Early Signs of Improvement in Demand for Serviced Office Space in London

Early signs of improvement in demand for serviced office space in London are being reported by Avanta Managed Offices, the London-focused business centre operator.

Avanta’s managing director, David Alberto, commented, “Despite the general economic challenges of the past 12 months, our business in London has remained remarkably robust.  Avanta’s like-for-like revenue was up 27.5% in the year to March 2009 and like-for-like EBITDA up to £6.7m.

“Since year end, occupancies have improved and enquiry levels are up across the board.  We are trading ahead of plan and demand is strong.  Our focus on delivering high quality service has meant that renewals are well above average and we are grateful for the continued commitment of both our clients and staff.  We are also encouraged by the fact that the last quarter has seen positive movement in workstation rates.

“Although it is too early to predict long term growth, our continued high levels of occupancy, increasing demand and early signs of rate growth are welcome and are testament to the strength of our business and bode well for the future.  We are continuing to grow our business, taking over existing business centres in Mayfair and Edinburgh and have pipeline of new projects in London. ”

Avanta, has recently partnered up with Regent Business Centers in the U.S. which agrees. David Nadler, Managing Partner of Regent states “We are definitely seeing a stabilization in the industry and more people requiring our services. The market has changed and clients are requiring more prestigious space and locations as well as exceptional services.”   Regent has been well known to be located in Premier locations and has generally been at the forefront of technology and services.