Serviced office space is no longer seen as a short term solution to workspace requirements, claims a new survey by Avanta Managed Offices, which operates 18 unbranded business centres across the UK, including 13 in London.
“During the past six months we’ve witnessed a significant increase in the number of clients signing long term contracts from day one, with 46% of new clients signing a one year contract. Areas that have witnessed the most dramatic increases have been the West End and City of London, as well as Reading.
“In fact, the London market seems to be ‘revving up’ as our occupancy levels are rising and, whilst market prices dropped by approximately 10% at the end of 2008, they have stabilised during the past three months. Clients continue to come from a diverse variety of business sectors and a survey reveals that the top six industry sectors currently are media 12%; technology 11%; banking & finance 10%; consultancy 9%; training 8% and recruitment 8%.
“In these uncertain times serviced offices provide a cost-effective office space solution for all business needs, as they provide the perfect solution to location, flexibility and cost requirements.”
“Our recently opened new business centre in the impressive Devonshire Square, in the heart of the City, is already seeing clients sign up for an average of 15 months and this bodes exceedingly well for our continued expansion, which includes plans for another three new locations during 2009 and plans to double the number of our available workspaces from 8,000 to 16,000 within three years.
“The industry has matured dramatically in recent years and is now seen as a mainstream occupancy option by businesses of all sizes,” claims David Alberto, Avanta’s Managing Director, “which is why more than 25% of our clients stay for 12 months or longer. The length of client tenure is constantly increasing and this is being driven by demand from small and medium-sized enterprises for heightened levels of flexibility, cutting edge technology, customer service and, above all else, outstanding value for money.