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A report commissions by Office Space in Town has predicted that the UK serviced office could be worth a staggering £126 billion by 2025. The report, carried out by professors and academics from leading British Universities, suggests that the sector’s value could increase anywhere from £62 billion to an optimistic £126 billion, in the next 9 years. It also indicates that the sector is currently undervalued by 20% – £3 billion – due to a lack of proper valuation frameworks for serviced offices.
With such huge growth predicted for the sector, it comes as no surprise that the UK is home to the largest serviced office market in the world, which has grown 31% since 2008, with 2,300 serviced office centres running throughout the UK, accounting for 36% of the international market. Of course London is the hub of the UK serviced office market, accounting for 34% of the sector’s footprint.
Eugene O’Sullivan, Director and tenant acquisition specialist Morgan Pryce, believes the rise of serviced offices is a sign of current market conditions:
“We are seeing more and more companies looking for flexible office solutions, and there are now huge amounts of options for all sectors to choose from – gone are the days of simple serviced offices. Companies like WeWork have really mixed things up, offering state of the art office space that is perfect for all types of industries”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.