You know how important it is to keep tabs on economic changes and understand their impact on your bottom line when you run a business.
In recent months, the speed of inflation has increased dramatically in the UK. According to the Office for Nationwide Statistics, the Client Value Index (CPI), which measures the cost of living, grew by 7 percent in the year up until March 2022. This is the largest annual rate of growth in three years.
As a business owner, you should know what this means for your office space, including increased costs and decreased profitability.
Additional Availability is Possible
The same availability may not always be available
There may be a lot less availability
Closing Thoughts
Additional Availability is Possible
As with everyone else, businesses are also tightening their budgets due to the rising cost of living. The companies could decide to give up their serviced office space and allow their employees to work from home. This can save you a monthly outgoing and this could be very useful.
There will be more availability in offices that are serviced if there are more companies doing this. This is because fewer desks or rooms need to be rented.
The same availability may not always be available
Even if the cost of living crisis remains the same for some time – or worsens – business owners might find that having an office that is serviced to use when they need it is better for their company.
This means that businesses can continue to use their serviced offices in the same way they have always done, whether on a daily basis or as-and when system, depending on the nature of the work and the employees who request this.
There may be a lot less availability
It’s also possible that the availability of serviced office areas in different parts of the country is less due to more workers needing to live there. The cost of living crisis is forcing some people to take on more jobs, either full-time or part-time. As a result, companies may not be able to accommodate everyone in their current office.
You may not be able to hire more staff, but the employees you have now who work remotely could find that their living expenses are increasing – electricity, gas, and even broadband. You want your employees to be able to perform their jobs effectively. This may mean renting serviced offices in Belfast, or wherever they work. It may cost more money, but it will also ensure that your employees are hard-working and loyal, which can pay for itself.
Closing Thoughts
It’s impossible to know what the price of living disaster will mean for serviced offices and how much availability they have. However, having a plan in place no matter what happens is always a smart thing to do.
