Will the surge go on?

We’ve been observing a significant surge in demand for commercial office spaces, particularly those that provide the ‘Serviced Offices’ ethic for businesses on a short-term basis.

At NapeX, and the business that we are, we’ve benefitted from having presence in multiple locations across the UK in such a set-up, especially within London. That’s not just because our team supports clients from Land’s End to John o’Groats, but it’s because the more temporary measure reflects the still ongoing adjustments in the market post-Covid that we are seeing.

Our main base is in Bedford, situated at Bedford Heights which describes itself as a ‘Contemporary workspace for companies of all sizes’. And even outside of London, we know it is experiencing high demand, making it a challenge for organisations to secure the remaining available office space within the building.

Reported recently in PropertyInvestor TODAY, more than half of businesses have opened offices or working spaces outside city centres, in response to the shift towards hybrid working. Many are opting for the short-term leases due to reflecting business plans of only the next three to five years.

For commercial landlords, although space is in high demand, it has meant they are having to market more regularly to retain tenants, and find the best way to fit-out and refresh their spaces more than previously. This is likely to also increase rents on such properties but predicting future trends in the current economic climate is challenging, as it is for all of us. We can’t deny the way of working has drastically changed from pre-Covid. Businesses have to protect themselves and stay more flexible.