One of the most interesting trends we’ve noticed here over the last year is how private offices have become more popular than co-working space. Despite all the latest cool and quirky co-working spaces launching in London, demand from startups and SMEs had indeed soared supplanting co-working space as the most searched for office type in the UK in 2018.
Searches for private offices grew an average of 40% month-on-month from January 2017, with 43% more searches being made for private offices over coworking space in 2017.
This new data might be surprising for anyone following the momentous growth of workspaces such as WeWork and The Office Group. Cushman and Wakefield even recently released a report saying leases on co-working space had increased in London by 190%. However, our own findings show that startups are starting to migrate away from shared workspace into private offices.
This new trend is a reflection of ‘scale-up Britain’. Small UK startups, which started life in co-working spaces, are growing up and increasingly require dedicated facilities. The biggest change is that private offices can also be rented on flexible rolling contracts, so these mature companies and scale-ups can still enjoy the flexibility of co-working spaces but with private facilities to enable a new phase of growth.
Charlotte Brierley, founder of Firetech Camp took a 10 person private office through Hubble. She said “Now that we’ve entered our next stage of growth, we wanted to find a quiet and private space to allow us to achieve the levels of productivity we need to keep kicking our ambitious goals! Hubble helped us acquire not only a productive work space, but one that we are proud to invite our investors, collaborators and clients.”
(Firetech took private space at WeWork Hammersmith.)
Searches for ‘private office’ comprising 62% of all searches on the Hubble platform over the last year. Growing SMEs of 30+ people showed the most interest in acquiring private office space, with an increase of 248% year-on-year in number of overall searches for private space – one of the largest increase of any desk type for any number of people across the Hubble platform.
Charlie Thuillier from Oppo Ice Cream also added: “We have spent a huge amount of time investing in our culture and employee wellbeing. Co-working spaces are great but we wouldn’t want to risk diluting our culture. Having a private office in The Food Exchange enables Oppo to build a unique space reflecting our brand, culture, attitudes, and beliefs as a company. You walk into our office and you know it’s Oppo’s! Hugely important. Oppo is now stocked in 6000 stores across 8 countries and has increased revenues 350% on last year. We needed an impressive ‘own-able’ space that could continue to facilitate this rapid growth.”
Adam Levene, CEO & Cofounder of UseHero.com just took a 24 desk private office and noted:
“Moving into a private space gives our team the opportunity to collaborate even further and cement our culture in an environment that we can call home. Using a service like Hubble has allowed us to find and move into our new office effortlessly.”
(UseHero took a private office space at Tangent.)
Whether you are looking for a private office, co-working space or shared office, and whatever stage of business you are at, we can help you find your ideal home.