According to the latest issue of Estates Gazette, the serviced office market is to see a sixfold increase in value over the next 10 years. This follows from strong levels of growth over the past decade, which saw a 67% increase from 2005 – 2015.
With a current value of £16 billion, and a projected value of £126 billion by 2025, the services offices market is certainly a good opportunity to be looking at right now. But why the rise?
Of course, growth in business is behind the expected increase, especially so in people-powered workplaces. Small firms and start-ups, for example, have grown massively in the past decade, thanks to numerous accelerator programmes, both private and government funded.
The growth in professional services and the communications sector has also seen a need for serviced offices, as has more flexible and accommodating work habits, with internationalism playing a big part.
If you’re a UK based firm, then this next bit of information may help in choosing where to direct your efforts beyond London. Manchester, Birmingham and Leeds, respectively, are hotspots for people-powered business, and should be key targets for setting up serviced offices.
But don’t forget, internationalism is behind this trend, so make sure to set your sights further than the UK alone. Brexit or no Brexit, we’re a global economy.