Article by Citibase, UK
Citibase has released the results from its inaugural Brexit Tracker Survey, designed to follow current sentiment among its UK SME Customers following the Brexit referendum result in June.
One of the standout findings from the survey was that confidence remains high among small businesses using serviced offices in the UK’s regional towns and cities. The findings showed resilience to the ongoing Brexit uncertainty and how landlords can benefit from creating flexible and affordable workspace in their underutilised office buildings.
Citibase surveyed Customers across its network of UK business centres, from Aberdeen to Brighton, about the impact of Brexit on their businesses. The results showed 80% did not believe their future business prospects had been negatively affected by the EU referendum result. This outcome shows an extremely promising outlook for small business sentiment in the UK, with just 20% expressing concern that the Brexit vote will negatively impact their business going forward.
Steve Jude, CEO, Citibase commented: “Nimble entrepreneurs are the reason for this confidence among small businesses. Some enlightened landlords are now realising that flexibility and affordability are key. When these qualities are combined with well-located workspace it creates an irresistible mix for small businesses and a great opportunity for filling empty office stock with the income-generating occupiers of the New Economy. Citibase Customers have brushed off any negativity surrounding the out vote as they look to get on with running their businesses.”
Citibase also asked Customers what the ideal office contract length was for their business. The most popular contract length both pre and post Brexit, with over 30% of the vote, is between 7 – 12 months. However post Brexit, those looking for the shortest contract length – a rolling term of up to six months – jumps up four percent to 18%.
Jude explained: “‘The world of work has changed forever’ has been my mantra for some time and I can see that attitudes and office requirements are shifting as UK SMEs value the flexibility of a shorter contract. Many of the small and institutional landlords we work with are realising that converting their buildings to flexible, serviced office space can provide positive cash flow and a risk free alternative to outdated long contracts for traditional occupiers. I encourage others who are sitting on under-utilised, empty offices to wake up and seize the revenue opportunities that flexible workspace can offer.”
The businesses surveyed work across a huge variety of sectors. Citibase helps both these Customer occupiers and landlord Clients by taking over the management of the building and allowing building owners to generate a cash income with minimum stress.
Citibase offers fully serviced business centres in over 40 locations nationwide. Over the last 23 years they have been commissioned by some of the largest and smallest names in the UK property market to help execute a plan for their under-utilised office space