Search Results for: serviced offices

February 1, 2018

Rent falls due to Brexit and concerns about oversupply of serviced offices in London

by Sara Bean • Cities, Facilities management, News, Property

There have been 18 months of faltering net effective rents within the commercial office market in the Capital since the Brexit referendum, with ten of the 18 Central London office submarkets monitored in Cluttons’ latest London Office Market Outlook report registering rent falls in the final quarter of 2017, buoyed by additional incentives such as contributions to fit out costs and even delayed completions becoming commonplace in many locations. The report also raises concerns about the potential for an oversupply of serviced offices within the Capital. However, despite this and a perception that Central London offices are currently fully prices or possibly over-priced, by both occupiers and domestic investors, London remains a resilient city, continuing to attract high volumes of overseas capital. Employment growth is of course expected to be influenced by both the levels of GDP growth during 2018 and the Brexit divorce proceedings, which in turn will affect rental values. But says the report, aside from concerns over Brexit, there is no evidence from recruitment agencies to suggest a current, or planned exodus of finance and banking professionals from the City.

November 13, 2017

Serviced offices and coworking spaces boom in Manchester in response to growing customer demand

by Mark Eltringham • Coworking, News, Property

Rising demand from businesses for flexible working space has sparked a boom in the provision of coworking spaces serviced offices in Manchester in 2017, according to the latest office market snapshot by real estate advisors Colliers International. The report showed serviced office providers addressed the need for flexible working from small and growing operators by taking in excess of 100,000 sq ft of space in Manchester in the first three quarters of 2017. Major developments included global co-working specialist WeWork following the opening of its first office outside London at No 1 Spinningfields by adding another 44,000 sq ft at One St Peter’s Square and property developer Allied London launching its own co-working brand All Work & Social to operate alongside WeWork at Spinningfields.

June 14, 2016

UK leads the world in serviced offices and demand is set to rise ⁰

by Sara Bean • Facilities management, Flexible working, News, Property

The UK is the leading global serviced office sector, with the largest and most mature market, accounting for over a third (36 percent) of the worldwide serviced office footprint, according to a new report commissioned by serviced office group Office Space in Town. The UK serviced office market has grown by 31 percent since 2008, and it is projected to increase in value significantly by 2025, to £62 billion on conservative projections and £126bn on more optimistic forecasts. There are three key drivers behind its rise: increasing numbers of growth businesses, expansion of key sectors that use serviced offices and the trend towards more flexible working. There are sound economic and business behavioural reasons to believe this growth in demand for serviced offices will continue over the next decade. This, in part, will come from growth in small firms and business start-ups, which comprise a large share of current serviced office users.

April 29, 2016

Start-ups help drive the rise in uptake of serviced offices in Australia ⁰

by Sara Bean • Facilities management, Flexible working, News, Workplace design

The number of flexible workspaces is growing in Australia, which has seen a 15 percent increase in new serviced offices and co-working spaces opening in the last year, according to data from Instant Offices. But the country still has some way to go when compared to other major international destinations for business, with only 300 such offices in total compared to more than 3,000 in the US alone. During the relative economic uncertainty of the past year – with growth limited to 2.5 percent however, Australia is now witnessing the growth of a “contingent” workforce. Small businesses of four employees or less make up more than three quarters of the total market, and considering that in two of the country’s commercial markets, Sydney and Melbourne, the typical entrance to the market has been via fixed lease of seven to 10 years in length; the agility offered by flexible workspaces is gaining in appeal.

March 18, 2015

Increasing adoption of serviced offices within the corporate sector

by Sara Bean • Facilities management, Flexible working, News

Serviced offices have been viewed as the preserve of start-up businesses, rather than as a solution to the workspace needs of companies. However, with the growth in popularity of cluster and co-working spaces, that is changing. New research, admittedly by a global broker of serviced office space, Instant Offices, indicates the increasing acceptance of serviced office solutions within the corporate sector, ranging from SMEs through to FTSE 100 / Fortune 500 companies. Alongside that, the cost of desk space in serviced offices has grown by double figures across the UK in the past year, rising by 3.6 percent, in addition to an 11.4 percent increase in desk rates. Growth in the number of such spaces across Central London was as high as 17 percent in Southbank and 11 percent in the West End during 2014.

May 30, 2013

Shared rather than serviced offices could save businesses thousands

by Sara Bean • Company news, Facilities management, News

London desk renters could save almost £200 a month by choosing a shared office over a serviced office, according to new research. The Office Genie Price Index has revealed that the average desk in a shared office in London costs £335, while a desk in a serviced office was found to cost on average £513 per month; £178 more. This saving of 35 per cent on the price of a serviced desk makes shared offices an affordable alternative in the world’s most expensive city for office rental, where a single square foot of office space in London can cost up to £170.

July 11, 2017

Serviced and coworking offices top London leasing market for the first time ⁰

by Mark Eltringham • Coworking, Flexible working, News, Property

Serviced and coworking office space providers have accounted for the largest share of space leased in Central London for the first time, according to new research from Cushman & Wakefield. During the first half of 2017, serviced office or co-working providers – such as WeWork and The Office Group – accounted for 884,235 sq ft of newly-leased office space in central London. The second quarter of the year in particular witnessed a dramatic escalation in activity by serviced office and co-working providers with 651,540 sq ft leased – around a quarter of central London’s take-up across April, May and June. This was more than London’s traditionally dominant occupational sub-sectors such as technology, media and financial services. The H1 2017 total is more than serviced office and coworking providers accounted for in the whole of 2016 (853,178 sq ft). and is just a deal or two shy of the sector’s average annual take-up between 2012 and 2016 (908,972). It seems certain therefore that serviced office and co-working providers will this year surpass their record annual volume of 1,267,926 sq ft set in 2014, according to the firm.

July 27, 2023

Growth of serviced office market doesn’t mean it has bounced back

by Neil Franklin • Flexible working, News, Property

An analysis of the UK serviced office market from Sirius Property Finance, claims that while the sector is set to grow by 17 percent in 2023, a growing appetite for remote working means it is still struggling to match its pre-pandemic highs. More →

March 3, 2022

What really happens when we start using offices again?

by Henry Stainton • Comment, Flexible working, Property

Should I stay or should I go? – we have all faced that dilemma in recent weeks with our offices opened by hopeful employers versus the enticement of a warm kitchen, fresh coffee and swerving a long commute also on offer. It is a decision we are all having to make and, which seems loaded with potential, previously unimagined outcomes. More →

December 20, 2021

Startups fuelling growth in demand for flexible offices

by Neil Franklin • Cities, News, Property

According to data from The Instant Group 584,097 companies have been registered in the UK since the start of 2021 – this equates to 1,781 per day. The most companies registered in 2021 so far have been in London, Birmingham, and Manchester. The growth in start-ups has fuelled an increase in demand for flexible offices across the UK’s cities, with large proportional increases outside London. Requirements for coworking and serviced offices has grown significantly in cities such as Bristol (41 percent), Manchester (28 percent), and Reading (27 percent) over the past year. More →

March 2, 2021

The Collective open new offices in iconic Folkstone building

by Freddie Steele • Company news

The Collective cements its commitment to the UK creative industry with the opening of new offices and showroom in iconic Folkestone building ‘The Glassworks Building’, and support emerging talent by appointing newly founded Studio Morelli for their debut interior project. More →

April 1, 2020

A revolutionary new approach to design and fit-out for flexible offices

by Freddie Steele • Company news, Workplace design

Innovation in the commercial property market is the driving force behind a revolutionary new approach to the design and fit-out of office space from Modus. Tenant-Ready is a solution aimed at both landlords and operators, to deliver pre-fitted or fitted-to-demand workspace specifically for coworking spaces, serviced offices and other forms of flexible workplaces in which fit-out is not procured by tenants and occupiers. More →