Serviced Offices in London

Considering the global economic downturn which has had a negative impact on the London commercial property market, a notable exception is the Serviced Office in London market which has grown by 19% over the past twelve months. London is now the largest serviced office market globally.

We believe the state of the global economy has led to CEO’s looking for increased flexibility to mitigate this uncertainty.

Over the past few years the global Serviced Office in London market has continued to grow from £ 2.3 billion in 2005, to £ 3.4 billion in 2008 and £ 4.0 billion in 2010. Considering the global economic downturn started in 2007, the Serviced Office market has proved remarkably resilient.

Serviced Offices account for some ¾ of a million workstations covering some 7.4 million square metres. There are now in excess of 1,400 cities worldwide with centres offering Serviced Offices. This includes virtually every major city around the world. The average price per workstation in London is approximately £ 520.00 with the average number of workstations per office averaging more than 7, the highest for any centre in the world. It is not uncommon for Serviced Offices in London to accommodate between 100 and 300 workstations.

In terms of scale, London has the biggest share of the global market at approximately 8% with over 400 serviced office centres.

Corporates are taking up serviced office space more than ever before as they realise the benefits to be had. Expansion and globalisation can require small footprints in many remote locations which can be expensive to setup with a conventional lease. A Service Office allows them to test new market with a presence on the ground at significantly lower cost than a conventional lease and without any long term commitment. Branch Offices are now common place in serviced office business centres.

Projects are temporary by nature and often need to be run from separate offices due to space constraints. A serviced office is ideal for any sort of temporary office requirement as there is no long term lease commitment required. An office can typically be rented from month to month without any financial penalty.

While the United Kingdom has the largest market for Serviced offices, with one in every three centres worldwide located here, other parts of the world are starting to see significant growth in this area. The Asia Pacific region is currently the smallest market but has considerable growth as more companies appreciate the advantages that Serviced Offices provide.

In terms of operators, Regus is the world’s largest provider of Serviced Offices with approximately 20% of the global market with Servcorp the next biggest with a 2% market share.

Serviced Office locations in London Number of Serviced Offices
(1) Bank (33)
(2) Bond Street (2)
(3) Brixton (1)
(4) Camden (7)
(5) Canary Wharf (17)
(6) Chiswick (1)
(7) City (83)
(8) Clapham (16)
(9) Clerkenwell (23)
(10) Covent Garden (25)
(11) Deal (1)
(12) East London (36)
(13) Erith (1)
(14) Farringdon (6)
(15) Finchley (8)
(16) Fulham (10)
(17) Greenwich (2)
(18) Hammersmith (17)
(19) Hampstead (2)
(20) Holborn (21)
(21) Islington (9)
(22) Kensington (1)
(23) Kilburn (1)
(24) Kings Cross (2)
(25) Kings Cross Euston (18)
(26) Knightsbridge (8)
(27) Lawson Court (1)
(28) Liverpool St (12)
(29) Liverpool Street (2)
(30) Marylebone (6)
(31) Mayfair (31)
(32) Mill Hill (4)
(33) Noho (2)
(34) North London (30)
(35) North West London (63)
(36) Old Street (2)
(37) Oxford Circus (40)
(38) Paddington (20)
(39) Park Lane (3)
(40) Piccadilly Circus (5)
(41) Putney (6)
(42) Raynes Park (1)
(43) Regents Park (7)
(44) Shepherds Bush (1)
(45) Shoreditch (8)
(46) Soho (5)
(47) South East London (61)
(48) South West London (37)
(49) The Strand (2)
(50) Tooting (1)
(51) Tottenham Court Road (2)
(52) Victoria (21)
(53) Virtual Office (2)
(54) Wandsworth (2)
(55) Waterloo (28)
(56) West London (56)
(57) Westminster (1)
(58) Wimbledon (6)
(59) Woolwich (1)

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