Central London’s gym market needs to grow by 24% to meet current levels of demand, according to research from Colliers International.
With 131 gyms, London’s city centre is undersupplied in 11 of the 18 submarkets identified in the report. In total, the city has the potential to support 32 new gyms.
Farringdon, which has four gyms and can support 10 more, is the most undersupplied part of the city.
The report estimates that 12.2% of the UK’s adult population has a gym membership and that gyms have, on average, 3,000 members. That gives an approximate catchment of about 25,000 workers needed to support a traditional gym.
Colliers said its figures probably underestimate the potential in London, given the growth of specialist studio gyms focusing on single concepts, which require a smaller catchment and a smaller physical space. London’s demand for gym memberships is also probably higher than the UK average, given its younger demographic.
Ross Kirton, head of UK leisure agency at Colliers International, said: “With people now willing to travel further and pay more, and given the clear mental health benefits of exercising, gyms should be properly considered early on in the placemaking process.
“The future for the UK’s gym market looks bright. Gyms now occupy a stronger position than ever in the UK’s alternative leisure market. With the outlook for 2019 suggesting this trend is set to continue, investors and landlords have never been better placed to take advantage of this growing market.”
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