Re-thinking office space | Finding the financial sweet spot



Woodhead Enterprise Ltd operate two business centres in Nottinghamshire and Lincolnshire. The centres have seen a continued demand for their office space from both new business and existing tenants expanding and diversifying. Occupancy rates remain buoyant and bookings for training and conferencing have started to gather momentum.

According to a recent report by PwC’s (Occupier Survey of 258 of the UK largest companies) there is, however, likely to be a sizeable fall in occupied office space as employers plan to reduce their office portfolio by up to nine million square feet.

The figures show half of the organisations surveyed in the report expect to reduce the size of their property portfolio. Of these, one third believe they will reduce their office footprint by more than 30 per cent.

In addition, only 10 per cent of those questioned agreed that the level of employees working from the office will return to pre-pandemic levels.

Tracey Wathall, Centre Manager at Edwinstowe House and Jason James, Centre Manager at Boston Enterprise Centre have both supported several businesses to consolidate their existing office space. This has helped tenants balance the financial implications of Covid-19 and maintain business continuity for their customers and employees.

Senior executives surveyed believe employees will continue to work virtually two to three days a week.

Tracey commented, “The average available office space here at Edwinstowe House is 400sq ft, which is a perfect size for around 6 employees. We have seen many businesses moving to a hybrid approach of home and office working, meaning that smaller spaces, combined with our onsite facilities such as meeting rooms, on site Café, free car parking and break out spaces are very much in demand.”
Boston Enterprise Centre, Lincolnshire, has seen a similar trend of higher demand for smaller to medium sized offices, with an average of 255sq ft, ideal size for up to 4 employees.

Jason added, “The anticipated reduction in office space size is quite alarming, particularly for single occupancy office buildings. There is obviously a lot of uncertainty at the moment which has seen organisations looking for more flexible terms, with a lower risk, which we are able to accommodate here at Boston”

If your business is looking to consolidate, reduce risk and benefit from being part of a thriving business community, contact us today.