Meanwhile, in the United KIngdom, Serviced offices in the country continued to sail full speed ahead, making full-year figures standing at 2.9 million sq ft in 2017, a 157% increase in 2016. According to international real estate advisor Savills, there were unexpected growth levels seen outside regional markets outside of London and the M25 in regards to serviced offices. Taking up 436,063 sq ft in 2017, this has made London experience a whopping year-on-year increase of 406%.
“The office landscape has changed dramatically over recent years and will continue to do so as the presence of serviced offices become more integrated with the traditional office market,” Jeremy Bates, head of UK & European Occupier Services at Savills said.
“Moving forward it is likely that we will see a greater blurring of the lines between conventional and more flexible space as the demand for flexibility and innovation from occupies continues to grow,” Bates added.
Savills cited two workspaces providers that were able to acquire a lot of properties over 2017—Spaces and We Work. Spaces was responsible for the increase in serviced office take-up in Birmingham, having a largest regional serviced office deal on record, which is 76,000 sq ft at The Crossway in the city. Spaces was also able to acquire properties this year, with 30,000 sq ft in Edinburgh city centre. On the other hand, WeWork was able to acquire 44,000 sq ft at One St Peter’s in Machester for this year.
“The UK serviced office market continues to expand at pace and this increased demand is underlined by the likes of WeWork and Spaces taking such substantial space in key regional markets where they foresee growth,” Cal Lee, head of Workthere, said.
“It is also interesting that we are witnessing more independent brands such as Work.life looking to grow their portfolio outside of London (in Reading and Manchester). Many of these markets are still under resourced in terms of supply when it comes to serviced and co-working spaces and we therefore foresee the take-up in this sector retaining its momentum throughout 2018,” Lee added.
Along with the increase in serviced offices in the United Kingdom, the Philippines has also increased its serviced offices spaces available for occupancy. Businesses in the United Kingdom can search for a cheaper alternative in the archipelago since it has government laws encouraging businesses to invest in the country, low costs and high rate of English speakers. Ezy Outsourcing Hub offers serviced office leasing in Manila that are located in strategic business locations in the country that will instantly give you a place in the business. Call 02-6571872 / +61 419 200 663 or email contact@ezyoutsourcinghub.com to get a quote.
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