First Growth Since 2008 for ScotlandΓÇÖs Serviced Offices
After experiencing a year in which enquiry and deal levels fell by up to 25%, the 163 serviced office business centres operating throughout Scotland had been amongst the most severely affected during the prolonged economic downturn. But as a report published this week the UKΓÇÖs leading serviced office space broker shows, the growth recorded in Scotland during the opening quarter of 2010 has been amongst the strongest seen anywhere in the UK and marks the first sustained growth in this market since 2008.
ΓÇ£Serviced offices are utilised by a full range of businessesΓÇ¥ explains officebroker.comΓÇÖs Head of UK Sales Chris Meredith. ΓÇ£From start-up ventures and SMEs to blue chip companies ΓÇô all of which we have seen returning to Scotland after being absent in 2009ΓÇ¥
The return of these businesses to ScotlandΓÇÖs serviced offices, which have become increasingly attractive to cost conscious business owners in recent years, signals growing levels of confidence and suggests that the entrepreneurial spirit so widely criticised as missing in Scotland is alive and well.
ΓÇ£Scotland saw the number of new serviced office tenants rise by 12% and enquiries increase by 28% during the opening months of the yearsΓÇ¥ continues Chris, ΓÇ£What is significant is the rise in enquiries is the first since 2008. This shows that the current levels of growth have the potential to be raised yet further by a new wave of enquiries entering the pipeline. Business owners are returning to actionΓÇ¥
As highlighted in the officebroker.com report, the rising number of tenants also accompanied an increase in the size of space required, the impact of which brought about a 39% increase in the price of an individual workstation. But with these same workstation prices having fallen by up to 24% in 2009, this increase brings prices back in line with the national average and will go some way to helping the owners and landlords of serviced office buildings to recover the loses inflicted upon them during 2009.
The report from officebroker.com is available from the Stats & Facts section of the companyΓÇÖs website for free and forms part of twelve geographical reviews of the serviced office market throughout the UK, highlighting changes in supply, demand, take-up, price and initial licence length.