Newspaper article The Journal (Newcastle, England)

Fast-Growing Sector Offers Flexibility; More Companies Than Ever Are Attracted by the Availability and Flexibility of Serviced Offices. Three North East Property Specialists Look at Its Impact on the Region's Office Market and the Wider Economy

Newspaper article The Journal (Newcastle, England)

Fast-Growing Sector Offers Flexibility; More Companies Than Ever Are Attracted by the Availability and Flexibility of Serviced Offices. Three North East Property Specialists Look at Its Impact on the Region's Office Market and the Wider Economy

Article excerpt

SERVICED offices is most likely the fastest growing sector of the European and global property market today with a strong rate of growth, although the global recession has steadied activity over the last few years.

Serviced offices offer a total solution in that they are fully fitted and finished, ready for immediate occupation.

The operator takes responsibility for all of the services to the building, and provides business services including reception, telephone answering, secretarial support, conference and meeting facilities, video conferencing, and high-speed internet access.

The main benefits of serviced offices include the ability to accommodate immediate requirements for office space in a flexible manner, facilitating fast office set ups and relocations.

This is beneficial to companies needing overspill office space for projects or temporary accommodation during expansion or relocation situations. Serviced office business centres offer real flexibility to businesses allowing internal expansion/contraction when companies encounter frequent changes to their staff turnover.

Flexibility of tenure, together with minimal outlay costs for fitting out the office, make this a good proposition for new business start ups or companies with a limited history of trading. The space is normally occupied by way of a licence agreement allowing speedy occupation and minimal legal costs. Office occupiers have had the benefit of access to serviced offices and managed business space across the region over the last two decades.

Initially the office space was created on easy in-easy out flexible lease terms which proved advantageous to new and expanding smaller companies who could grow within business centres and benefit from shared facilities and on site management.

Often this space was carved out from existing vacant buildings, such as Churchill House, or by subdivision of larger vacant floor plates including Regus in Rotterdam House and the City Executive Centres within Cuthbert House, Newcastle. …

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