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Demand for Flexible Space in Paris is Almost Double the Global Average
Demand for flex space in Paris is almost double the global average, according to a report by Instant Offices. With demand for office space on the rise in Paris, serviced offices have seen a 26% increase while hybrid space has seen a 23% increase.
While the city ranks fourth globally by the size of supply, Paris is considered to be one of the largest flexible workspace markets in Europe and ranks among the top 10 best start-up cities in the world. Alongside New York, San Francisco and London, Paris also remains one of the most expensive places to rent a desk. Despite this, demand in the city is on the rise as more large businesses choose flexible offices over conventional leases.
Flex space in Europe is expected to expand to a massive 255 million sq. ft. this year as demand grows for coworking spaces, serviced offices and hybrid space, a combination of the two.
A major trend across Europe has seen landlords launching their own spaces and collaborating with providers to deliver flex space, with large corporates driving a significant portion of demand. This increased competition is causing rates to contract in some of the strongest markets in the world, including Paris, where the average desk cost is now €703 per person, per month.
Average Desk Cost in Paris: €703
Number of Flexible Workspace Centres: 324
AREA | AVERAGE DESK COST |
Reuilly | €651 |
Passy | €1,037 |
Palais-Bourbon | €832 |
Élysée | €628 |
Opéra | €488 |
Overall, the French flex workspace market has seen double-digit growth of 20% in the last 12 months, a trend that started in 2016 when Brexit was first announced in Britain and is still ongoing. In a recent Instant Brexit survey of over 1000 business owners in the UK, 15% said they are looking at new opportunities in the EU. As more businesses assess their options and choose to remain agile in uncertain times, flexible office space enquiries have increased across several EU countries, including France.
According to Startup Genome’s 2019 Global Startup Ecosystem Report, Paris now ranks alongside Silicon Valley, New York, London, Los Angeles and Beijing as one of the top 10 start-up ecosystems in the world. As a leading economic region, Paris is a competitive innovation hub and home to a wealth of talent, making it an attractive option for businesses of all sizes.
Amélie Pellerin, Instant Account Manager, France, says,
“The political and economic context of Brexit is undeniably pushing more businesses to establish themselves in Paris, and with uncertainty on what the consequences will effectively be and how their activity will be affected, they’re looking for the most flexible solutions. This is massively increasing the demand for flexible spaces, with more centres opening their doors, enriching the offer from the Paris market and consolidating its position as one of the key places to be”.