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The landscape of the business world is very different from that of even a decade ago, with the ever faster developments in telecommunications and technology, and a greater ability and confidence demonstrated by ambitious entrepreneurs to go it alone.
However, technology hasn’t come close to eradicating the need for an office, and so, to accommodate these new start-up businesses across the UK, as well as rapidly expanding larger businesses, or simply those that want to test the water in an area, serviced offices have found a niche in the property market –yet it is a niche that is far from small.
Serviced offices are the changing the nature of the property market, allowing business tenants to operate under licences with access to ready-made offices, facilities and reception staff, rather than under leases that can be overly restrictive for new businesses who do not know what their future holds.
The economic climate has been an important factor in the growth of this sector; many people have become more familiar with risk and failure, and are unwilling to take chances, particularly in the early days of a business when margins may be narrow.
A serviced office therefore allows for an increase or decrease in space or a move to an entirely different office or area. Good-quality facilities are included in the fee, meaning minimal wastage on space that is not required.
Such serviced offices may be created out of buildings that had previously been used by tenants, or, as is frequently being seen, located in out-of-town newbuild office developments. While there are some ‘go-to’ providers of these offices, some landlords are going it alone and converting their own vacant properties to take advantage of this new side of property investment. While this option from the landlord’s point of view is undoubtedly more ‘hands-on’ than a straightforward lease to a tenant, the landlord may find that his vacancy rates shrink as a result of such alterations.
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. Visit MPSO for serviced offices in London.