The serviced office market in the United Kingdom has witnessed steady growth over the past year in terms of both new centre openings and increased average workstation rates. As the country enters into a double-dip recession, the number of locations throughout the country has risen by almost 7% in addition to a 3% increase in average rates.
In parallel with the overall UK economy, the serviced office sector in London has outperformed the country’s other markets with growth of 18% and a market share increase of 2% points – now comprising 23% of the entire UK market. The increase in overall supply has not surpassed demand, and average rates in the capital have risen to levels not seen since the height of the market in 2008.
With the economic outlook still plagued by uncertainty, the serviced office sector has proven its resilience and appears to have scope for further growth.
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