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Serviced Office Review: Yorkshire & Humberside Q3 10

Serviced Office Review: Yorkshire & Humberside Q3 10
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Download a pdf copy of this report by clicking here

This report focuses on the following key areas in the Yorkshire & Humberside *** region:

  • Supply of and demand for serviced office space – In terms of the number of enquiries, the size and shape of those enquiries and the number of placements.
  • New Serviced Office Tenants (SOTs) – In terms of workstation prices and initial license length commitment.
  • Using the statistics from these areas, a detailed overview of the serviced office industry in Yorkshire & Humberside was compiled to provide a comparative report of the changes within the serviced office market during Q3 10 compared to Q3 09.

    *** officebroker.com defines the Yorkshire & Humberside region as areas located within the following postcode prefixes: BD, DN, HD, HG, HU, HX, LN, LS, S, WF and YO.

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    • SUPPLY OF SERVICED OFFICE SPACE

    The number of serviced office buildings registered with officebroker.com in Yorkshire & Humberside increased from 229 to 230.

    The total number of serviced office buildings registered with officebroker.com in Yorkshire & Humberside increased to 230 during Q3 10 ΓÇô representing a net increase of 1 building on the figure of 229 recorded at the close of Q2 10.

    officebroker.com currently lists 2,544 active serviced office buildings in the UK, with the 230 serviced office buildings listed in Yorkshire & Humberside accounting for 9% of the total UK supply offered / available through the officebroker.com service.*

    *Information correct at time of publication

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    • DEMAND FOR SERVICED OFFICE SPACE

    Enquiry levels increased by +1% in Q3 10.

    Quarterly Activity ΓÇô The number of enquiries received by officebroker.com for serviced office space in Yorkshire & Humberside during Q3 10 was +1% higher than in Q3 09.

    Year-to-Date Activity ΓÇô In spite of little change in the number of enquiries received by officebroker.com in Q3 10, increases in the previous quarters of 2010 have resulted in an overall rise of +19% in the number of serviced office space enquiries generated by officebroker.com in Yorkshire & Humberside in 2010 to-date.

    National Comparison ΓÇô During Q3 10 the total number of enquiries received by officebroker.com throughout the UK increased by +16% compared to Q3 09, indicating that the change recorded in Yorkshire & Humberside was lower than in other areas of the UK during Q3 10.

    * Effective from 1st February 2010, officebroker.com extensively expanded its online marketing and affiliate program.

    As a direct result of this activity the number of enquiries received by officebroker.com increased substantially from February 2010 onward. Such increases, while generating abnormally large changes when placed against previous data, will ensure that the statistics reported by officebroker.com are an even more accurate assessment of the serviced office market here in the UK.

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    • NEW SERVICED OFFICE TENANTS (SOTs)

    The number of newly signed SOTs was -34% lower in Q3 10.

    Quarterly Activity ΓÇô The number of new businesses taking serviced office space through officebroker.com in Q3 10 was -34% lower than during the same period of 2009.

    Year-to-Date Activity ΓÇô Between January ΓÇô September 2010, the overall number of newly signed SOTs entering the serviced office market via officebroker.com was -19% lower than during the same nine-month period of 2009.

    As shown in Fig 5, the pattern of activity recorded by officebroker.com remained similar in shape to that of 2009 in all but two months of 2010, March and July. In both of these months new SOT levels decreased where as in 2009 they had experienced notable increases in take-up. It would appear that the disparity during the months of March and July remains the principle factor in this year-to-date decrease.

    National Comparison ΓÇô During Q3 10 the total number of SOTs taking serviced office space through officebroker.com was -17% lower than during the same three month period of 2009.

    Having recorded a reduction of -34% in the number of SOTs during Q2 10, the Yorkshire & Humberside region has recorded a larger change in market activity than many other areas of the UK in Q3 10.

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    • AVERAGE WORKSTATIONS PER SOT

    Average workstations requirement remained unchanged at 3.5 per SOT.

    Quarterly Activity ΓÇô The average number of workstations per SOT totalled 3.5 at the close of Q3 10, a requirement which was equal to the average workstation requirement recorded during Q3 09.

    Year-to-Date Activity ΓÇô In spite of sporadic increases and decreases in the average workstation requirement recorded by officebroker.com in 2010, the average workstation requirement to-date in 2010 remains within 1% of the requirement recorded during the same nine month period of 2009.

    National Comparison ΓÇô The average number of workstations per SOT recorded in the UK during the third quarter of 2010 was 3.9 workstations, a decrease of -2% on the Q3 09 requirement of 4 workstations.

    Comparing this national activity to that of Yorkshire & Humberside in Q3 10, both the percentage change and average workstation requirement within the region remained largely in-line with the national activity recorded during the same financial quarter.

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    • SERVICED OFFICE SPACE COSTS

    Average price per workstation decreased to £155.00 in Q3 10.

    Quarterly Activity – The average price per workstation in Yorkshire & Humberside was £155.00 in Q3 10, a decrease of £43.00 (-21%) on the average price of £198.00 recorded in Q3 09.

    Year-to-Date Activity – Average workstation prices across the Yorkshire & Humberside region have remained below 2009 levels in eight out of the nine months to-date in 2010, resulting in a year-to-date average workstation price of £161.00 – an average price £36.00 (-18%) lower than the average price of £197.00 recorded in the same nine month period of 2009.

    National Comparison – During Q3 10 the average price per workstation fell nationally by £27.00 (-11%), from £251.00 per workstation in Q3 09 to £224.00 per workstation by the close of Q3 10.

    At the close of Q3 10 workstation prices in Yorkshire & Humberside were £89.00 (-30%) below this national average.

    With an average workstation price of £155.00 in Q3 10, Yorkshire & Humberside recorded the second lowest average workstation price of any UK region, with only the North East (£145.00) showing a lower average price during this period.

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    • AVERAGE LICENSE LENGTHS

    Initial license lengths increased to 9.7 months in Q3 09.

    Quarterly Activity ΓÇô In Q3 10 new SOTs entering serviced office space in Yorkshire & Humberside through officebroker.com were signing average license lengths of 9.7 months, an increase of 3 months (+44%) on the average license length of 6.7 months recorded during Q3 09.

    Year-to-Date Activity ΓÇô To-date in 2010 the average license length recorded by officebroker.com in the Yorkshire & Humberside region is 8.1 months, a +4% increase on the average licence length of 7.8 months recorded between January ΓÇô September 2009.

    National Comparison ΓÇô During Q3 10 license lengths averaged 8 months nationally, an increase of +26% on the average license length of 6 months recorded in Q3 09.

    With an average license length of 9.7 months being recorded in Yorkshire & Humberside, businesses entering serviced office space via officebroker.com during this period were committing to an additional 1 month compared to the national average.

    Having recorded an average license length of 9.7 months, Yorkshire & Humberside posted the longest average license length of any UK region during Q3 10, with only the East Midlands (9.1 months) and the South West (9 months) regions also recording average license length of 9 months or more in Q3 10.

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    • SUMMARY

    When taking into account all the information for Q3 10, the following key findings can be drawn:

    • Enquiry numbers remained within 1% of the Q3 09 levels in Q3 10.
    • The number of new serviced office tenants was -34% lower.
    • Average workstation price fell below 09 levels for the 3rd consecutive quarter in Q3 10.
    • Average license lengths exceeded 2009 levels and were the longest of any UK region during Q3 10.

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    Author: | November 8, 2010 | 1 Comment

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