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In 2012, companies required more workstations per serviced office rental in London SE1 than in the previous year. This is the verdict of the latest London Offices report of serviced office uptake in the area. London SE1 corresponds to the London Boroughs of Southwark and Lewisham, which covers popular tourist areas like the South Bank, and is increasingly popular for commercial developments thanks to the arrival of The Shard near London Bridge. Figures show that the average workstations required by companies in 2011 was 3.7, whilst in 2012 this figure grew to 5 workstations; an increase of 26.3%. So, what is it about these boroughs that has invited greater serviced office uptake within the space of a year? In truth there are a number of possible reasons. A number of areas within London SE1 are currently undergoing major urban redevelopment, which could account for an increase in the space required by companies in the area; since new development, and an influx of new commerce, creates business confidence. Bankside is an area which has been subject to some regeneration and is home to major companies, including the Royal Bank of Scotland. Southwark is home to a variety of serviced office spaces, in many major new office developments, including the international headquarters of businesses in the accountancy and legal sectors. Professional services consultancies and publishers also operate out of the south east, as a major business centre for national and international companies. Commercial locations are seldom so recognisable as the Shard, which stands in SE1, but an increasing number of other developments are inviting businesses to choose serviced office space in London SE1. Another possible reason for the increase is that existing companies in London SE1 are thriving and choosing to expand within the area. This would be great news for the economy at a time when certain sectors, particularly retail, are making headlines for the wrong reasons. It isn’t unusual for businesses to choose to expand when renewing their serviced office space rental. In fact, expanding within serviced offices in London is considerably easier than the alternative. When businesses buy their office space outright, expansion could mean costly refurbishments or an even more costly move. Serviced office space represents a simple and cost effective solution and businesses can choose to expand the number of workstations they rent or reduce them depending on the economic climate.
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