City and Midtown serviced office market remains resilient in Q2
24 June 2009

Back to news

 

The performance of the City serviced office market has remained relatively stable throughout Q2, contrary to unfavourable market conditions, with Executive Offices Group completing 34 serviced office deals compared with 33 for the same period last year in the City & Midtown. The City and Midtown serviced office market covers the Square Mile, as well as Covent Garden and Holborn.

 

This new City serviced office business has been made up from the following industry sectors:

 

Financial Services – 46%

Business Services – 20%

Insurance – 17%

Technology and Telecoms – 17%

 

Points of Interest in the City and Midtown serviced office market:

 

• Interestingly 46% of our Q2 new City serviced office business came from financial services, primarily hedge fund and boutique financial services companies that have traditionally based themselves out of Mayfair and St James’s. This shift towards more cost effective City serviced office accommodation reflects a tightening of purse strings and keenness to demonstrate value for money to investors.
• The Insurance sector is proving resilient in the face of recession. 17% of new serviced office business has come from this sector and occupancy remains extremely high in our office buildings in the Insurance district, namely 10 Fenchurch Avenue, EC3, 117 Fenchurch Street , EC3, 60 Lombard Street, EC3 and 148 Leadenhall Street, EC3. 
• Business services makes up 20% of Executive Offices Group’s new City serviced office business. This figure includes 2 media companies which have taken serviced office space at 288 Bishopsgate, EC2 and 15 Old Bailey, EC4.
• Overall our experience of the City serviced office market so far this year demonstrates that companies from sectors not normally associated with the City are now willing to take space within the Square Mile, Covent Garden and Holborn due to cost effective rates and a wide variety of high quality City serviced office space. 

Executive Offices Group offers a wide range of flexible serviced office space throughout the City and Midtown.  To find out about current availability within our City and Midtown serviced office portfolio, please don’t hesitate to contact the Executive Offices Group central sales team on 020 3008 8888 or email enquiries@eogroup.com

Back to news