meaningful experiences in the office by positioning their workplace as a platform to build a community, enable collaboration and support talent attraction and retention. Reports and surveys suggest that employees (especially the new generation) would be willing to turn down a job that does not include a work from home option. This could impact future hiring strategies, productivity and wellbeing but until this has been monitored over an extended duration, it is hard to know the full chain of events that will follow.

As businesses seek greater flexibility within their workplaces, they will also need to consider the permutations of their leases. The ability to achieve greater flexibility in leasing office space has been hard fought for and although the range of solutions available to businesses is now as diverse as we have ever seen, conventional leasing remains rigid. Leases offering flexibility for tenants are becoming more popular. Tenants are opting for shorter leases in ‘plug and play’ space, which is streamlining their processes for occupying new premises, without the long-term commitment.