Cost of co-working spaces rising as start-ups push up demand, figures show
The cost of co-working spaces is rising as more start-ups are choosing to work in a flexible and collaborative environment.
Figures from SpareOffice revealed that the most expensive rents for co-working spaces are in cities with a thriving tech sector, indicating that more start-ups are choosing to work in these environments.
London topped the list at £357 per month, followed by Edinburgh at £284 per space and person, Bristol at £265, and Oxford at £262.
The figures also revealed the cheapest locations for co-working, with Newcastle offering affordable space at £218, followed by Glasgow at £210 and Sheffield at £205.
SpareOffice Chief Executive Joe Vallender commented on the findings, stating that it was no surprise that London topped the list of the most expensive cities for co-working spaces, as property values in the city are higher than anywhere else.
Over the past ten years, there has been an increase in demand for co-working spaces as start-ups are now favouring flexible workspaces over traditional office environment.
According to Vallender, it is difficult to predict how prices will change in the future as new spaces are being added to the market.
“However, we believe that prices will continue to rise as more and more companies embrace the flexible arrangements and collaborative environment offered by the co-working space providers,” he said.