British venue prices set to fall in 2018

Event organisers should prepare for larger venue opportunities over the next year if you’re willing to search outside of your regular locations, according to figures by Meetings Benchmark revealing an expected fall in rates for event spaces. Using figures from their MEETalytics report 2018, the specialist revealed that despite the expected increase in daily rates for London hiring, other parts of the country could see venue prices drop by up to 4%

The average rates are down nationwide by an average of 1.5% compared to the last year, with plenty of unique opportunities for event planners looking outside of major hotspots like London, Edinburgh and Birmingham. In these ‘softer’ markets, buyers are going to have greater control over the price of their venues as the supply is greater than the demand.

“We believe the rise in bedroom rates during the latter half of 2017 is probably behind these predictions” said Meetings Benchmark’s Paul Hussey. “Our 2017 data supports this view, with 24 hour rates up 5.39% on 2016.”

The news comes following recent reports that buyers are expected to have bigger business travel budgets over the next year, so it seems that 2018 will become a year of choice for event planners looking outside of London.

“This time last year, geopolitical events such as Brexit and the imminent inauguration of President Trump left many concerned for the economy”, said Business Travel Show’s David Chapple. “The widespread feeling of uncertainty about what the future holds undoubtedly leaked in to the corporate travel market.”

Will you consider a venue outside of event capitals like London, Manchester or Edinburgh this year? Let us know on Twitter, Facebook or LinkedIn.