Central & Greater London Q4 2011
How has the serviced office market changed across the capital in 2011?
The amount of serviced office space secured by businesses in Central London was 8.2% higher during 2011 when compared to 2010 ΓÇô despite fewer individual firms signing-up overall.
Identified as part of the on-going serviced office research conducted by officebroker.com, the larger volume of space taken by firms in the heart of the capital was driven by increased requirements, which showed the average number of workstations needed by each client rise from 5.4 to 6.2 workstations during 2011.
This increase of nearly one workstation per client offset the 6% decrease in the number of individual businesses completing the move to serviced office space during 2011 – resulting in an overall rise of 8.2% in the volume of serviced office space secured by businesses during this period.
With a year-to-date average of ┬ú566 per workstation per month, the cost of serviced office space has also increased in Central London. Outlined in the latest edition of the Serviced Office Review, published quarterly by officebroker.com, prices are shown to have increased by ┬ú53 on the 2010 average of ┬ú513.
To learn more about the serviced office market in Central London, download a free copy of the Serviced Office Review: Central London Q4 11.
Positive signs also seen outside of Central London?
Looking away from the heart of the capital, the demand, up-take and volume of flexible workspace being secured by businesses is also shown to have increased during 2011.
While the latest report reveals enquiry levels increased by 8% during the course of 2011 compared to 2011, the number of businesses making the decision to move to serviced office space increased by 20% – suggesting that less speculative and comparison led enquires have been present.
In contrast to Central London, the amount of space required by those firms moving to serviced offices across Greater London remained largely unchanged ΓÇô averaging 4.5 workstations per serviced office tenant during 2011 compared to 4.6 workstations in 2010.
With an average price per workstation of ┬ú281 seen across Greater London in 2011, it is possible that less location-sensitive organisations are prepared to take advantage of the lower prices available away from prime office locations such as the City, West End and Midtown.
To learn more about activity in the serviced office market across Greater London, download a free copy of the Serviced Office Review: Greater London Q4 11.
The Serviced Office Review Series, published exclusively by officebroker.com, is the only regular, freely available research conducted into the serviced office industry.
Tracking trends and changes using key market indicators, the Serviced Office Review series details 20 regional and city centre locations. First published in 2009, this quarterly research series can be downloaded for free from the Knowledge Centre.