Table of Contents
Executive Summary
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- Market size
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- Figure 1: UK market for serviced offices, 2013-17
- Figure 2: UK Market for Serviced Offices, by City (excl. London), 2016
- Market trends
- Continuous demand for flexible workspace still driving investment and development
- Secondary cities driving growth as demand moves away from London
- Market factors
- Growth in SMEs and startups, which are demanding more flexible workspaces, are driving and shaping demand
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- Figure 3: Number of newly incorporated companies in the UK, Q1 2014 - Q2 2017
- The uncertainty surrounding Brexit starts to affect economic development
- Business rates rise could affect development
- Industry development
- Forecast
- Number of serviced offices expected to rise by 32% to 2022
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- Figure 4: Forecast number of UK serviced offices, 2018-22
- What we think
Key Insights
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- Are serviced offices more expensive than traditional office spaces? Does this harm the industry’s development?
- What does the future hold for the industry?
Introduction
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- Definitions
- Methodology
- Abbreviations
- Market positioning
- The customer
- The supplier
UK Economy
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- Key points
- Overview
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- Figure 5: Forecast GDP development 2017-21
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- Figure 6: UK GDP quarterly development, 2007-17
- Inflation
- Interest rates
- House prices
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- Figure 7: UK house price changes, 2006-2017
- Consumer spending
- Manufacturing
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- Figure 8: UK manufacturing, 2014-17
- Business investment
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- Figure 9: UK GFCF, 2004-17
- Imports
- Exports
Market Factors
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- Key points
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- Figure 10: Number of home workers in the UK, January to March, 2011-15
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- Figure 11: Number of home workers in the UK, January to March, 2011-2015,
- Growth of SMEs and startups, which are demanding more flexible workspaces, are driving and shaping demand
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- Figure 12: Number of newly incorporated companies in the UK, Q1 2014 - Q2 2017
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- Figure 13: Number of newly incorporated companies in the UK, Q1 2014 - Q2 2017,
- The uncertainty surrounding Brexit starts to affect economic development
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- Figure 14: Growth in UK economic output, 2013-17
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- Figure 15: Growth in UK economic output, 2013-17
- Business rates rise could affect development
Market Size
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- Key points
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- Figure 16: UK market for serviced offices, 2013-17
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- Figure 17: UK market for serviced offices, 2013-17
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- Figure 18: UK market for serviced offices, by City, 2016
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- Figure 19: UK market for serviced offices, by city (excl. London), 2016
- The London market
Market Trends
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- Key points
- Continuous demand for flexible workspace driving investment and development
- Secondary cities drive growth as demand moves away from London
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- Figure 20: Average workstation rates in the UK, by city, 2016
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- Figure 21: Average workstation rates in the UK, by city, 2016
- Latest official statistics show rising number of new business start-ups...
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- Figure 22: Business start-ups in the UK, 2011-15
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- Figure 23: Business start-ups in the UK, 2011-15
- Figure 24: Business start-ups in the UK, by region, 2011-15
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- Figure 25: Business start-ups in the UK, by sector, 2010-14
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- Figure 26: Business start-ups in the UK, by sector, 2010 and 2014
- ... but recent downward trend in business confidence reflects possible direction change
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- Figure 27: Business confidence index, per half-year, 2007-17
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- Figure 28: Business confidence Index, per half-year, 2007-17
- Prices continue to rise across the commercial property rental sector
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- Figure 29: Price index for companies operating in the property rentals industry, Q2 2012 - Q2 2017
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- Figure 30: Price index for companies operating in the properties rental industry, Q2 2012 - Q2 2017
Industry Structure
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- Key points
- Industry development
- Regus further consolidates its leading position as competition intensifies
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- Figure 31: UK serviced office providers, by number of locations, 2017
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- Figure 32: UK serviced office providers, by number of locations, 2017
- Landlord opinion of the industry starting to improve
Company Profiles
Basepoint
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- Figure 33: Financial analysis of Basepoint Centres, 2013-17
- Company strategy
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Bizspace
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- Figure 34: Financial analysis of Bizspace, 2012-16
- Company strategy
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Bruntwood
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- Figure 35: Financial analysis of Bruntwood Group, 2012-16
- Company strategy
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Citibase
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- Figure 36: Financial analysis of Citibase, 2013-17
- Company strategy
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Executive Communication Centres
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- Figure 37: Financial analysis of Executive Communication Centres, 2012-16
- Company strategy
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Forsyth Business Centres
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- Figure 38: Financial analysis of Forsyth Business Centres UK, 2011-15
- Company strategy
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i2 Office
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- Figure 39: Financial analysis of i2 Offices, 2012-17
- Company strategy
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Landmark
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- Figure 40: Financial analysis of Landmark, 2012-16
- Company strategy
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Lenta
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- Figure 41: Financial analysis of Lenta Properties Limited, 2012-16
- Company Strategy
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London Executive Offices
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- Figure 42: Financial analysis of London Executive Offices, 2012-16
- Company strategy
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Regus plc
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- Figure 43: Financial analysis of Regus plc, 2012-16
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- Figure 44: Financial breakdown of Regus plc, 2014-16
- Company strategy
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- Figure 45: Profiled companies’ combined turnover, 2012-16
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Forecast
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- Key points
- Number of serviced offices expected to rise by 32% to 2022
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- Figure 46: Forecast number of UK serviced offices, 2018-22
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- Figure 47: Forecast number of UK serviced offices, 2018-22
- The flexibility of serviced offices will remain a key driver of growth
- New lease accounting standards from 2019 could have a positive impact on demand
- Dominance of ‘millennials’ in the workplace will dictate future design of space
Further Sources and Contacts
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- Trade associations
- Business Centres Association
- Trade magazines
- Commercial Property Monthly
- Estates Gazette
- Property Week
- Trade exhibitions
- Work 2.0 2018
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