Demand for Serviced Office Space Increases – The number of businesses renting serviced office space in London has risen during 2014, highlighting a continued demand for flexible workspace in the UK capital.
Comparing uptake levels in the opening nine months of 2014 with that of 2013, new data has shown a 6% YTD increase in the number of businesses renting serviced office space in Central London.
Westminster & Victoria
The largest increase was recorded across Westminster and Victoria, where the number of businesses securing serviced office space in 2014 was shown to be 42% higher than in the same period of 2013. Serviced office space uptake also increased in the West End (15%), Midtown (14%) and Southwark (8%).
Workstation prices were also shown to have increased, rising from an average of £679 per month in 2013 to £779 in 2014.
The City of London
After a strong start to 2014, uptake in the City of London was shown to currently be 13% below 2013 levels. Despite this average workstation prices increased from £532 to £685 (29%), demonstrating the ongoing demand for higher grade serviced office space within the City of London.
The size of office being rented remained on par with 2013, with those businesses renting serviced office space in the City of London requiring an average of 6.5 workstations.
The West End
Increased uptake in this area of the capital (15%) was supported by higher enquiry levels (16%) during 2014. The West End also retained its status as London’s premium location in which to rent serviced office space, with the average workstation price of £793 per month recorded YTD.
Businesses renting serviced office space in the West End were also securing larger offices, with the average office rental of 4 workstations recorded in 2013 rising to 6 workstations in 2014.
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