One of the fast-growing business success stories over recent years has been the growth of quality and innovative serviced business spaces, from bespoke office spaces to huge business parks with shops, nurseries and sports facilities.
One of the latest developments is at Cobalt Business Park in North Tyneside, which has the largest serviced office in the UK. Colbalt Business Exchange (CBX) is a 120,000 sq foot independent serviced office at Cobalt Business Park. As a result of its success, the newly-developed CBX Central has been launched to meet with the mounting demand for space at the centre.
Current tenants at CBX say they have been so impressed by the service provided and facilities available which include their own Starbucks coffee shop, restaurant, conference centre and ample free parking that to date the CBX is 96% occupied, boasting an 88% retention rate, with an average agreement length of 27 months, which is well above the average.
More than 700 people work in the centres, across a range of companies from smaller one man businesses to larger organisations such as Duco, Bodycare, Helplink, Capita, SSE, Nalco and Unison to name a few, in an environment that lends itself to creating a lot of internal trading between the SMEs.
Alistair Maloney at Office Broker Ltd explained: “We have placed numerous happy tenants at the Business Exchange all of whom stay within the facility for much longer than average term”
Margaret Robinson, director at Bodycare Clinics said “We have recently relocated to the Cobalt Business Exchange Central offices. The staff are helpful and attentive and IT support was brilliant during the relocation.
CBX has from day one provided Bodycare and all staff included in the group with an exemplary service, helping BodyCare run effortlessly in their new offices space”
Victoria Hunt, business manager at Cobalt Business Exchange, said: “I think one element for our success is that the CBX is ideally placed for people commuting locally from the coast.
“We are easily accessible by great road links, being close to the A1, A19 and Tyne Tunnel.
“A lot of our tenants live locally choosing a base close to home, making the daily commute easier. The Exchange allows like-minded businesses to share contacts and build a community feel in our onsite café.”
Maloney said that CBX Central is the latest addition to the growing CBX brand.
The offices are located at Cobalt Central, a retail destination which includes a Tesco Express, Greggs, Navaho Coffee and Chisholms
Maloney said that with the launch of CBX Central there is now 5,000 sq ft of available space left across the two centres meaning that current tenants have space to grow and potential tenants have a number of space options to choose from.