UK firms to reduce office space requirements

Office design news from Morgan Lovell

Published on 09-10-2008

A report by Cushman & Wakefield - a global real estate company - has concluded that 25 per cent of UK businesses are preparing to cut back on the size of office space which they rent.

The survey carried out in September showed many businesses are looking to reduce their occupancy costs in the current turbulent economic environment and as such, in many instances, are hoping to consolidate their staff into a single location, according to the office industry news source Choregus.

Furthermore, the report noted that ten per cent of firms are looking into relocating their business to cheaper accommodation.

Meanwhile, the take up of office space in Manchester has been gathering strength over the last six months with more than 500,000 sq ft office interiors let in the north-west city.

However, Choregus reported that at present, there is still over two million sq ft of office space available in the area.