Serviced Office Based Businesses See Government Cuts as Biggest Challenge for London
Businesses located in LondonΓÇÖs serviced office space are expecting the governmentΓÇÖs spending cuts to have a major impact on business growth within the capital during the next 5 years according to a survey conducted on behalf of Avanta Managed Offices.
Carried out by London First, the survey canvassed over 500 of AvantaΓÇÖs office space clients throughout both the Central London and the Greater London area, focusing on a broad range of subjects including transport, immigration and taxation.
Aimed at determining the biggest challenges facing businesses in the Capital during the next 5 years, the survey revealed that 44% of those surveyed believed that the on-going spending cuts and higher tax would pose the biggest challenge to London based businesses. Next on the list of concerns was Transport (25%).
While the survey identified a largely positive mood toward the respondents own business expectations, another concern revealed by the survey was a lack of availability when seeking qualified or experienced staff (15%) and the impact of restricted immigration (11%).
Responding to the surveyΓÇÖs results, AvantaΓÇÖs Sales and Marketing Director Geraint Evans explained:
ΓÇ£The respondents taking part in this survey are not only a typical cross section of the types, and sizes, of businesses located in Avanta business centres, but also a typical cross section of businesses residing in the Capital.ΓÇ¥
ΓÇ£So, whilst they are cautiously optimistic about their own future it is clear from the responses that on-going Government financial, transportation and immigration policies are perceived as being the biggest challenge facing London-based businesses during the next five years.ΓÇ¥
Based on research from officebroker.com, the UKΓÇÖs largest independent broker to the serviced office space industry, the number of businesses entering serviced offices in Central London increased by 15% overall during 2010 (source: Serviced Office Review: Central London Q4 2010).