In 2024, the demand for flexible workstations and the growth of co-working spaces in and beyond urban centres remains strong and growing. 

Worldwide there were around 18,700 co-working spaces in operation in 2018, and with a boost from the Pandemic along with the catapult in digital capabilities, changing employee wants and needs and an improved understanding of different working requirements, co-working spaces have proven to be the great enabler for young and growing businesses, start-ups, scale-ups and savvy SMEs. 

As a hub of forward-thinking workspace design, built and leasing options, set within an established professional landscape, Canary Wharf offers some of the best co-working environments in the world, both in terms of style, facilities and infrastructure. 

Here we explore the rise in co-working spaces and how Canary Wharf sets the bar higher than the rest.  

Understanding the rise of co-working spaces  

Mordor Intelligence data, amongst other research, showed that “demand for co-working spaces in London is high and continues to grow. According to industry sources, the UK flex market grew by 22% in 2022.” The demand applies across all sectors, but notably in financial services, which have seen a particularly significant shift in the way that they work in the last five years.

Meanwhile, the UK capital has been crowned the co-working capital of the world, both in terms of the popularity of co-working spaces and the quality of those spaces, based on availability, cost and Internet speed.  London was followed in the charts by Singapore, Berlin, Bangkok and Toronto, although they trailed behind both in terms of volume and uptake.

The benefits of co-working spaces is about far more than cost efficiency, however. Businesses and individuals see these highly collaborative spaces as opportunities to be more agile, and to position themselves amongst those they want to associate with. It’s a chance for mental wellbeing as well as commercial opportunity, enabling serendipitous interactions and setting aspirational intentions by locating your organisation where talented staff will want to work, and amongst those you may wish to partner with or be associated with.

Crucially, the scope of co-working spaces is vast, ranging from hot-desking to a few rows of desks, through to the flexible uptake of multiple rooms and floors within a shared building. That means that for businesses eager to enjoy the benefits of co-working but who are unsure how much space they need or how quickly they will grow, there’s a wealth of options available – you just need the right partner with leasing options that can be tailored to suit you.

The benefits of co-working spaces explained 

The benefits of co-working spaces are widely reported, ranging from the generic to the specific. In general terms, co-working spaces offer literal and metaphorical flexibility, enabling you to scale your costs and space according to need and as your business grows. 

It also allows for greater legitimacy for start-ups that may not want or need to take up a hefty lease at the outset, it increases productivity by providing a dedicated workplace to go to, enables networking opportunities, a better workplace experience through access to shared amenities, and a sense of community.

The specifics of your building and location then further enhance those benefits. For example, at L39 in Canary Wharf, you have access to a state-of-the-art workplace and best-in-class facilities along with a host of other purpose-designed benefits: 

• You’re within an estate that can support your commercial growth with other office leasing options as you develop.
• We offer events and opportunities to meet and collaborate with industry leaders in multiple verticals.
• You’re in a community with scale-ups and start-ups from all over the world
• The environment beyond the office offers everything that clients and team members want for a positive work/life balance from green spaces to shops, restaurants, health and fitness experiences.

As a result, the benefits range from practical development that supports the success of your business, to attracting and retaining top talent, impressing clients and having a positive workplace experience.

Canary Wharf offices: tailored co-working solutions 

Canary Wharf has taken the principle of co-working solutions and added the flexibility of tailoring it to the individual and evolving needs of people and their businesses. We have considered both the offices themselves, the surrounding infrastructure and the community, and we continuously review all three facets to meet and exceed the demands of a dynamic, forward-thinking and productive environment.

When it comes to the specifics of the offices themselves, we know that design and build, amenities, future-planning and the lease commitments are all essential considerations for business owners and their teams.

Introducing Level39 

L39 is our tech community, established in 2013 as an environment to house and support fast growth tech companies, enabling member companies to develop by facilitating access to talent, funding, partnerships and customers. Today it’s transformed into this connected community of entrepreneurs with companies across fintech, security, cryptocurrency, health tech and life sciences. 

Hot desking and office space

We provide tiered membership, whether you have one desk in one of our two hot desk zones or private offices that scale with your business, and a fully serviced approach. When it comes to leasing, our partnership approach allows us to cater to businesses of all sizes, whether it’s a 10, 100 or 1000 person organisation, and whether you’re growing, need short-term, long-term or overflow space. 

Within that we have a variety of options from ready made to custom design and build office space with our MadeFor: service – an accessible, simple solution for businesses, incorporating everything from the design of the space to supporting you as you scale and your needs change. You can design your space to suit your requirements, then we manage the process to bring it all together. 

Meanwhile, because we own the spaces between buildings, we can provide that wider lifestyle experience that supports clients, staff and business owners.

Our ecosystem

We also developed our ecosystem programme, which includes initiatives like partner sessions, investor sessions and workshops, more formal, structured events or casual meet-ups, all with highly educational content that enables companies to build their own network within our Canary Wharf business centre. That community is essential for organically developing relationships and connections between businesses that fuel creativity and progress.

Interested in co-working opportunities? 

At Canary Wharf we have available spaces ready for you to view, to find the right one to take your business into its next phase. You can schedule a visit by contacting our team, and experience Canary Wharf’s co-working offerings firsthand.

Find out more about Canary Wharf’s co-working offices: https://offices.canarywharf.com/coworking-spaces/