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Office Space Market Review By SOS > Search Office Space Worldwide

Todays Date: December 10, 2018

As opposed to industry experts’ predictions and forecasts, the second quarter of 2010, as was the case in Q1, saw a recorded increase in office rents by almost 12% in the City of London, new statistics can reveal. These 2 consecutive quarterly increases were highlighted as the second highest recorded increases in 22 years. According to statistics given by <a href=”http://www.nbrealestate.co.uk/company/news/Pages/Cityofficerentssoarby12forsecondconsecutivequarter.aspx?goback=.gde_1955035_member_25173948″>NB Real Estate</a> “Average rents for Grade ‘A’ offices in the City increased from 47.50 per sq ft in Q1 2010 to 53.00 per sq ft in Q2 2010. This follows an 11.8% recorded rise in rents in Q1 2010.”

Analysing the data provided by the marketing department of <a href=”http://www.searchofficespace.com”>SOS > Search Office Space Worldwide</a> it becomes apparent that the market increase is not only represented in the City of London but also all other major financial and corporate areas of London, such as Mayfair, Marylebone, W1 and Docklands. The data proves the market has had an increase of almost 20% on average.

Simultaneously to the market increase in the City of London, there can be seen a resurgence in <a href=”http://www.searchofficespace.com/uk”>office space rent</a> price of around 5.47 per sq ft on average for other areas of London. This increase is due to clients seeking more and more class ‘A’ offices, in comparison to recession times where secondary office space was more in demand. The wide range of statistical data and market revival show that the London serviced office market is showing signs of overcoming the consequences of the global financial and economic recession of the last 2 years.

Mr. Zahid Chaudhri – Marketing Manager at SOS > Search Office Space Worldwide commented: “We definitely can see the office market to be slightly increasing despite the second quarter of the year traditionally being regarded as stagnant due to the summer holidays and majority of businessmen and key decision-makers waiting for autumn to relocate their offices. This is a huge boost if we also take into consideration the FIFA World Cup in South Africa from mid June to mid July also being a possible distraction.”

Mr. Daniel Soffer – Senior Vice President SOS > Search Office Space who has also witnessed the trends of the UK market revival being mirrored in the USA and Canada said: ” Recent results and trends tell us the upturn of fortunes in the serviced offices market in the UK and particularly London seems to also be happening in North America too. The leading areas for office leasing in the USA such as Manhattan – New York, Chicago, Boston, Los Angeles, Washington DC show an uptick and bounce in demand for executive office suites including the quality of space being requested. Canada becomes the third ring in this chain of market increase statistics. We are happy to announce the continued revival in demand being experienced by our Canadian counterparts in key financial centres such as Toronto, Vancouver and Montreal.”

This news definitely affects not only office space markets all over the world but overall economic trends and creates an atmosphere of optimism where businesses and investors alike all over the world can finally see daylight at the end of the recession tunnel.

Office Space & Executive office suites with SOS. We help businesses to rent serviced offices in UK & USA to let or rent offices & particularly rent office space within London, New York and all over the world.

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