Returning Confidence to Boost West End Serviced Office Market
ItΓÇÖs already one of LondonΓÇÖs most desirable office locations. Now, as confidence in the economy returns, serviced office providers are turning their attention to business centres in the West End.
Take serviced office provider Ventia, who have just launched a brand new business centre in Noho. ItΓÇÖs their eleventh London-based business centre in just three years, and their director Dan Wheble expects it to reach full occupancy in a matter of months.
That timescale isnΓÇÖt plucked from thin air. His prediction is based on the success of the companyΓÇÖs serviced office model within the Central London market. In particular, their new Soho business centre, which launched at the end of 2012, reached full occupancy within the first three months ΓÇô confirming the demand for high-grade serviced offices in key media industry locations.
Like its southerly counterpart, Noho is also enjoying considerable popularity as an office location among media and creative companies ΓÇô particularly as a more affordable alternative to Soho itself. As a result, the area has seen a notable increase in office space activity over the last couple of years.
Overall, serviced office space across the West End is already performing well. Recent officebroker data for W1 revealed that it has some of the most expensive workstation rates across Central London. The first three months of 2013 recorded an average monthly rate of ┬ú677 per desk ΓÇô considerably more than the ┬ú564 average for Central London as a whole. In particular, continued interest among smaller independent media and creative companies has helped to keep space in demand.
Speaking about the decision to open their latest centre, Ventia director Dan Wheble said; ΓÇ£We have seen the market pick up pace in terms of quality, rates and deal conversations this month, especially within the West End. Confidence in the economy is increasing which is demonstrated through our month end results.ΓÇ¥
As this confidence returns, savvy office space providers like Ventia are stepping in to increase the serviced office space stock across the West End. So itΓÇÖs not just good news for the serviced office industry ΓÇô itΓÇÖs good news for businesses too, who should see a broader selection of West End serviced office space to choose from.
Discover the latest selection of serviced office space in the West End with officebrokerΓÇÖs free and independent office search service.