The serviced office sector is likely the fastest-growing sector of the European and Global property market, with a strong rate of growth reported.
The sector has been highlighted as a recession-busting solution to the capital expenditure associated with committing to traditional office space, as well as a flexible alternative as the workforce becomes increasingly agile.
Tony Wordsworth, Director of National Markets at GVA Newcastle, explained: “Serviced Offices offer a total solution in that they are fully fitted and furnished, ready for immediate occupation.
Immediacy is a key factor in the decision to go down the route of Serviced Offices for many. Consultancy Search Office Space frequently finds space for tenants within 24 hours of first contact – a feat almost unheard in the traditional long-term lease commercial property sector.
Jonathan Weinbrenn, Head of Global Corporate Services at Search Office Space, explained the growth: “The challenges and uncertainties of the global economic and political climate create a range of unique and ever-changing pressures and demandsfor corporations and their real estate portfolios.”
Coupled with the demands of an increasingly agile workforce, supported by Cloud technology, Serviced Office space presents a solution.
The ability to upscale and downsize at any time facilitates the expansion of some businesses, whilst recognising the need to cut back for others. Serviced spaces have in the past acted as temporary project spaces, thanks to the flexibility of tenure and minimal outlay costs.
“My department is dealing with an ever-increasing demand for flexible office solutions – office space with no or little requirement for capital costs, and where the tenant is totally in control of the on-going facilities costs,” says Jonathan, Head of Global Corporate Services at Search Office Space. “Flexibility around term is so critical coupled with options to upscale or downsize the space. At the same time, the need to bespoke space, to make the workplace more agile and flexible, and to create informal spaces for meetings, collaborative sessions, and breakout areas has been moved to the top of the agenda.”