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Serviced Offices - UK - October 2015

“While London continues to generate the greatest demand for serviced offices, the Midlands and north are key growth areas to watch. Both these regions are benefiting from strong business start-up rates, increased investment, and government policy emphasis. Serviced office providers that are looking to expand will find positive development opportunities in the Midlands and northern regions.”

– Ambreen Ahmad, Research Analyst

This report will explore the following key issues regarding the serviced office industry in the UK:

  • What are the key factors creating demand for serviced office accommodation?
  • How have changing economic conditions affected the market?
  • Which factors are driving the move towards wider and more flexible serviced offices provision?
  • How are changing labour market trends impacting the serviced office sector?
  • What does the future of the UK's serviced office sector look like?

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Table of contents

  1. Executive Summary

      • The market
        • Accelerating service sector fuelling office demand
          • Figure 1: UK market for serviced offices, 2011-15
          • Figure 2: UK serviced office providers, by number of locations
        • Bright outlook for business centre demand
          • Figure 3: UK market for serviced offices, actual 2011-14, and forecast 2015-20
        • Market factors
          • The rise in new businesses has increased demand in the north and Midlands.
            • Figure 4: Business start-ups in the UK, by region (Number)
          • Financial services accounts for the majority of start-ups
            • Diversification of office spaces to meet demand from changing working practices
              • Companies
                • Bruntwood
                  • Regus
                    • What we think
                    • Key Issues

                        • How are national economic conditions affecting the serviced office market?
                          • How will the rise in new business start-ups open up further growth opportunities for serviced office providers?
                            • Which industries will create the greatest demand for serviced offices?
                              • Which regions will generate growth for serviced office operators over the next five years?
                                • How can serviced office providers meet demand from changes in working practices?
                                • Introduction

                                    • Definitions
                                      • Methodology
                                        • Abbreviations
                                          • Market positioning
                                            • The customer
                                              • The supplier
                                              • UK Economy

                                                • Key points
                                                  • Overview
                                                    • Figure 5: UK GDP, 2004-15
                                                    • Figure 6: Quarters after GDP peak, 1979, 1990 and 2008
                                                  • Inflation
                                                    • Interest rates
                                                      • House prices
                                                        • Consumer spending
                                                          • Manufacturing
                                                            • Business investment
                                                              • Figure 7: UK GFCF 2003-15
                                                            • Imports
                                                              • Exports
                                                              • Market Factors

                                                                • Key points
                                                                  • Macro-economic trends and the service sector
                                                                    • Figure 8: Growth in UK economic output, 2011-15
                                                                  • The local economy
                                                                    • National economy
                                                                      • International economy
                                                                        • The SME sector and start-ups
                                                                          • Figure 9: Growth in newly incorporated companies in the UK, 2013-15
                                                                        • Legislation
                                                                          • Labour market
                                                                            • Home working demand
                                                                              • Figure 10: Number of home workers in the UK, January to March, 2010-14
                                                                          • Market Size

                                                                            • Key points
                                                                                • Figure 11: UK market for serviced offices, 2011-15
                                                                              • Serviced office providers continue to expand into third place and co-working facilities
                                                                                • Portfolio of serviced office offerings
                                                                                  • Third place locations
                                                                                    • Co-working
                                                                                      • Flexible serviced offices to meet the demands of business life cycles
                                                                                        • Office demand business life cycle
                                                                                          • Innovative models are helping drive growth
                                                                                            • Regions
                                                                                              • Figure 12: UK market for serviced offices, by region, 2014
                                                                                            • Largest rise in self-employment in 40 years
                                                                                            • Market Trends

                                                                                              • Key points
                                                                                                • Changing labour market trends
                                                                                                  • Growing demand from new businesses and SMEs
                                                                                                      • Figure 13: Business start-ups in the UK, 2010-13
                                                                                                      • Figure 14: Business start-ups in the UK, by region, 2010-13
                                                                                                      • Figure 15: Business start-ups in the UK, by sector, 2010-13
                                                                                                      • Figure 16: Business start-ups in the UK graph, by sector, 2010-13
                                                                                                    • Prices rising across the commercial property rental sector
                                                                                                      • Figure 17: Price index for companies operating in the property rentals industry, 2011-15
                                                                                                  • Industry Structure

                                                                                                    • Key points
                                                                                                      • Industry development
                                                                                                        • Acquisition extends Regus’ dominance by locations
                                                                                                          • Figure 18: UK serviced office providers, by number of locations, 2014
                                                                                                        • Further acquisition
                                                                                                          • Staffing levels rising marginally
                                                                                                          • Basepoint Centres

                                                                                                              • Recent company activity
                                                                                                                • Figure 19: Financial analysis of Basepoint Centres, 2010-14
                                                                                                              • Company strategy
                                                                                                              • Bizspace

                                                                                                                  • Recent company activity
                                                                                                                    • Figure 20: Financial analysis of Bizspace, 2010-14
                                                                                                                  • Company strategy
                                                                                                                  • Bruntwood

                                                                                                                      • Recent company activity
                                                                                                                          • Figure 21: Financial analysis of Bruntwood Group 2009-13
                                                                                                                        • Company strategy
                                                                                                                        • Citibase

                                                                                                                            • Recent company activity
                                                                                                                                • Figure 22: Financial analysis of Citibase, 2010-15
                                                                                                                              • Company strategy
                                                                                                                              • Executive Communication Centres

                                                                                                                                  • Figure 23: Financial analysis of Executive Communication Centres, 2010-134
                                                                                                                                • Company strategy
                                                                                                                                • Executive Offices

                                                                                                                                    • Recent company activity
                                                                                                                                      • Figure 24: Financial analysis of Executive Offices, 2010-14
                                                                                                                                    • Company strategy
                                                                                                                                    • i2 Office

                                                                                                                                        • Recent company activity
                                                                                                                                          • Figure 25: Financial analysis of i2 Office, 2010-13
                                                                                                                                        • Company strategy
                                                                                                                                        • Landmark

                                                                                                                                            • Recent company activity
                                                                                                                                                • Figure 26: Financial analysis of Landmark, 2010-14
                                                                                                                                              • Company strategy
                                                                                                                                              • Regus

                                                                                                                                                  • Recent company activity
                                                                                                                                                      • Figure 27: Financial analysis of Regus plc, 2010-14
                                                                                                                                                      • Figure 28: Financial breakdown of Regus plc, 2012-14
                                                                                                                                                    • Company strategy
                                                                                                                                                    • Avanta Serviced Office Group

                                                                                                                                                        • Recent company activity
                                                                                                                                                          • Figure 29: Financial analysis of Avanta Serviced Office Group, 2010-14
                                                                                                                                                        • Company strategy
                                                                                                                                                        • Forsyth Business Centres

                                                                                                                                                            • Recent activity
                                                                                                                                                              • Figure 30: Financial analysis of Forsyth Business Centres UK, 2010-14
                                                                                                                                                            • Company strategy
                                                                                                                                                            • Forecast

                                                                                                                                                              • Key points
                                                                                                                                                                • Market size
                                                                                                                                                                  • Rising demand and further opportunities for growth
                                                                                                                                                                    • Workstation rates are set to continue rising into 2016 as demand for serviced office space rises ahead of the supply of locations
                                                                                                                                                                      • Economic indicators boost serviced office optimism
                                                                                                                                                                        • Figure 31: Forecast UK market for serviced offices, 2015-19
                                                                                                                                                                      • Industry
                                                                                                                                                                        • Adapting to a mobile workforce
                                                                                                                                                                          • Technology led opportunities and threats
                                                                                                                                                                            • Increasing demand for co-working spaces, led by the technology sector
                                                                                                                                                                            • Further Sources and Contacts

                                                                                                                                                                              • Trade magazines
                                                                                                                                                                                • Commercial Property Monthly
                                                                                                                                                                                  • Estates Gazette
                                                                                                                                                                                    • Estates Review
                                                                                                                                                                                      • Property Week
                                                                                                                                                                                        • Trade associations
                                                                                                                                                                                          • Business Centres Association

                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                          To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                          Serviced Offices - UK - October 2015

                                                                                                                                                                                          £995.00 (Excl.Tax)