By Marcus Leach
Virtual offices are significantly more popular than they were this time last year, with a third more entrepreneurs and small business owners opting for a prestigious Central London business address.
The latest data released shows a 30 per cent increase in new virtual office customers in the last 12 months with the bulk of new customers — 67 per cent — living outside London.
The research, carried out by Executive Offices Group (EOG), showed that the West End is the most popular destination where small to medium sized enterprises (SMEs) are choosing business addresses in order to gain a presence in the capital.
According to EOG’s data, the growth is mainly from established smaller businesses that are keen to expand their business operations, even during the uncertain economic recovery. The flexibility and cost-savings offered by virtual offices can make them the ideal solution.
With contracts from as little as £50 per month, more virtual office customers are gaining confidence and signing up for 12 month contracts. This commitment demonstrates that a London presence has significant value for smaller businesses and they are prepared to commit for longer periods than during 2010.
“A significant annual increase in business activity from virtual office users can only mean one thing for the London economy," John Drover, Chief Executive at EOG, said:
"With more new business start ups, greater confidence among the established smaller business community and companies conducting more meetings and taking advantage of our London office sites, 2011 is becoming a solid year."
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