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Serviced office provider Ventia has added the desirable location of Thirty-six Soho Square, W1, to its ever-expanding portfolio of offices. This latest acquisition is hot on the heels of Ventia’s acquisition of Seven Henrietta Street and is its ninth office space in Central London.
The new Soho Square office building offers some 5,865 square feet across four floors and has been refurbished to Ventia’s usual high standard. A beautiful period building in the heart of London’s media capital, the offices are stylish and contemporary with a uniquely boutique feel. As with all Ventia offices, Thirty-six Soho Square is unbranded and fully-furnished, offering a bespoke space which can be tailored to each individual business.
Clients at Ventia’s new property will receive high-speed broadband as standard, with industry-beating IT and telecoms packages that are provided by Liquid IT. This is alongside a dedicated on-site team who act as company receptionists, assisting with the day-to-day running of an office.
The property is available immediately; with the ground floor already leased to US social media company Hootsuite. Managing Director of Ventia, Steve Baker, commented “With 20% of the office space already sold at Thirty-six Soho Square, it further demonstrates the ever-growing demand for serviced offices, particularly given the current financial climate.”
”This is a much needed addition to the serviced office market in the Soho area. The sought after location, coupled with the period exterior and modern interior, makes it stand out from the crowd, and is a great spot for small, medium or large businesses to fulfil their serviced office needs” comments Jo Robinson, of Morgan Pryce.
Andrew Guntrip of Bond Woodhouse completed the deal on behalf of Ventia, with Rhys Evans of Monmouth Dean acting on behalf of the site owner.
The UK serviced office market comprises some 180,000 workstations-less than 2% of the total office market. The market has been growing at approximately 5% per annum over the last ten years.
When looking at the costs of commercial offices the focus tends to be on rent, business rates and the service charge. There are many additional costs involved in occupying an office. The three mentioned only constitute about half of a company’s annual total occupational office spend.
One difference between a serviced office and a traditional leased office is the length of occupancy. A serviced office lease may be as short as three months (although 9-12 months is more typical), whereas traditional offices have 3-15 year leases, giving a business less flexibility, as it can’t expand (or contract) as easily.
The planning of a traditional leased office can take months of negotiation, design, fit, and execution whereas a serviced office can be viewed, signed for, with clients moving in – all within 24 hours if needed – so they can focus on their business.
Serviced offices can act as a base for projects and short-term work too, with companies using the space as a temporary hub for crisis or disaster management.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management.