New Year Equals New Prices for Central London Office Space
The cost of renting serviced office space in Central London has increased substantially during the first part of 2010, rising by +34% by the end of January according to our statistics here at officebroker.com.
Throughout the whole of 2009 the average cost per workstation, an industry term denoting office size by the number of desks it contains, reached ┬ú466.00, which in its self represented a -23% decline on the rental costs of ┬ú605.00 per workstation that was being commanded during 2008.
But by the end of January 2010, and coinciding with a +45% increase in enquiries for the same period, the average cost of renting office space of this kind had recovered substantially to ┬ú582.00 per workstation.
This noticeable leap in the levels of rent being commanded for serviced office space, while positive for those operating commercial business centres such as Regus and MWB, would suggest that the buyer lead market of 2009 may now be shifting the power back to the serviced office providers.
With an apparently increasing demand, the rising prices would suggest that competition for the supply available has also increased ΓÇô meaning those looking for office space in Central London may need to act quickly in case prices continue to rise.