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The dust seems to have settled after the referendum vote. Now there’s a lot of rumour and speculation over “what’s next?” for Britain? With questions being asked about the possibility of another recession, some are wondering how the current ambiguity will affect the future of their business.
In times of uncertainty and transition businesses look for flexibility and short term solutions. The Business Centre Association found that during the recession, in 2009, the flexible space sector weathered the recession as companies wanted to minimise risk by moving away from the hindrance of a traditional lease to flexible workspaces.
Companies need to remain responsive and progressive making the Serviced Office market a perfect choice. They provide short term contracts of 3+ months to a range of businesses of any size. This could be the solution to companies not wanting to commit to the risk of long leases whilst the agreements of Brexit are being decided and their future is unclear.
The serviced office market is continuously growing, The Instant Group reported that demand grew by 21% across the UK over the past year. It is still unclear whether this will last post Brexit. However, we know from the last recession that the serviced office market is resilient. In 2011 it was reported that the serviced office market in the UK had grown by 19% despite the economic crisis proving it thrives when there are unpredictable times ahead.
Jeremy Hampton, Commercial Director of Orega says, “Brexit hasn’t effected Orega a great deal. Enquiries for space were at the exact same percentage prior to the referendum result although the time elapsed between viewing and final decision being made has lengthened. Corporate enquiries remain healthy with key customers, old and new, looking for flexible space and with a small number delaying moves to conventional space until the ‘dust settles’.”
Regardless of the post Brexit uncertainty, serviced offices offer flexible working solutions to businesses and attractive investment opportunities to commercial landlords. Get in touch with our team to discuss how we can help you.