It is crucial that firms have access to the perfect office space. This can have a huge impact on their ability to function. However, during turbulent economic times, selecting the ideal working environment can be tough.
After all, if companies cannot predict demand for their goods or services, they might struggle to know how much space they will need in future. In the past, this could present significant practical problems. Traditionally, office leases were signed on a long-term basis, meaning bosses had to commit themselves to agreements for consider periods of time.
Recent figures have illustrated how unpredictable the UK’s economy is at present. According to the Office for National Statistics (ONS), unemployment fell by 45,000, while employment rose by 105,000. However, the number of people working part-time because they could not find a full-time job increased and hit a new high.
Responding to the data, chief economist at the British Chambers of Commerce David Kern pointed out that uncertainly is likely to remain for a while yet. He stated: “With the eurozone crisis worsening and economic pressures facing the UK, these figures are encouraging”. However, he added that there are still some “worrying features”.
The expert remarked: “The combined effect of the situation in the eurozone and the government’s austerity measures will likely cause future job losses over the next year.”
He went on to call on the government to do more to assist businesses, suggesting that de-regulation could may help by boosting confidence and encouraging firms to invest and create jobs.”
Many of the managers who are on the lookout for offices to let in Birmingham, London office space and so on are considering serviced working spaces because the leases are shorter and tend to be much more flexible. This is ideal when organisations are struggling to make long-term predictions.
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