The future of Serviced Office Spaces during UK’s recession slump

Research and Insights   •   Published on January 20, 2023

Chancellor Jeremy Hunt hinted at a UK recession slump. According to the Office for Budget Responsibility, our nation’s economy will continue to deteriorate, causing a 1.4% decline in GDP by 2023. The recession slump is merely the start of a phase that will also see a decrease in economic output, a rise in unemployment, a shrink in consumer demand, and a decline in bank interest rates.

As things are just beginning to change, if you employ certain modifications, you will benefit in the long run. For example, if you run a company or are planning to launch one, choosing a serviced office space in London Bridge, Shoreditch, or Waterloo would be a wiser decision than renting a place and constructing an entire office of your own.

In a serviced office setting, you can rent a space for a brief period of time for an all-inclusive fee. These spaces are completely furnished, much like any other managed or executive office. You will have access to everything needed for a business, old or new, to get up and running, including storage, furniture, a kitchen, printing equipment, Wi-Fi, etc.

What do you think the future of serviced office spaces in the UK will be like? It sounds like a fantastic concept in the context of a recession.

We will discuss the benefits of a serviced office space in the following paragraphs. Let’s get started.

Cost-effective in nature

It will cost you significantly more to purchase a business rental property and then invest a sizable amount of money in purchasing furniture, a projector, lighting, internet, etc. than it will to just enter a serviced office space. Plus, there will be other monthly charges. So, choose a strategy that will meet your needs and enable you to save money.

Posh location

London Bridge is one of the most sought-after locations for building offices. And to be honest, it would be extremely expensive for you to own an office in this upscale area. Who wants to spend a fortune just when the country has hit a recession? So, rent serviced office space in London Bridge or other premier business districts. You will then be able to enjoy the indisputable advantages of operating in a premier area, such as access to transportation hubs, brand visibility, and, of course, high-profile businesses.

Clean professional set up

Who doesn’t like a neat and clean office? One of the best features of a serviced office set up is a clean and professional look. This will have a good impact on your clients, business partners, financers, and other powerful people related to your business.

Flexible—available until the time you require

A serviced office space is a flexible choice because you can choose for how long you would require it—for months, years, or a week. Also remember that for long-term rentals, your lock-in periods are short.

Facilities are built in

A serviced office space includes many amenities that you and your employees will need on a daily basis. In such settings, a kitchen, break room, cleaning services, and a fully staffed reception are all available. Some buildings have pay-as-you-go facilities, which have a different price slab. Apart from that, you can simply bring your staff and get started with your new goals.

Networking & gaining

You would most likely meet many other businesses in your serviced office space building. As a result, there’s a good chance you’ll run into another business owner. This will allow for an exchange of ideas, and who knows, this may serve as a gateway to a new project.

Increased Productivity

A building operator will take care of all the cleaning and maintenance tasks in a serviced office space. You and your staff don’t need to be concerned about anything. As a result, all of your time is spent developing new ideas, refining existing ones, and sharpening your skills. Working in this serviced office space will allow you to experience increased productivity. Your numbers will surely improve as a result of this.

Proper Cleaning

Isn’t it true that after a pandemic, we value cleanliness more? Cleaning at regular intervals is necessary for one’s own and the community’s protection. In a serviced office space, you get a group of dedicated people to look after the hygiene and sanitation of your space. A clean and healthy workplace is highly desired because, in a recession, the last thing you want is to fall ill.

No waiting time to start a new office

What do you think about how long it would take to move into your new serviced office space? You can begin working at your new office tomorrow if you signed the deal today. Yes, serviced offices are readily available for use. So, there is no waiting time, which will save you time!

Every company or business empire would like to save some extra pounds, and that’s why they would like to put their time, energy, and resources into sensible and cost-effective ideas. In conclusion, it can be safely said that serviced office spaces have a promising future in the UK.