Office take up started growing again in Q2 and Q3 2023 despite the overall figure still being below the annual and five-year average. As economic uncertainty continues, businesses and people in the sector could be forgiven for wondering where they stand.
However, while overall office demand remains muted, by digging into the data we can see that in certain areas demand and competition is still very high. This insight lets us see what people really want.
Despite the annual 7% decline, research from Cushman and Wakefield shows that businesses are after very specific things. The first is that the offices must be of a high quality. Almost two thirds of offices rented out this year so far have been Grade A spaces – a phenomenon that is being described as a flight to quality – which tend to be found in or close to the biggest cities.
The second factor is the important of sustainability. Not only do companies want quality now, but they also want it secured for the future. Research from CIM shows that 55% of businesses “expect” to see consideration of sustainability when choosing a new office.
Finally, flexibility is in high demand among businesses of all types and office providers which can offer flexible contracts are seeing a high level of interest in their buildings.
The above criteria are exactly what you would expect during a time of economic uncertainty. Businesses are thinking long term and willing to invest in the right spaces. Overall take up may be down, but the market as a whole is buoyant if your space is right.
With the above in mind, some examples of popular locations include…
Peterborough is one of the UK’s fastest-growing cities which benefits from an outstanding business environment, a significant quantity of ongoing investment and great transport infrastructure which provides quick and convenient access to London.
Lynch Wood Park is an example of what modern office space can be and is located a short journey from the centre of Peterborough. A £3.5m refurbishment has turned it into a premium Grade A space with access to the motorway network and a range of amenities including parking, EV charging points, bike and shower facilities, unrivalled landscaped gardens featuring a maze and a pond, an Anytime Fitness gymnasium, a restaurant and four state-of-the-art meeting rooms.
Learn more about FigFlex Peterborough and enquire about spaces from 1-100+ workstations today by clicking here.
Southampton is a vibrant, exciting city which has big plans for the future. It is home to national and international businesses as well as ambitious start-ups and a strong graduate base which is perfect to give your company the skills it needs to achieve your goals.
FigFlex Southampton is part of the Bulb development opposite Southampton Central Station which completed a stunning refurbishment this year. The beautiful external mural makes a sustainability statement which features carbon-removing paint and acts as inspiration for all to be more environmentally friendly building.
Internally, the £3.5m refurbishment means we can provide offices able to accommodate 1-100+ workstations, coworking spaces, an outstanding reception area, new landing areas and toilet facilities, and a state-of-the-art meeting room to suit all your business needs, big or small. This is a reimagined, high specification workspace which is Grade A, sustainable and accessible – everything your business needs to thrive and attract the best employees.
Learn more about FigFlex Southampton today by clicking here.
Swindon is perfectly located to promote links with London as well as give your business ideal access to the town around it. Grade A office space is in short supply in the town, making this the most desirable workspace in Swindon.
A £7.5m refurbishment was completed this year and provides four state-of-the-art meeting rooms and a range of serviced offices which can be tailored to accommodate 1-100 workstations. You'll also find plenty of breakout spaces, bike racks and shower facilities to help you relax, keep fit and stay healthy.
Learn more about Swindon and 3 Newbridge Square by clicking here.