Flexible office take-up slows across Europe
The share of flexible office space take-up across Europe slowed in the first quarter of 2020 to reach 5 percent, down from 9.5 percent at the end of 2019. The sector has expanded exponentially from 2017–2019 and is reaching maturity, as large providers become less expansionary.
Data from international real estate adviser Savills shows that in 2019 the share of flexible office take-up in Paris (inner city) stood at 25.6 percent, followed by the City of London at 23 percent, Barcelona at 18.1 percent and the West End of London at 15 percent.
Eri Mitsostergiou, analyst in the European research division, Savills, said, “Although the analysis of our data cannot take into consideration the full effects of the coronavirus pandemic, it is clear that — pandemic or not — the flexible office sector’s slowdown can be attributed to a maturity of the sector. While we are seeing the big players such as WeWork and IWG suspending new openings and focusing on cutting costs, th