Central London Office Prices Continue to Rise
The average workstation price in Central LondonΓÇÖs serviced office space market increased during October 2010, exceeding the price recorded in the same month of 2009 by ┬ú31.00 according to data from the UKΓÇÖs largest independent broker of serviced office space, officebroker.com.
This latest increase is the 8th month-on-month rise in the average workstation price recorded in the capital since the beginning of 2010, activity which contrasts with the downward trend in national prices recorded during the same period.
Having recorded an average price of ┬ú449.00 per workstation in October 2009, the data from officebroker.com reveals that this price has now risen to ┬ú480.00 in October 2009. This increase builds upon the previous increases recorded between January ΓÇô September and results in a year-to-date increase of 12% on the average Central London workstation compared to the same ten month period of 2009 ΓÇô rising from ┬ú466.00 per workstation to ┬ú523.00 per workstation.
Reacting to previous increases in Central London office prices, published in the Serviced Office Review: Central London Q3 2010, leading figures from the flexible workspace industry suggested that the recovery which appears to be unfolding in the capital could herald the beginning of a regional recovery ΓÇô so with the upward prices central to this prediction again appearing in October, just how long will it be until these regional markets begin see real changes?
Interestingly October has also seen the first ΓÇ£levellingΓÇ¥ of national workstation price since February 2010, with the October 2009 price of ┬ú236.00 per workstation being matched in October 2010. It would obviously be premature to suggest that this return to 2009 prices indicates the first steps of a regional recovery, but given the average 10% deficit on 2009 prices that has been ever present since March 2010, it at least positive.
Changes in both the Central London and National markets will continue to be monitored, tracked and reported by officebroker.com, with these results being published at the close of each financial quarter with the brokerΓÇÖs Serviced Office Review series ΓÇô all editions of which can be accessed for free from the Stat & Facts section of the officebroker.com website.