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Serviced offices are a “credit crunch safe haven”

The first quarter of 2008 has seen the slowest traditional office space take up in London since the emergence of the corporate market in 2004. The traditional office space demand has significantly fallen as troubled sectors such as the banking industry have begun cutting jobs. Some 11,000 job are predicted, which will be reflected in the take-up and exerting pressure on landlords.

Large corporates are starting to back away from committing to long leases and are now opting for more flexible short term solutions. In the City of London, there is a sharp fall in traditional office space deals, with take-up from banks and financial services companies dropping from 40% to below 10%. Financial institutions and banks are making a clear move towards shorter commitments in terms of office leases.

08.07.08 Richard Smith, Managing Director of SOS > Search Office Space, an agency specialising in serviced offices and business centres for over 15 years, comments as follows “In uncertain times such as these, the fundamental concept of serviced offices i.e. FLEXIBILITY, really comes to the fore. Tenants don’t want to sign long lease commitments, they want to be able to expand or downsize according to their business needs. They do not want to worry about dilapidations at the end of their stay, nor unexpected service charge/building maintenance bills during their occupancy - none of these concerns are an issue in a serviced office centre - these benefits are often overlooked but they are especially crucial in today’s marketplace.”

Written by Emily Mouquot, Marketing Director, Search Office Space, 09-07-2008

Avanta announces redevelopment of Manchester office space

Manchester based Architecture firm Makin have been appointed by Avanta – one of UK’s major serviced office operators, to revolutionize their office space scheme in Stevenson Square, in the Northern area of the city.

The two buildings at Dale Street and China Lane noted for their turquoise colour image will undergo an extensive refurbishment programme to get them ready for Avanta’s high standards.

The Northern area of Manchester is well known area for arts and design type businesses therefore the occupants of this building may not be the usual type of companies who are just looking for serviced office accommodation. Many people believe that this maybe one of the most inventive and creative serviced office buildings in the country.

As with other office buildings, there will be plenty of meeting room space available along with lounge areas, kitchenettes and break out areas. Administrative support will also be available on hand allowing companies to get on with what they do best, being creative! A conference area that is open to both the tenants and ‘outside’ people is also available on site and should help to increase the awareness of businesses using the building.

CB Richard Ellis in talks to swallow Liverpool agent Irving Rice

CB Richard Ellis is in early talks to buy Liverpool property services specialist Irving Rice to continue its expansion into the UK’s regional markets.

The global company is thought to have made an initial approach to the agent about buying it, but no deal has been agreed yet.

Irving Rice was founded in 1994 by Nick Rice and Malcolm Irving, who are both well-known figures in the Merseyside market.

The company principally operates in the north-west of England and north Wales, providing a range of property services in the industrial, office, retail and leisure sectors.

It is particularly well known for its agency work, advising clients such as Mersey travel, Gladman, Muse Developments, English Partnerships and Legal & General.

CBRE is not the only company vying to buy Irving Rice. The agent has also been approached by Colliers CRE, which is looking to expand into the north-west.

If a deal does take place with CBRE, it will further cement the company’s growing reach.
It has already bought several regional firms, such as the 40-strong Birmingham and Leeds-based agent GSD.

A spokesman for CBRE said the company did not speculate on market rumor.

Irving Rice was unavailable for comment.

Property Week, 11.04.08

Colliers CRE buys West End’s Godfrey Vaughan

Colliers CRE has bought London West End agency Godfrey Vaughan for more than £8m.The purchase is for £7m in cash plus 1.6 million new Colliers CRE shares worth around £1.1m.

Colliers CRE has rapidly expanded in recent years and plans to continue snapping up UK businesses. It is also in early talks with north-west agency Sanderson Weatherall over a possible takeover.

The timing of the deal with Godfrey Vaughan is thought to be linked to the change in the Capital Gains Tax rate to 18%.

David Izett, chief executive of Colliers CRE, said: ‘In terms of timescale for getting the deal done, Capital Gains Tax did play a role it helped drive the timetable, but it didn’t drive the deal. Charles and I started talking about this in 2006 then I just decided that I’ve got to do this because I really want to do this.’

Godfrey Vaughan employs 24 staff in total, all of whom will be offered employment contracts with Colliers. In the year to 31 March 2008, based on management accounts, Godfrey Vaughan generated revenue of £4.2m. In the year to 31 March 2007, the business produced revenue of £4.1m and profits before tax and partners’ distributions of £1.8m.

Following completion, Godfrey Vaughan will be rebranded as Colliers Godfrey Vaughan.

Property Week, 11.04.08

A Spring Extravaganza

Take space at this centre within the end of April 2008 and you will receive a massive 30 percent off the current list price!

The centre is a modern, air conditioned office building with a prestigious central glazed atrium. The offices suites in this building are located within the seventh floor and have been partitioned to form numerous private offices that are facing either internally or externally into the atrium.

This centre is situated on the North West corner of the Hanger Lane gyratory system at the A4005 Ealing Road / Hanger Lane, the A40 & A406 North Circular Road. Hanger Lane Underground is opposite (Central Line) with Park Royal a short walk away (Piccadilly Line). The centre also provides magnificent views of the brand new Wembley Stadium.

All offices are furnished to a very high standard, facilities include:

• Air conditioning
• Broadband internet services
• Car parking
• Excellent natural light
• Meeting rooms / Conference facilities / Boardrooms
• Postal services
• Voicemail
• Virtual office services
• Audio conferencing
• Networking lounge
• Kitchen facility
• Admin / Secretarial support
• IT services
• High security alarm systems
• CAT 5 cabling
• DDI telephone systems

… And many more

To find out more about this centre or to arrange a viewing, call us today on 0800 740 8080 or alternatively email your requirement to sales@searchofficespace.com and an experienced team member will be more than happy to help you.

Serviced offices available at Hammersmith Broadway

This serviced office centre is located on the Broadway in one of Hammersmith’s top office buildings. The centre is located near Hammersmith underground station, which provides commuters to easy access on the Piccadilly, District and Hammersmith and City lines. The office building is ideally situated between Central London and Heathrow Airport, near Shepherd’s Bush and is also well connected by major bus routes.

Hammersmith is home to a number of major companies including T-Mobile, Coca Cola, Walt Disney, Virgin, EMI, AOL and L’Oreal; so you’ll be in good company.

Hammersmith is a natural centre of activity, located at the confluence of a key arterial route out of central London (the A4) with several local feeder roads and a bridge over the Thames. The focal point of the district is the commercial centre (the Broadway Centre) located at this confluence, which houses a shopping centre, bus station, an Underground station and an office complex.

Stretching about 750m westwards from this centre is King Street, Hammersmith’s main shopping street which contains its second shopping centre (King’s Mall), many small shops, the Town Hall, the Lyric Theatre, a cinema and two hotels. King Street is supplemented by other shops along Shepherds Bush Road to the north, Fulham Palace Road to the south and Hammersmith Road to the east.

In addition to the cinema and pubs of King Street, leisure activity also takes place along Hammersmith’s pedestrian’s riverside, home to a number of pubs, rowing clubs and the riverside park of Furnivall Gardens. Hammersmith also has a large municipal park called Ravenscourt Park located to the west of the centre. Its facilities include ponds, tennis courts, a basketball court and crèche. The whole area is covered by the same W6 postcode as Hammersmith town centre.

The centre caters for high quality office space and the majority of offices are located on the second and the fifth floors of this impressive building. There is also a dedicated ground floor reception area. You’ll get a fully furnished office and the latest IT and Telecommunications. One of our highly trained team will act as your company receptionist taking your calls when you are in and out, handling your mail and faxes and anything else you need. Offices are available from £399 per workstation and there is a range available from two to fifty workstations.

To Find out more about this centre or to arrange a viewing, call us today on 0800 740 8080 or email your requirement to sales@searchofficespace.com.

Need a serviced office in Hammersmith, West London?

These serviced offices in Hammersmith have an excellent corporate profile which is a terrific bonus for any company. With the centre being unbranded and decorated to a very high standard, the office space would be desirable to anyone who is looking to do business in West London.

The centre is within a five minute walk from Hammersmith underground station. The Piccadilly, District and the Hammersmith and City tube lines there provide regular train services to all major destinations in London and the suburban areas too. Hammersmith is also a major hub for the bus network and provides excellent access to the City of London and Heathrow Airport. The A4, M4 and A40 are all within a five minute drive and also provide easy access to Central London and Heathrow Airport.

The centre provides high quality unbranded office accommodation between the fourth and eighth floors of this building. Here you are able to enjoy a dedicated ground floor reception area and there is a fitness gym next door. In this centre you will get a highly furnished office that comes with all the latest IT and telecoms. The fully trained teams will be able to assist you in taking your calls when you are in and out; handling all your mail, faxes and anything else you require help of.

This centre in Hammersmith is home to a variety of major companies including Coca – Cola, Walt Disney, Virgin and L’Oreal so you will always be very good company. Nearby there is also an extensive range of well known and established retailers, restaurants, cinemas, bars, café and entertainment venues including the Hammersmith Apollo located just a 10 minute walk from the centre, and the Lyric Theatres.

Offices are available in this centre, prices start from around £499 per workstation and there are a range of offices available from 2 to 50 workstations.

To find out more about this centre or to arrange a viewing call us today on 0800 740 8080 or alternatively email your requirement to sales@searchofficespace.com

Serviced Offices available in Birmingham

This centre is located in the heart of Birmingham’s business and retail district. This superb office space building over looks the very impressive St Philip’s Cathedral.

This centre has recently gone on an extensive regeneration programme and has revitalised the centre from top to bottom. It’s a great place to work with excellent transport links including Birmingham’s New Street and Snow Hill stations located nearby.

Our serviced offices and meeting rooms in Birmingham are easily accessible from all major routes in and out of Birmingham and only a short walk from New Street station, which provides rail links across the UK, including Birmingham International Airport (10 minutes).

The centre is in a close range to a number of new designer stores, cafes, bars and restaurants. The area has in the past attracted a wide range of national and international companies where many Financial, Legal and Recruitment organisations have taken space here.

If you take space within this centre you will receive a fully furnished office with the latest IT and telecoms in place. Our highly trained team will even help you with the handling your mail, faxes and will take calls on your behalf.

If you have a meeting with a client or need to hold an interview, take advantage of the contemporary meeting rooms available for hire in this centre. The price of a workstation in this building starts from £350 per person. The offices also feature individually controlled air-conditioned rooms.

Other facilities within this centre include:

• 24 Hour access
• Internet access
• Virtual office services
• Conference facilities
• Voicemail services
• Video conferencing
• Cat 5 cabling
• Manned reception
• Personalised telephone answering

To find out more about this centre or to arrange a viewing, please call us today on 0800 740 8080 or alternatively email your requirement to sales@searchofficespace.com

Serviced offices available in Bracknell

Looking for a serviced office in Bracknell? Look no further as we have one of Bracknell’s most prominent buildings in the heart of the town centre, offering excellent office décor.

Bracknell and the surrounding areas of Berkshire is a hub to hi-tech industries and are home to corporate occupiers including Hewlett Packard, General Electric, BMW, Johnson & Johnson, Panasonic and 3M, so you will always be in good company.

This centre is just a short walk away to the town’s many shops and local amenities and just a five minute walk from the train station, Windsor castle is also only a short drive away.

The serviced offices at Bracknell are easily accessible from all major transport links in and out of Bracknell, the M4 and M3 motorways are also located nearby. The offices are located near two railways stations, Bracknell (5 mins walk away) and Martin’s Heron, both are on the main line between London’s Waterloo station and Reading. There are frequent services on these lines to both London and Reading daily.

The centre has a fabulous atrium reception that will impress not only yourself but your guests and client’s too. Offices are available from £300 per workstation and there are a range of offices available from 4 to 65 workstations.

Some of the facilities with in this centre include:

• 24 Hour access and security
• Manned reception
• Internet access
• Car parking
• Video conferencing
• Virtual office services
• Voicemail services
• Training centre
• Meeting rooms / Conference facilities / Boardrooms

If you require an office in Bracknell, call us today to find out more about this centre or to arrange a viewing on 0800 740 8080 or alternatively email your requirement to sales@searchofficespace.com.

Emerging markets help Regus to post record profits

Serviced office provider Regus is aiming to take advantage of the downturn in the financial and property markets after posting record annual profits.

In a confident statement on the back of its 2007 results, Regus said that take-up and profits had not been hit by the credit crunch, and had, in fact, improved as the year wore on.
Chief executive, Mark Dixon, said he expected the downturn in the property market to reduce rents in the UK over the next 18 months, which would enable Regus to step up expansion by signing more leases.

‘We have been cautious about growing in the UK, especially in London,’ he said. ‘We think rents in the West End especially could come down over the next 18 months and we will have the opportunity to add more stock in London.’

In 2007 Regus achieved a 54% rise in pretax profits to £120m. Revenue rose 27% to £862m. Excluding the impact of new centres, revenue growth was 7% and profit growth was 21%. This was driven by an increase in average occupancy rates from 81.8% to 82.7%. The full-year dividend was raised by two-thirds to 1p a share.

The number of available workstations rose by 24% to 133,000, as it opened a further 146 centres, and revenue per available workstation increased 2.3% to £6,487.

Emerging markets were the driver of growth, as revenue increased by 40% to £113.9m. The company opened its largest centre, in Shanghai, which has 1,400 workstations, and it is set to open in Malta and Mauritius.

‘We’ll see growth throughout the business, but weighted towards emerging markets, especially in Africa,’ said Dixon.

‘Multinational companies are increasingly operating there because of the natural resources located there, and the fact that there is now, relatively, more political stability. It’s the last true emerging market.’

Dixon claimed Regus was well placed to withstand the effects of the credit crunch: ‘Quarter four saw a steady improvement and continued increase in margins, and the second half ended better than it began, even in America’.

‘Customers don’t want to enter into fixed arrangements, and they don’t want to put down capital, so they appreciate the lower costs of flexible space,’ he added.

In the UK, Dixon said he would not be replacing chief executive Nick Wood, who left in November. Dixon took over as UK chief, but has now stepped back.

Mike Phillips, Property Week, 20.03.08

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