The UK business centre market rivals the City of London in terms of employment numbers and commercial floor space, according to a report by the Investment Property Databank and Snapdragon Consulting for the Business Centre Association.
About 80,000 businesses employing more than 400,000 people and generating around £2billion of income for the country occupy the sector’s almost 70 million square feet of space and the industry is maintaining ‘a rapid pace of growth as customer demand continues to increase’.
The number of large businesses has fallen by 30 per cent since 2000 and creative businesses now represent a fifth of firms occupying business centre space.
Jennifer Brooke, chief executive of the Business Centre Association, said firms often like to test regions through business centres. She said: ‘The sector is no longer promoted as the less affordable alternative to other options. She continued, ‘The focus needs to move away from looking to secure large corporate pre-lets, accepting that these are limited by nature, and instead look to the future of the economy – small businesses. In many cases the traditional office format is redundant.’
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