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This Year is Set to be a Big Year for Office Space

General Comments, Industry News April 24th 2012

2012 is a big year for London, with the Olympic Games and the Queen’s Diamond Jubilee; all eyes are set to be on London this summer. With this attention, there is huge pressure on organisers to make sure that these events leave a positive impression of not only the country’s capital but also the whole of the UK. Along with this, there is going to be an increase in demand for businesses to set up in London and renting office space is going to increase in price.

London is an important financial centre for international business and is the sixth largest city economy in the world. It has 5 major business districts – The city centre, Westminster, Canary Wharf, Camden and Islington as well as Lambeth and Southwark. The amount of office space in total is 26,721,000m2, which may seem like a lot, but the demand for this is set to increase.

The largest industry in London is finance, with the city being home to banks, brokers and insurers as well as accounting firms. The city is also home to the two largest banks in the world, Barclays and HSBC.

Jones Lang LaSalle (JLL, a commercial property consultants claim that the demand for office space is far more than the city can supply and by the end of the year the amount of serviced office space is set to run out.

Serviced office space is ideal for many businesses, particularly start-up businesses as the offices are ready for use. Office furniture can be a big expense for businesses, especially for new businesses that don’t have a large budget to spend on office furniture, office desks or office chairs. Serviced offices provide office furniture with some even including meeting tables, boardroom tables and bistro furniture for break out areas.

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