Political uncertainty is driving London businesses away from traditional leases and towards flexible office spaces, new data suggests.
Hubble, one of the capital’s leading flexible office space platforms, recorded a 33 per cent spike in searches during Thursday’s election and record traffic in the six months after last year’s Brexit referendum.
The prop-tech firm revealed the data just weeks after it was announced that leases on London offices are shorter now than ever before, lasting an average of 3.2 years, according to a report in the Financial Times.
Hubble’s chief executive, Tushar Agarwal, told New Statesman Tech: “The 33% spike in searches for flexible office space on election day follows a pattern we’ve been seeing here at Hubble since Brexit.
“UK SMEs are increasingly adapting and hedging their bets against an uncertain economic and political environment – in our case shunning traditional, long-term office leases and coming to Hubble in favour of greater flexibility.”
The trend for shorter leases has been accelerated by businesses being able to negotiate better terms since demand for office space dropped off after the referendum last June.