A great deal has been said about pop up shops but what about pop up offices? Sometimes known as ‘meanwhile offices’
In the RICS magazine ‘Modus’ it was commented that landlords have already adopted a more innovative approach to secure lettings. Just as the retail sector has seen a rise of pop up shops, landlords are introducing pop up offices, with shorter leases, more frequent break options, flexible rents and inducements to bring in tenants in previously unfashionable areas.
This is not true flexibility as the serviced office sector knows it but it is a move towards it.
The recent study conducted by the University of Reading on behalf of MWB Business Exchange showed that in London there is 15.6m sq ft of available property of which 3.67m is being brought to the market by companies whose core business is not real estate. It is property probably held on a lease but not used.
This represents about 23.5% of available stock and it could be assumed that other cities have a similar percentage.
This could be prime property for pop up offices.
How will the Serviced Office sector respond?
Do you see this as a threat or an opportunity?
Your views would be appreciated.