UK: With the demand for private and co-working office space rising in central London by 42 per cent in 2019, online broker FreeOfficeFinder has launched the UK’s first interactive price comparison tool.
The serviced office pricing tool demonstrates the difference in pricing between central London, with the monthly desk rate for a private serviced office at £662, and the rest of the UK at £282 – a difference of 242 per cent.
For example, Mayfair has an average desk price at £1090 per month in a private office, which is seven times more expensive than in Newcastle where an average desk rate is £150 per month.
Within London, the difference in price is often reflected in the supply and demand of space over the value of the property. The average cost of co-working space in Westminster is around £175 per month, whereas in Southwark it rises to £435 per month.
Users can sort areas by price, as well as view a map that provides office pricing in nearby areas.
A filter option is available to select preferred areas and to specify desk numbers to receive an approximate price on required office size.
Every three months the tool will be updated with area price changes.
Nick Riesel, managing director of FreeOfficeFinder, said: “One of the biggest challenges faced in an office search is understanding the market price for an office. This new tool eliminates that problem, allowing a user to understand the average price for different sized offices in their chosen locations within seconds.”
“Initial feedback for the tool has been incredible. Serviced offices are moving from a niche product to a mainstream solution so it’s proving a much-needed resource in a growing market,” he added.
Since 2002, FreeOfficeFinder has found office space for start-ups as well as corporations. Funded by landlords, it matches individuals and organisations with their ideal office space.
FreeOfficeFinder used pricing data from over 2000 serviced offices that they monitor to support the findings.
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