Workers are finally heading back to the office, but it seems their priorities have shifted, as wellness and lifestyle oust workaday mundanity.
According to property expert savills, the office occupancy rate in London is approaching 2019 levels, having jumped dramatically over the past six months.
London's West End now has an average occupancy rate of 62 per cent, in line with Paris, and just behind Madrid, which at 65 per cent, tops the tables.
But it seems the traditional office and co-working space have fallen from favour. London is experiencing a shift to premium co-working environments.
The traditional office and co-working space have fallen from favour. London is experiencing a shift to premium co-working environments...
Property developers and individuals are migrating away from Canary Wharf and the City, in search of a more boujee base, one surrounded by designer shops, bars and hotels - and increasingly, Mayfair and St James are much in demand.
Elmtree by Spacemade, which has opened its first premium co-working space in Marylebone, typifies this renaissance.
A curated collection of premium, design-driven workspaces, Elmtree is situated within three converted period properties, 34 and 36 Queen Anne Street and 32 Welbeck Street - and it's a good deal more luxe than the average co-working space.
Designer good looks and feature rich (fully equipped kitchen, bike storage, dog friendly), Elmtree is catnip for digital creatives.
According to Jonny Rosenblatt, co-founder of Spacemade, "demand has been so high we are opening a second location on Welbeck Street in Marylebone later this year to cope."
Spacemade sees itself as a trailblazer when it comes to the commercial real estate landscape: "We are not in the business of selling offices and co-working spaces, we are in the business of facilitating meaningful connections and bringing people together with intent so that they can make the most of their time together," says Rosenblatt.
"We know there are so many wonderful buildings across the UK that are uninhabitable in their current form and with their legacy conditions of leasing. We want to bring those buildings back to life by making them accessible to the occupier and giving them space that is both flexible, community-centric and rich in necessary amenities.
"Our vision for the future is a new world of work where people flourish in the company of others, and each connection amplifies collective potential."
It seems Elmtree is just the start for Spacemade. "We expect to see industry-specific spaces become more and more prevalent as customers want to build meaningful ties within their sectors and develop their tribes," says Rosenblatt.
"For us, this means enabling specialist groups to thrive with bespoke tools and resources, creating tight-knit communities that increase business resilience."
A five day hot desk package at Elmtree starts from £129 per month. Unlimited monthly access is £299.
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