Price of Central LondonΓÇÖs Serviced Offices Continues to Recover
The cost of office space in one of Central LondonΓÇÖs 228 serviced offices has risen for the 4th time in five months according reports from the UKΓÇÖs leading serviced office broker officebroker.com, suggesting that growing demand within the capital has helped to raise prices as competition for prime office space intensifies.
During May 2010 the average cost of a workstation in Central London reached ┬ú544, an increase of 16% on the May 2009 cost of ┬ú477. Despite these continued rises however the cost of serviced offices throughout Central London remains significantly behind the pre-recession prices of 2008. (see graph)
The overall recovery of the serviced offices market in Central London has remained steady during the opening months of 2010, despite suffering in April as a proportion of businesses held back their activities in the build-up to the General Election.
Rising in line with workstation prices, the internet broker has also recorded an increase in workstation requirements from those businesses entering serviced offices during May, with businesses taking an average of 1 additional workstation in 2010 compared to 2009. These growing workspace requirements would suggest that business owners are once again hiring or choosing to bring employees displaced by previous cost-cutting measures back into a central office space.
A quarterly overview of the serviced offices market in Central London will be available in July when officebroker.com publishes its next round of the free Serviced Office Review Series. Previous instalments of the series are available directly from the Stats & Facts section of the officebroker.com website.