South West Businesses Bigger and More Committed in January 2010
The increased commitment levels displayed by South West businesses in January saw initial license lengths double in the first month of 2010, rising from an average of 5 months during the course of 2009 to 10 months by the close of January 2010.
growth not only represents SMEs beginning to spread their wings once more, but also the return of large corporate clients to the market
While a contributing factor to this activity is likely to have been the low workstation costs seen in January, which recorded their lowest value in over twelve months (┬ú133.00), the commitment displayed by those businesses entering the market indicates that companies operating in the South West are beginning to look beyond the short term ΓÇô pointing toward rising confidence levels amongst business leaders.
Another reassuring message emerging from officebroker.comΓÇÖs January results is the return of tenants securing larger office space. When comparing the average number of workstations taken per tenant during January nationally, which totalled 4.4, the levels recorded in the South West were far higher, reaching 9.6.
This high level of growth not only represents SMEs beginning to spread their wings once more, but also the return of large corporate clients to the market, as project based work mothballed during the recession is reactivated in response to the more clement economic climate.
The serviced office market has increased its appeal in the South West in the last twelve months, with 15% more businesses opting to take serviced space during 2009 than in 2008, details of which are published in a regional report from officebroker.com covering Q4 09.
Success in this sector of the property market, which saw 35 new serviced office buildings entering the market in 2009, also reflects upon the vitality of the SME sector and level of entrepreneurial activity within the region, with serviced offices often the first port of call for such businesses.
To read more about how the South WestΓÇÖs serviced office market during the closing stages of 2009 download the Serviced Office Review: South West Q4 09 from the Stats & Facts section of the officebroker.com website.