Hottest desk in town: London named top city in the world for coworking

London has been named the top location for coworking, setting up businesses based in the capital to switch to a shared office space for significant cost savings.

Business Name Generator analysed 53 global locations looking at coworking supply and demand, average monthly cost, and internet speed.

Its results show that London outscored all other cities to emerge as the number one location for those wanting a flexible office space.

Demand for coworking spaces has been steadily growing alongside hybrid working. Last year, The Instant Group said occupancy rates had reached an average of 83% in the UK; the highest ever level pre-pandemic.

Analysts are predicting that this trend will continue into 2024, as firms consider relocating to a serviced office to survive the bad economy and keep overheads down.

Workers in the capital are spoilt for coworking choice

The Business Name Generator research reveals London as the best city in the world for coworking, with a staggering 1,322 coworking spaces available throughout the UK capital.

This is over 1,000 more than Paris, the city with the second highest number of coworking spaces on offer.

London also had the highest average monthly search volume for coworking spaces at 4,400, proving that demand for coworking space is particularly high.

Startups recently reported that organisations across the country have been looking into coworking options as a way to save money rather than renting full-time office workspace.

Google Trends data shows that the number of firms looking for coworking offices shot up on March 31. The rise in searches has likely been triggered by the rise in small business rate valuations, which came into effect on April 1.

The government says the increase will bring business premises fees in-line with their market valuation. Office properties saw an average increase in their rateable values of approximately 10% at the beginning of this month.

London is best place for coworking – and worst place for cost savings

While the UK capital city was voted the top location for coworking, it also drastically outperformed rivals in another, less favourable area: expense.

According to the Business Name Generator findings, the average monthly cost per desk in London is £267. That is 35% more expensive than all other cities in the top 10.

Source: https://businessnamegenerator.com/coworking-capitals-of-the-world/

London, expensive? Who knew? Luckily, it’s not all bad news for workers. Being frugal is still possible when coworking in the Big Smoke. It just takes research.

The website of large-scale coworking provider, Regus, for example, shows that there is coworking space available for a below-average fee. For a base near Euston Road a company will pay £209 per month.

Plus, coworking has been found to generate crucial cost savings compared to the fees associated with owning or leasing a full-time office space.

Serviced offices can take care of many business overheads such as electricity and water costs, and maintenance fees. Even premium benefits and perks for employees, like tea and coffee, are often available for free depending on the provider.

Where are the top coworking locations in the UK?

The Business Name Generator research does not include any other UK cities in its ranking. Startups own research has uncovered plenty of innovative shared workspaces in the three largest UK cities: Birmingham; Manchester; and London.

These include The Transfer, where Brum business people who travel into work sustainably can get membership for just £60. For North-West firms there’s Flagship Manchester, where a monthly desk costs £180 – £87 cheaper than the London average.

The below guides have more information on the best city-specific coworking options:

• Best cheap coworking spaces in London
• Best coworking spaces in Birmingham
• Best coworking spaces in Manchester