Onside Issue 6 - 11

our customers are absolutely looking for us to
take the hassle out of running an office to allow
them to achieve this goal and focus on business
profitability, whilst also giving them the flexibility
to change the location or size of their space at
short notice in line with the changing needs of
their business and wider industry."

Public sector support
And it's not just private enterprises who are
jumping on the bandwagon. More and more
government departments are seeing Serviced
Offices as a viable alternative to fixed longer term
commitments, particularly in light of political and
budgetary pressures which have seen changes
to staffing levels and working practices. A recent
report by the National Audit Office recognised the
financial benefits to the tax-payer and concluded
that, "The progressive and carefully managed
implementation of flexible working led to a halving
in office accommodation, to higher staff satisfaction
and increased productivity".

Dynamic approach
In an age where political and economic uncertainty
is an increasing factor, flexibility is certainly a
word that appears repeatedly when talking about
Serviced Offices. Cal Lee, head of Savills new venture
Workthere commented, "Flexibility in terms of space
and lease is vital for any fast-growing business.
Whether they are 2 people or 50, in a month they
could be 10 or 100 respectively. In many cases
a conventional lease simply does not meet the
requirements of these fast-growing businesses who
tend to think in 1, 2 or 3 years, rather than 5 or 10."
In light of this requirement for flexibility, it will be
those organisations who can accommodate a
client's needs that will thrive. In an effort to stand out

from the crowd WeWork has created headlines with
its funky social areas including beer on tap, which
was no doubt well received by London's young
entrepreneurial community, however Morton is in
no doubt about the most important service on offer,
"To paraphrase, the three most important things
about a serviced office are broadband, broadband,
broadband. Every business has a heavy reliance on
the internet in one form or another and providing a
superfast, reliable service is essential to a successful
operation. We are in the service business and if we
get it wrong then customers have the option to vote
with their feet".
With the sector well placed to benefit from the
technological advances seen within the wider
economy, it is perhaps unsurprising that a recent
report by Capital Economics and Nottingham Trent
University estimated that the value of the UK market
could still be set to grow from its present £16 billion
to between £62 billion and £120 billion by 2025.

It's a growth market
Seneca Property Director Chris Bullough is
similarly optimistic about the sector's growth
prospects, "Many of our Serviced Office customers,
particularly the younger entrepreneurs running
online and technology businesses, have little
interest in taking on ownership or management
of their offices themselves. They have grown up
as part of "Generation Rent" and are accustomed
to paying for everything from their mobile phone,
to their car and home on a monthly basis and
being able to switch products when technology
advances, or the current supplier does not meet
their requirements. As the number and size of
these businesses continues to grow, and the
benefits of the sector are extolled to the wider
market, I think it's very possible that the sector will
continue to advance for some time to come."


Table of Contents for the Digital Edition of Onside Issue 6

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Onside Issue 6 - Contents
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