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FTSE 100 developer Landsec has confirmed the success of its recent trial of fully-fitted offices, aimed at helping tenants move offices faster and more easily.
According to Landsec chief financial officer, Martin Greenslade, the provision is “…like renting a furnished apartment,” and the firm is looking to use the project to target companies needing to move quickly or businesses without their own property department that don’t want the hassle of fitting out a new office.
Trials for the scheme — dubbed Landsec Fitted — started earlier this year, and Landsec has confirmed that tests have “proved very successful, reducing leasing times and incentives and attracting rents at a premium to unfitted space.” Furthermore, the typical premiums achieved so far to net effective rents have been between 5% to 15%. As a result, the firm plans to roll out the service more widely, with potential to grow it to 10% of the group’s office provision.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.