Cardiff: Office Space Uptake Increases
The uptake of Serviced office space in Cardiff has reached a 3 year high, with comparative data from officebroker.com showing a significant recovery in the number of new businesses entering serviced offices during the opening five months of 2011.
Comparing year-on-year data (January ΓÇô May) from 2008 to 2011, the information recorded by officebroker.com, the UKΓÇÖs leading independent broker to the serviced office industry, reveals that serviced office uptake across Cardiff has returned to within 20% of the peak uptake levels seen in 2008 ΓÇô levels which had fallen by as much as 80% during 2010.
This increase in the number of new businesses entering serviced office space in Cardiff has occurred despite little change in the overall number of enquiries being received, suggesting that speculative, comparison driven enquiries have begun to give way to enquiries of a more committed nature.
One area of the market to have not registered improvement is the average cost attributed to a single serviced office workstation, which at ┬ú199 p/m remains 35% below the peak price of ┬ú304 p/m recorded in the same period of 2008.
Initial license lengths have however recovered to and exceeded 2008 levels, rising to an average of 9 months during 2011 ΓÇô a small increase on the average license length of 8 months recorded during the same period of 2008.
The serviced office market in Cardiff is included in the Serviced Office Review Series, a set of research reports produced on a quarterly basis by officebroker.com using their extensive databank. This research tracks changes in the UKΓÇÖs serviced office market and is available to view and download for free from the Stats & Facts section of the officebroker.com website.