Whereas the average length of stay was 13 months this is now as much as 30 months, which is promising considering the current climate.
Managing Director of Abbey, Julie Calder said “Even with office clients being more price conscious, our 2008 figures will show an increase in average occupation figures. Consequently, it is likely that Abbey Business Centres will at least maintain the profit of £2.3 million it delivered in 2007”.
These figures suggest that stays within the serviced office market will continue to increase meaning that Business Centres are continuing to help smaller companies budget. This is surprising considering the common assumption that serviced offices work out as a more expensive option than conventional leases.
Ms Calder said “Anyone interested in a conventional lease just now will be offered some fantastic perks like extended rent-free periods but they will still be required to enter an agreement that commits them for several years. People always forget to add in rates, service charge, utilities, furniture, telephone lines, light bulbs, toilet rolls, all the things we provide which they take for granted”.
It therefore seems that Serviced Offices are providing a secure and safe option for many businesses, with many choosing to stay put during these bleak times.