LONDON-HQ Global Workplaces says it has fully let three of its London offices and, across the whole of the UK portfolio, which includes centres in Edinburgh, Leeds, Bristol and Reading, occupancy has reached an average of 80%.

HQ’s current occupancy level is at its highest since the industry peak in 2000. Occupancy has been rising month on month for the last 12 months, with new signings at HQ increasing by 10%-15% on the same time last year.

According to John Drover, UK sales director at HQ Global Workplaces, such upturn in the serviced office market generally anticipates activity in the traditional office market within the year, spelling good news for UK commercial real estate. Drover commented: ‘It is interesting to note that across the board the trend is for the traditional office market to follow the fortunes of the serviced office market. Indeed, in many ways we provide a snapshot of how the traditional market may be performing one year from now.

‘This relationship is primarily due to lead times; although the decisions are made in parallel, the actualities are reflected in occupancy immediately in the serviced sector and anything up to 12 months later in traditional lease terms.’

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