London’s 15 Year Low in Office Availability

Here at Officescape, we want to excel in helping businesses get their office design right – something which is crucial to get spot on from the start.

One of the most important aspects of office design that we educate businesses on is the amount of space that they will have available. It is incredibly important to utilise the space that you do have so that you aren’t wasting huge areas of space which could be used for something important.

London’s Predicament

This is especially crucial in central London, which is currently experiencing a 15 year low with regards to office availability. This lack of available office space is due to the development of real estate in the capital lagging behind the demand for more office space.

According to research conducted by BNP Paribas Real Estate, the vacancy rate in London has fallen to 10.29 million square foot, which equates to less than an entire year’s supply of space at the current office take-up rate in the capital.

Daniel Bayley, BNP Paribas Real Estate’s head of central London, has commented that the levels of demand are rising well above the space which is available and this could be the cause of a hike in office space rental prices.

“With robust levels of demand and no further developments coming on stream this year, rents are set to increase and occupiers are increasingly looking to the future development pipeline to fulfil their property requirements,”

With employment expected to grow in central London by 6% in the period between 2015 and 2019 and no real solution to the lack of available space, what can be done to help London avoid an uncomfortable squeeze?

Be Mindful of Office Space

Many offices aren’t currently using the space available to them effectively, and this means that many businesses have offices which are too big for their needs.

The only way to combat this is to implement an office design which utilises enough space for your business to operate without forcing offices to expand into other spaces unnecessarily.

This is why it is important to consider the design before you commit to it. Enlisting the help of professional office designers like ourselves , who understand the importance of space management, can not only save you money in the long run because you won’t have to pay out for extra office space, but it will keep your business in one place, making communication between employees much easier than having to head over to another office.

Don’t add to the declining available office space, make use of what you already have!

Our expert designers here at Officescape are on hand to take on any office design task that you require. From increasing the amount of space that you have available without investing in another office space to creating completely bespoke furniture which fits perfectly in your office, we have you covered.

Contact us today for more information on how our team can help your business. Call us on 01553 811833 and we will be delighted to take your call and help you with your enquiries. Alternatively, keep up to date with all the goings on here at Officescape by following us over on Facebook, Twitter, Google+ and LinkedIn