London City and the Present Scenario of Serviced Offices
The London city is considered as the best business city in the world. At present, London generates about 20 percent of the United Kingdom’s GDP (Gross Domestic Product). London is the world’s top financial hub, being finance its largest industry. It has more than 480 overseas banks, overwhelming the number owned by any other city. It has the headquarters of hundreds of world renowned companies. London has media industry as the second most competitive sector, due to the allocation of huge number of media companies in the vicinity. It is a major retail centre with the second-largest port in United Kingdom. Furthermore, many technological companies are taking place in London which enabled it to earn geoTLD recently.
In the last decade, the population of London has increased by 12 percent. This increase can be the consequence of the attractive lifestyle provided by London. Other reasons may include increased job creation, economic and cultural factors, an evolution of new commercial areas, advanced transport system with the Crossrail stations, the infrastructure developments and most importantly the delivery of new homes. To meet the property demands, London is seen constantly to build up new homes and buildings. In the previous year, 26,500 units were constructed with about 41% increment in the construction. In the present year, there are 6600 private residential units under construction. At present,a London home costs £434,000, on average, making 20 people to compete for a single home. It is expected that more than 800,000 new homes are needed to be built in London by 2021 to keep up with housing demand.
As a result of the present scenario of property market and the growing demand in the sector, London has the highest real estate prices in the world. In the year 2013-14, London property market broke all the previous records by showing an increase of 12% in the annual house prices. London is expected to witness 5% house price growth in the upcoming years. It has rendered the foreign property buyers with a peak profit of 39% in the previous year. In addition to which it further promises a continued growth of 23.1% in next few years. Places such as Leyton, Leytonstone, Chingford and Walthamstow have depicted the highest annual increase in the prices of 26 percent.
Consequently, the serviced rooms in the London have become great attraction due to their yield in terms of business. At present, London has a wide variety of serviced offices. It provides the customers with the most luxurious, highly facilitated contemporary business centers for immediate accommodation. The serviced offices are spacious, completely furnished and surrounded by a great selection of shops, bars, restaurants and other attractions to enjoy and explore. A recent business report in 2014 depicts the fact that around 70 million square feet of space in United Kingdom has only being consumed by the serviced offices. This makes up about 80,000 businesses to accommodate with the provision of more than 400,000 jobs. In return which boost up the economy of United Kingdom by £2 billion.