The Year of the Serviced Office

The BCA recently ran a very interesting story on the growth of the serviced office sector in the UK.

According to research by UHY Hacker Young, the UK ranks top amongst the Western economies for business creation, second only to China globally. The UK has witnessed a 51 per cent increase in the number of firms over the past five years, and in 2016 this growth seems set to continue.

These new businesses, the vast majority of which are small and medium-sized enterprises, need somewhere to work, develop and grow.

As a result, demand for desk space in serviced offices, flexible work space and co-working space has soared in recent years. Research carried out by Deloitte found that the number of providers of serviced office space rose by 25 per cent in 2014, and our own research shows that the serviced office sector contributes around £2bn to the UK economy per annum.

Perhaps most interestingly, during 2015 enquiries for flexible office space rose by 21% across the UK whilst enquiries for non-flexible space only rose by 15%, according to a recent feature in Property Week. Not only does this support the notion that serviced offices are in increasing demand, but suggests that many firms would rather use flexible serviced office space than take on longer-term leases.  You can read more here

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