UK Serviced Offices Market Report
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Providing the most comprehensive and up-to-date information and analysis of the Serviced Offices market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
For the purposes of this Report, Mintel has used the following definitions:
Serviced offices are commercial buildings providing short-term contract accommodation, including reception services, furniture, telephony and information technology infrastructure.
MBD’s definition includes serviced offices, semi-serviced offices, business centres and managed workspace.
The serviced offices industry has also incorporated ‘flexible workspace’ into its overall description due to the increasing hybridisation of workspace, which reflects continuing changes in business needs and shifting demand towards co-working and increased flexibility. Serviced office providers increasingly offer hybrid offices, providing private space such as those found in serviced offices, mixed with open, co-working spaces and flexible membership options.
For the purposes of compiling the market size, third place locations (work spaces for drop-in customers rather than dedicated office space) and purely co-working spaces (work spaces, 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 also provides a range of business services, which may include meeting and conference facilities, and 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.
All of the values quoted in this report are at current prices unless otherwise specified.
- Landmark Space (formerly i2 office)
- London Executive Offices
What you need to know
The serviced office industry is one of the fastest growing sectors in the UK property market. Since the global recession, many businesses have started using serviced offices because of their cost efficiency, flexibility and practicality.
In London and key regional cities, serviced office providers are now competing with an explosion of co-working spaces from the likes of WeWork, Workspace and TOG. Many co-working brands offer additional perks, such as free beverages, and professional and social events, which help to develop a strong community to support collaboration. In response to the increased popularity of co-working spaces, traditional serviced office providers have had to innovate and diversify their offering to create clearer and more distinctive customer offers.
A growing number of serviced office providers now provide hybrid offices that offer private space such as those found in serviced offices, mixed with open, co-working spaces and flexible membership options.
Expert analysis from a specialist in the field
Written by Claudia Preedy, a leading analyst in the B2B sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
As the flexible workspace sector continues to evolve, the hybrid model, where providers offer a mix of co-working spaces and private offices, is set to become more prevalent among serviced office providers.
The shift towards hybrid space reflects the eagerness of serviced office providers to target a wide range of clients, with an increased focus on offering agility and options to occupiers of all sizes. Companies are also increasingly looking beyond a private office or dedicated co-working space, seeking hybrid environments that offer businesses both private office space and a more collaborative environment."
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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