Foreword by Instant:
An industry built on challenging the traditional office model, it continues to redefine the boundaries of the modern workplace. From environments focussed on encouraging collaboration through to centres featuring the latest technology – the serviced office market is complex and full of variety.
In the most detailed review of the sector yet, our research shows that serviced offices are increasing in number as more businesses enjoy the flexibility and cost-saving they represent.
Instant Offices’ report on the sector includes the largest survey of serviced offices across the UK and shows that the cost of desk space in serviced offices has grown by double figures across the UK in the past year. Growth in the number of serviced workspace in Central London is as high as 17% in Southbank and 11% in the West End during 2014.
The number of serviced offices across the United Kingdom has risen by 3.6% in total.
The market in London continues to outperform others across the country, with Greater London now comprising 30% of the national market as more businesses seek out flexible workplace solutions. Central London, the City, West End and Southbank have all seen serviced office centre growth of over 10%.
The average rates in the capital have risen beyond levels previously seen at the height of the pre-recessionary market in 2008. This consistent growth provides further evidence of the increasing adoption of serviced office solutions among entrepreneurs and companies nationally.
In the regions, nearly all of the UK’s largest markets have experienced growth with respect to new centres, and corresponding increases in average workstation rates year on year.
The Manchester market has increased by 9%, with workstation rates increasing by 5%. Aberdeen, Bristol, Glasgow, Edinburgh, Belfast, and Cambridge have also shown significant increases in both serviced centres and desk rates compared to previous years.
Instant Offices’ research also suggests the wider range of solutions being provided by serviced office operators (from day offices to co-working space, and high-end luxury space to bespoke office configurations). There are more options for firms to find the ideal workspace than ever before.
Instant’s 2015 UK serviced office review analyses our market leading data over the past 12 months and presents a unique view of flexible property solutions.