Welsh Office Market Ahead of the Curve in 2011
The number of businesses entering serviced offices in Wales has increased significantly during the opening 6 months of 2011, with a new piece of research from industry leader officebroker.com reporting a 190% rise on the levels recorded in the same period of 2010.
Part of the Serviced Office Review Series, which is the only regular research conducted into the UKΓÇÖs serviced office market, this in-depth look at the office market in Wales tracks the changes and trends in five key areas: Enquiry Levels, Office Up-Take, Workstation Requirements, Workstation Price and commitment levels via the average length of licenses being signed.
Despite the total number of businesses entering serviced office space remaining with 1% of 2010 levels across the UK during 2011, activity in Wales has pushed ahead of this national curve ΓÇô with a 50% increase in Q2 11 building upon preceding rises in Q1 11 to produce a YTD up-swing of 190% in the number of new businesses opting to enter a serviced office within Wales.
This notable shift toward serviced offices occurred despite the number of enquiries being received for such work space altering by only 1%, suggesting that speculative enquiries are beginning to fade away and be replaced by businesses with greater confidence when looking to commit to new office premises.
Further insight into the commitment of these new serviced office based business can be gleaned from the section of the report presenting license length activity, in which those entering office space in Wales are shown to commit to an average initial license length of 9 months ΓÇô a term 1 month longer than that of the UK national average from the same period.
The Serviced Office Review Series is comprised of 13 Regional and 7 City Centre reports. Produced on a quarterly basis and published exclusively by officebroker.com, the largest independent broker to the UKΓÇÖs serviced office industry. Each report can be viewed and downloaded for free from the Stats & Facts section of the officebroker.com website.
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