The value of the UK’s biggest flexible working firms’ property portfolios grew 6% last year, despite many of their sites being closed down because of Covid-19 restrictions, according to research.
Serviced office providers, including WeWork and IWG’s combined portfolios, increased in value to £18.9bn said law firm Boodle Hatfield.
The figures come after experts predicted that the sector, still struggling during the worst of the pandemic, will stage a resurgence in market share once the economy reopens fully.
Flexible working firms enjoyed rapid growth before the virus struck, growing 21% between 2019 and 2020.
David Rawlence, associate at Boodle Hatfield, said: “Growth in the serviced offices sector has been on an upward trend in recent years.
“However, the pandemic will be the real test to see whether this continues once lockdown restrictions ease – the hope is that the sector will be a long-term winner from the pandemic.”
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