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Serviced Office Space has always had a place in the market, but rarely has it professed itself to be the cheapest way of providing high quality Mayfair Office Space. Recent cost comparisons carried out by the research team at Morgan Pryce, the tenant acquisition specialist, have shown that clients looking for office space in Mayfair would do well to review options in the serviced sector before making a final decision.
“Clients who have traditionally been put off the idea of Serviced Offices due to the cost and “style” of products being offered have become increasingly enamoured with the new breed of Serviced Office or Managed Space.” confirmed Sean Dooley, Director of MPSO, the London Based Serviced Office brokerage. “Some of the new centres opening up are specifically designed to cater for the higher end of the market and these bring a quality and feel that is hard to replicate without spending large amounts of money when acquiring a conventional lease.”
Research shows that offices in Mayfair, on the conventional side, start from around £100 a square foot including rent, rates and service charge and this can easily rise to £170 per square foot for the best buildings. This means that a small unit of 500 square feet, accommodating 5 employees and their necessary equipment, would cost a minimum of £50,000 per annum. This price is very similar to that required to secure a top quality serviced space for the same number of people and the lack of capital expenditure, combined with flexible lease terms, is swinging the balance in the favour of Serviced Office providers.
“We believe the new generation of Serviced Offices in Mayfair will definitely fill a niche that is not being serviced by the bigger providers such as Regus and MWB.” says David Perrins, Managing Director at Morgan Pryce. “Products such as those offered by the Office Group and DIFC bring a whole new level of quality which is tempting clients back into the Serviced Office arena.”
Whichever way a client decides to go, it is sure that the options offered by the new generation of providers is helping to at least provide some balance to the soaring rents and tight availability that currently characterise the Mayfair office scene.
Morgan Pryce is a tenant only acquisition agency, based in Oxford Circus, with a dedicated Mayfair team.