New BCA and CBRE research finds
New research published by the Business Centre Association (BCA) in collaboration with CBRE has found that the business centre sector in London and across the UK continued to thrive in 2015 and 2016 despite initial fears about the impact of Brexit and its effect on the economy in the capital.
The findings come from “The UK Business Centre Market” report which surveyed 580 business centres, representing 23% of the sector across the country, to assess the current state of the market. Overall, the report found the UK wide business sector is now home to 93,000 individual small businesses which employ over 480,000 people, supporting around £18bn of GDP.
The research is published amidst a flurry of recent acquisitions and new entrants coming into the market place. In June 2017 alone, it has been announced that Blackstone have acquired a majority stake in BCA member, The Office Group, whilst Carlyle Group have made three acquisitions to boost its “Uncommon” flexible workspace venture. British Land have also launched Storey, a new flexible workspace concept.
Speaking on the impact of the EU referendum on the sector, the Chair of the BCA and Director of Sales at Bruntwood, Andrew Butterworth, said:
“After the referendum, almost immediately enquiry levels and demand levels fell…but they have come back and are now tracking long term averages. Business confidence started to return and people decided they needed to get on with running their businesses. As recent investment and acquisitions in the sector demonstrate, the prospects for the future of the sector are extremely positive.”