Citibase Serviced Offices Thrive in Recession

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Serviced office operator Citibase has revealed its best ever financial results as its economical office space continues to appeal to companies setting up during the recession.


Citibase told retail and commercial property magazine Property Week that its latest results are the best that the company has seen in its 16 year trading history, having broken the £1m barrier, with pre-tax profits for the year up to February up by 61%.


Aimed at providing flexible, affordable office space for SMEs the company is seeing ongoing success despite a tough economy.  Back in December, Citibase announced that it was hoping to capitalise on the number of small business ventures looking for office space going into 2009, which it expected to increase with recession redundancy casualties.  The ready-to-go, good value office space offered by the company has held its own amidst a market where start ups and smaller companies are looking for the best value space around.  


The operator has staged a substantial expansion during 2009.  At the start of the year it took over the running of the ex-MLS Norfolk House property in Milton Keynes and quickly added a further four properties to its portfolio in locations including Reading, Birmingham, Bristol and Wolverhampton. In May, Citibase celebrated its latest centre acquisitions in Edinburgh and Coventry which took its portfolio count to 21! 


Chief Executive Steve Jude told Property Week that the company’s success was largely built around a focus on efficiency.  The company has referred to itself as the “Travelodge” of the serviced office industry and Jude commented: “Our biggest competitor is the garden shed.” The operator has also maintained a strong focus on flexibility; offering companies the freedom to pay for the level of service that best suits them. 


Source: Property Week


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