Small and medium-sized enterprises (SMEs) are increasingly looking for shorter leases, prompted by fears that the government will not be able to secure a good deal for the UK in Brexit negotiations, research has revealed.
The quarterly Citibase Confidence Index found that just 35% were confident the government would secure a good deal, down nine percentage points on the previous quarter.
At the same time, lease lengths of one to three years have become increasingly popular, with 41% now favouring a short lease, up from 30% in just six months.
Citibase chief executive Steve Jude said that political and economic uncertainty caused by Brexit and a minority government was driving SMEs towards shorter leases and more flexible office space.
“These results are a wake-up call for the government,” he said. “SMEs are the lifeblood of our economy and it is essential to rebuild their confidence in the future for UK business.”
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