Serviced Offices (Industrial Report) - UK - September 2014
“Taking advantage of burgeoning start-up communities and increasing customer service orientation are just two ways in which serviced office operators can position themselves to exploit growing demand.”
– Ben Harris, Industrial Analyst
This report answers the following questions:
- How are trends in working practices going to change the nature of demand for serviced office space?
- What regions are most likely to generate growth in demand for serviced office and business centre operators over the next five years?
- What can serviced office operators do to generate additional revenue streams out of existing office space?
- How can serviced office operators exploit technology to capture new customers and make more efficient use of workspace?
Serviced offices are commercial buildings providing short-term contract accommodation, including reception services, furniture, telephony and information technology infrastructure.
MBD’s market definition includes serviced offices, semi-serviced offices, business centres and managed workspace.
For the purposes of compiling the market size, third place locations (workspaces for drop-in customers rather than dedicated office space) and co-working spaces (workspaces, usually pay-as-you-go, dedicated as a shared working environment) are excluded. However, these types of accommodation are considered when analysing market trends, commercial opportunities and operators’ performance.
Serviced offices are fully fitted and furnished. The operator is not only responsible for the building maintenance, but will also provide a range of business services, which may include meeting and conference facilities, complete with support services from catering to presentation equipment, reception, secretarial and clerical services, IT and telecommunications support, video conferencing and internet access. This enables clients to occupy the premises and outsource costly internal operations.
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Table of contents
Executive Summary
- The market
- Accelerating service sector fuelling office demand
- Figure 1: UK market for serviced offices, 2010-14
- Regus rolling out lead in serviced office locations
- Figure 2: UK serviced office providers, by number of locations, 2014
- Bright outlook for business centre demand
- Figure 3: Forecast UK market for serviced offices, 2015-19
- Market factors
- Urbanisation and the rise of the third place
- Technology and financial services companies driving start-up growth
- Figure 4: Business births in the UK, by sector, 2009-12
- Operators in position to exploit corporate co-working demand
- Companies
- Avanta Serviced Office Group focuses on London launches
- Acquisition bandwagon rolls on for Regus
- What we think
Introduction
- Issues in the market
- Definitions
- Methodology
- Abbreviations
- Market positioning
- The customer
- The supplier
- Issues in the market
UK Economy
- Key points
- Overview
- Inflation
- Interest rates
- Business investment
- Key points
Market Factors
- Key points
- Macro-economic trends and the service sector
- Figure 5: Growth in UK economic output, 2010-14
- International business investment
- The SME sector and start-ups
- Figure 6: Growth in newly incorporated companies in the UK, 2013-14
- Business rates
- The local economy
- Home working demand
- Figure 7: Number of home workers in the UK, January to March, 2010-14
- Key points
Market Size
- Key points
- Confidence and rising demand fuelling capacity expansion
- Figure 8: UK market for serviced offices, 2010-14
- Start-up and service sector growth underpinning demand
- Third place locations continue to grow in line with increased mobile working
- Co-working gradually attracting major serviced providers
- Key points
Market Trends
- Key points
- Urbanisation leading to new design and locations
- Start-up population continues to grow
- Figure 9: Business births in the UK, 2009-12
- Figure 10: Business births in the UK, by region 2009-12
- Figure 11: Business births in the UK, by sector 2009-12
- Public sector investment to prompt regional growth opportunities
- Figure 12: Regional serviced office supply and distribution of private enterprises in the UK, 2014
- Co-working demand presents new revenue opportunities
- Prices rising across the commercial property rental sector
- Figure 13: Price index for companies operating in the property rentals industry, 2010-14
- Key points
Industry Structure
- Key points
- Industry development
- Acquisition extends Regus’ dominance by locations
- Figure 14: UK serviced office providers, by number of locations, 2014
- Further consolidation in the industry
- Staffing levels rising marginally
- Key points
Avanta Serviced Office Group
- Recent company activity
- Figure 15: Financial analysis of Avanta Serviced Office Group, 2009-13
Basepoint Centres
- Recent company activity
- Figure 16: Financial analysis of Basepoint Centres, 2009-13
Bizspace
- Recent company activity
- Figure 17: Financial analysis of Bizspace, 2008-12
Bruntwood
- Recent company activity
- Figure 18: Financial analysis of Bruntwood Group 2009-13
Citibase
- Recent company activity
- Figure 19: Financial analysis of Citibase, 2009-13
Executive Communication Centres
- Figure 20: Financial analysis of Executive Communication Centres, 2009-13
Executive Offices
- Recent company activity
- Figure 21: Financial analysis of Executive Offices, 2008-12
Forsyth Business Centres
- Figure 22: Financial analysis of Forsyth Business Centres UK, 2009-13
Landmark
- Recent company activity
- Figure 23: Financial analysis of Landmark, 2009-13
Regus
- Recent company activity
- Figure 24: Financial analysis of Regus plc, 2009-13
- Figure 25: Financial breakdown of Regus plc, 2011-13
Forecast
- Key points
- Market size
- Buoyant operators anticipating rising revenues
- Economic indicators boost serviced office optimism
- Figure 26: Forecast UK market for serviced offices, 2015-19
- Industry
- Making more effective use of workspaces
- Share and share alike
- Exploiting demand for local community working
- Key points
Further Sources & Contacts
- Trade Associations
Serviced Offices (Industrial Report) - UK - September 2014