Unique space for small business
A noticeable trend in the commercial property industry is serviced office suites. With an assortment of new suites inhabiting the greater Joburg area, this offering has filled a gap in the market for entrepreneurs and small business owners who need office space without the hassle of setting up from scratch. They want to lease space that’s already equipped with IT, telephony, printing services not to mention basic fit-out like furniture. Serviced office space allows these start-ups/small business owners to focus on running their business without the distraction of maintaining their own office space.
This sector is receiving quite a bit of media exposure as landlords find creative ways to distinguish their offering as unique in a relatively competitive market. Progressive concepts such as co-working spaces and hot desking are becoming more popular as professionals starting their own businesses can often conduct much of their client correspondence over email and conference calls so all they really need is a desk, wifi and the option to use a boardroom every so often.
“In our unpredictable economy, growth in the serviced office sector has been driven by modern business, particularly the need for cost-efficient, flexible, short term office space” says Craig McLachlan, Asset Manager of Fieldspace Property Group. Business owners often prefer to share boardrooms and kitchen/pause area facilities with other companies as a way to reduce monthly overheads, and serviced office suites provide for that.
Location is vital and it’s well known that space in the Sandton CBD and northern suburbs comes at a premium because of the high demand. When a landlord converts an office building or even a house into serviced office suites, they know that they’re guaranteed to have potential tenants knocking at their door as this prime business node is constantly buzzing with opportunity for property owners.
“Within an office park environment, serviced office suites can be a simple strategy for landlords to reduce vacancies in their more challenging spaces,” explains Craig. He also believes that tenants offer value to each other when leasing space in close proximity by offering their relevant services to each other. For example if a block of serviced office suites encompasses an IT consultant, they could provide IT services to the rest of the tenants in that block. This is mutually beneficial because the rest of the tenants benefit from having a service provider close-by and the consultant benefits from having secured those clients.
Fieldspace has been watching the trend for a while now and we’re pleased to be expanding our current offering of serviced office suites. Under the brand The Orchard, we offer serviced office suites in prime locations around the Sandton CBD. Having recently enhanced our IT services, our tenants now have faster internet speeds and a host of added benefits at competitive rates.
We are confident that the demand for serviced office suites will continue to increase in future and landlords will find even more ways to add value to their tenants and provide exceptional spaces in which small businesses can thrive.