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Prime rental rates for flexible office space in London in the first quarter of 2023 started from ** British pounds and went as high as *** British pounds per square foot depending on the area. Prime rates reflect the highest rates in each market. Mayfair and St James's had the highest rental rate, followed by the City Core and South Bank. Flexible office space, also referred to as coworking space or shared office space, refers to commercial office space that allows short-term leases to individuals, freelancers, small and medium enterprises, and other professionals. In contrast to traditional offices, flexible offices provide equipped and serviced office premises without long-term rent commitment. Multiple factors influence the increasing demand for flexible office space, such as economic growth, job creation, innovation and property market fundamentals.