Office Space Boost from Financial Sector Predicted
The demand for office space in the City of London could be boosted by the growing number of jobs being created within the financial sector according to Mellersh & Harding, a London based firm specialising in commercial property consultancy.
According to a press release issued by the firm, which was established in 1902 and has offices in the SW1 area of Central London, the financial sector has been ΓÇ£boomingΓÇ¥ of late ΓÇô leading to an growing demand for Grade ΓÇÿAΓÇÖ Office Space in the financial heart of London.
Evidence for these rising levels of employment, cited by the firm as the catalyst for this office space scramble, comes from both PricewaterhouseCoopers, whose statistics reveal that over a quarter of firms based in the UK expect to increase recruitment in the next 12 months, and the eFinancialCareers.com Barometer.
According to the efinancialCareers Barometer, all but one of the 22 sectors contained within the UK financial services industry saw vacancies increase by a minimum of 23%, a situation explained by the firms MD for EMEA and APAC James Bennett:
ΓÇ£The signals from the sector are that the hiring activity will continue in 2011. This will be driven by the combination of financial organisations having to rebuild their teams as their revenue levels grow, and the need for firms to expand their IT and back office functions as regulatory requirements increase.ΓÇ¥
Indeed the demand for both commercial and serviced office space has been increasing across Central London, with the capital seen as the platform from which both the property revival and the wider economic fortunes of the UK will recover.
In the case of the 200+ buildings providing serviced offices across Central London, which include many of LondonΓÇÖs most iconic buildings and business addresses, the number of new clients entering these offices has increased by 25%* since the beginning of 2010.
It would also appear that these higher levels of take-up have helped to drive-up prices in the capitals serviced office space, with the average workstation price increasing by 12%, having risen from ┬ú466.00* per workstation in 2009 to ┬ú523.00* in 2010.
*Source: officebroker.com data comparison, Jan-Oct 2009 VS Jan-Oct 2010.