Workers are returning in droves to central business hubs across London and the UK, enjoying a healthy mix of in-person, collaborative workspaces with the freedom to work remotely from home and hot desks when desired. In London, TfL reported over two million Tube journeys were made in the first week of February 2022, which is 54 per cent of pre-pandemic levels and up nine per cent week-on-week.

For the typical startup founder, a foothold in a global city such as London is business critical. Claiming this international presence appeals to clients and allows it to operate more easily on a global scale. As restrictions gradually lift and travel returns, businesses will need somewhere to host their international clients, investors and partners in a setting which is well connected, in an attractive location, and a pleasure to conduct business from.

With the Great Resignation in full effect, businesses are also grappling with an exodus of talent. A bespoke, flexible workspace in a beautiful historic building in a lively central location such as Mayfair, Soho or Covent Garden can help with this. In fact, we have seen a return to 95% occupancy across most of our prime London locations as the economy recovers and businesses look to future growth. 

These demands for flexibility and freedom extend further than the employee experience and client relations. While leasing or licensing a prime central London office simply hasn't been feasible for many SMEs, especially in a post-pandemic market, the advent of zero-deposit office options is changing this.

We recently partnered with Insurami, commercial real estate’s Deposit Guarantee platform, to offer its clients deposit-free and seamless commercial leasing and licencing. Instead of locking up cash, business owners pay a small monthly fee for a Deposit Guarantee which pays out to the landlord or Licensee if the tenant defaults.

This solution means that office space providers like ours can offer companies – from growing startups to larger organisations – an easier way to obtain a fully fitted customised office space or new headquarters on flexible lease or license terms.

By offering landlords the equivalent level of security and risk management as a traditional cash deposit, it allows them to maximise their protection against tenant default. For SME leaders, this gives them the opportunity to work in beautiful, fully fitted workspaces in prime central London locations. They can quickly and flexibly secure new space without tying up funds into deposits, giving them more freedom to provide their employees and clients beautiful spaces in which to collaborate and conduct business.

With the ways of working evolving and the pandemic finally moving into the rear-view mirror, we are seeing an increase in businesses looking for agile social spaces to attract talent and drive creativity as they return to the workplace. We have recently helped to place two household name businesses into fully managed headquarters of 5,000 – 7,500 sq. ft. of self-contained space. For both, this included a custom fit-out managed by our in-house design specialists. We are sure these are the first of many.

Through zero deposit facilities, providers like WorkPad can offer companies an easier way to obtain a fully fitted customised office space or new headquarters on flexible lease or licence terms. This way, businesses can get back to what they do best. The demand for office space is going nowhere, and providers must adapt to the changing needs of their clients.