The global serviced office market is seeing explosive growth, with its value projected to jump from $38.32 billion in 2024 to $45.08 billion in 2025 – a rise of 17.7%. By 2029, this figure is expected to double, reaching $80.38 billion. Factors driving this surge include the growing tech sector, demand for sustainable office spaces, and increased investment in dynamic, flexible working environments.
While London remains a key player, its growth is steady rather than swift. Leasing activity in central London was up just 4% in Q1 2025 compared to the five-year average. Yet, demand for larger spaces suggests businesses aren’t downsizing. Notably, 48% of occupiers are seeking to expand their office space compared to only 14% looking to reduce it. The rise of “fitted” or ready-to-use offices has also been a notable trend, driven largely by smaller companies looking to cut costs on moves and setup.
However, the question lingers – can London keep pace with the global market’s rapid ascent? While the city is an international hub, its leasing activity is still heavily dominated by the financial and professional services sectors, with technology-driven growth lagging behind.
This presents an exciting opportunity for other UK cities, including Bradford and Leeds, to carve out a larger presence in the burgeoning serviced office sector. With hybrid working models becoming the norm, businesses are exploring office networks that spread beyond central hubs to tap into regional talent pools. This shift could benefit cities like Bradford and Leeds, offering competitively priced office spaces while supporting the growing demand for flexible work setups outside of London.
At Elite Group, we understand the critical role facilities management plays in creating the seamless, sustainable office environments that modern businesses expect. Whether in Bradford, Leeds, or elsewhere, our team is ready to support companies that are reshaping the future of workspaces.
The serviced office market’s growth isn’t just a global phenomenon – it’s an opportunity for regional economies here in the UK. With the right strategies and investments, cities outside London can thrive in this evolving landscape. Could Bradford or Leeds be the next big players in the UK’s serviced office transformation? We believe the potential is there. Let’s create it together.