While fashion sales on the high street may be looking a little sluggish, dressing to impress is all the rage among London businesses in their efforts to achieve the right corporate image.
April 4, 2006 (Press Release) --
While fashion sales on the high street may be looking a little sluggish, dressing to impress is all the rage among London businesses in their efforts to achieve the right corporate image, according to new research from workplace expert Morgan Lovell.
Nearly half (47%) of medium-large London businesses have undertaken office relocation and moved premises specifically to enhance their corporate image in the last three years, reveals a survey of 200 major UK employers on their attitudes to the workplace, commissioned by Morgan Lovell. And the desire to make an impact is driving workspace specifics as well as the corporate address: two in three London firms said they had designed their office with client perception front of mind ? well above the national average.
Grand ideas appear likely to drive further change in the capital. Moving to an entirely new building or location topped the office wish-list for the London firms questioned; and nearly 45% confirmed they plan to make significant changes or improvements to their premises in the next year.
However, the research also revealed that, despite the unrivalled price tag of commercial property in the capital's hot spots, just one in ten firms had taken advice on the kind or amount of space best suited to their business.
David Henderson, Group Managing Director of Morgan Lovell, commented: "In our experience, companies often unwittingly commit to premises that are actually too large or unsuitable for their business. And at current market rates, just five hundred square feet of unused or unnecessary office space over ten years will set back a West End-based firm around ?500,000!
"A London base offers strong prestige and using the workplace to 'express and impress' can pay real dividends for a business. But undertaking office relocation and leasing in the world's most expensive office location is a major investment. London firms should be balancing their pursuit of a location or office with impact with sound financial sense."
Despite the comparatively lower financial stakes, companies in regions outside London appeared more wary about making an expensive error of judgement in their choice of commercial premises. The research showed that three times as many Midlands-based businesses and more than twice as many firms across the rest of the South East had sought advice on the kind or amount of space appropriate for their firm.
Morgan Lovell is the UK's leading provider of design, fit out and refurbishment solutions for the workplace. It is a member of construction brands group Morgan Sindall plc, which operates a national network of fit-out, regional construction, affordable housing and infrastructure services divisions.
Nearly half (47%) of medium-large London businesses have undertaken office relocation and moved premises specifically to enhance their corporate image in the last three years, reveals a survey of 200 major UK employers on their attitudes to the workplace, commissioned by Morgan Lovell. And the desire to make an impact is driving workspace specifics as well as the corporate address: two in three London firms said they had designed their office with client perception front of mind ? well above the national average.
Grand ideas appear likely to drive further change in the capital. Moving to an entirely new building or location topped the office wish-list for the London firms questioned; and nearly 45% confirmed they plan to make significant changes or improvements to their premises in the next year.
However, the research also revealed that, despite the unrivalled price tag of commercial property in the capital's hot spots, just one in ten firms had taken advice on the kind or amount of space best suited to their business.
David Henderson, Group Managing Director of Morgan Lovell, commented: "In our experience, companies often unwittingly commit to premises that are actually too large or unsuitable for their business. And at current market rates, just five hundred square feet of unused or unnecessary office space over ten years will set back a West End-based firm around ?500,000!
"A London base offers strong prestige and using the workplace to 'express and impress' can pay real dividends for a business. But undertaking office relocation and leasing in the world's most expensive office location is a major investment. London firms should be balancing their pursuit of a location or office with impact with sound financial sense."
Despite the comparatively lower financial stakes, companies in regions outside London appeared more wary about making an expensive error of judgement in their choice of commercial premises. The research showed that three times as many Midlands-based businesses and more than twice as many firms across the rest of the South East had sought advice on the kind or amount of space appropriate for their firm.
Morgan Lovell is the UK's leading provider of design, fit out and refurbishment solutions for the workplace. It is a member of construction brands group Morgan Sindall plc, which operates a national network of fit-out, regional construction, affordable housing and infrastructure services divisions.
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