North West Office Market Leads Way
The demand for office space across the North West has outstripped the rest of the UK, with a 34% increase in the number of businesses entering serviced offices since the beginning of 2011 when compared to the same period in 2010.
Published in the Serviced Office Review Series from officebroker.com, the increase recorded across the North West occurred despite UK wide activity remaining larger static in 2011, highlighting the North West as an area in which significant year-on-year growth has taken place.
Despite the number of firms entering serviced office space across the region increasing throughout 2011, the space required by these businesses has decreased by nearly 40%, falling from an average of 5.5 workstations in 2010 to 3.4 workstations in the same 9 month period of 2011.
While the amount of office space required by each firm did decrease, the cost of securing flexible workspace in the North West increased, rising from an average of ┬ú160.00 p/m between January ΓÇô September 2010 to ┬ú182.00 p/m in the same 9 month period of 2011.
Also shown in the report was an increase in the commitment being shown by those entering serviced offices, with initial license lengths stretching from an average of 8 months in 2010 to 9 months during 2011.