Serviced offices are coming of age…
Serviced offices are coming of age as the modern way of working accelerates to complement the changing environment within the workplace. Serviced offices are being ranked using a star system in Bristol, with 5 Stars being the best. In total there are over 20 centres in Bristol City Centre being run as either pure serviced offices, or a mixture of shared working, managed working, coworking or virtual offices. This allows not only start ups and scale ups to successfully secure space regardless of their covenant status, but also larger corporates who want to maintain the ultimate flexibility in their occupation property portfolio.
Landlords are also becoming more and more interested in using a service office operators to manage buildings for them and benefit from an increased rent roll over upto 15% above the market rent. Some service office operators are achieving lease terms on average of 3 – 4 years on space as large as 2,000 – 3,000 sq ft.
Phil Morton, Director of Morton Property Consultants comments, ‘Serviced offices are here to stay and the quality of their offering is increasing to ensure they are at the top of the list when any applicants are scouring the market for space’.