Central London Serviced Office Space Costs Remain Below Pre-Recession Levels
The cost of workstations in Central LondonΓÇÖs 228 serviced offices has increased by 13% during the last 12 months, but still remains 9% below the pre-recession levels of 2008 according to statistics from leading internet broker officebroker.com.
When comparing average workstation prices between Jan – Apr over a three year period, it becomes apparent that the recovery experienced during 2010 began strongly, even rising above 2008 levels in January before tapering off as the year unfolded.
The same data also reveals that the cost of serviced offices during 2010 fell to a three year low in April, raising concerns over if the recovery in office space costs will continue into the second quarter of 2010 or if the increases recorded in the opening months of 2010 could indeed be a ΓÇ£false dawnΓÇ¥.
With the serviced offices sector often following in the footsteps of the commercial property sector, providers of serviced offices in Central London will be hoping that the recent surge in property deals throughout the city will act as a signal of the market remaining strong and that the dip in April was merely a ΓÇ£bumpΓÇ¥ on the road to a sustained recovery in workstation prices.
Full analysis of the market for serviced offices in Central London will be published by officebroker.com during July, when the UKΓÇÖs leading brokerage firm reveals its Serviced Office Review Series for the Q2 2010 period. These detailed reports provide an oversight of the serviced office market across 12 regions of the UK and can be accessed for free from the companyΓÇÖs website. Interested parties can currently access market information on covering both the Q4 09 and Q1 10 periods.