NEWS FROM THE ASSOCIATION OF SWISS BUSINESS CENTERS December 2010
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1 NEWS FROM THE ASSOCIATION OF SWISS BUSINESS CENTERS December 2010 Contents Introduction by the President Page 2 Inside VSBC Page 3 Liechtenstein Business Center: Golden Creativity Award 2010 Warning: Hackers attack telephone systems Member Profile Pages 4-5 Horst Büchel Swiss Property Sector Pages 5-6 Prospects for the office leasing market in 2011 Business Center News International Pages 6 International Economic Outlook Page 7
2 Introduction by the President Dear association members and valued colleagues, The year is once again drawing to a close, and we will soon be heralding the start of Most of us can look back on an exhausting, yet successful year. Office Business Centers in Switzerland are enjoying good prospects of success. Demand for time-based offices, virtual offices, conference facilities and secretarial services is holding up. Studies in the US are already talking about a billion "mobile workers". This means people that only require office facilities for a specific period of time and who are prepared to share these with other tenants. Two million companies worldwide are therefore already using the more cost-effective and flexible office infrastructure of an Office Business Center. A continuously evolving office landscape forces Office Business Centers to repeatedly reassess their focus with regard to products and services. Trends and developments must be identified and analyzed at an early stage. Not only do we all have experience in running Office Business Centers, we're also each part of a comprehensive network within the Office Business Center industry as a whole, either in Switzerland as part of the Association of Swiss Business Centers, or internationally as part of the Office Business Center Association International. Intercommunication and active networking remain essential for survival. This applies as much to the Office Business Center sector as it does to all other industry associations. We therefore look forward to exchanging experiences with you in the coming year. All the best to you and your family over the festive holiday season and a Happy New Year to you all. Sincerely, Patrick Schaller, VSBC President
3 Inside VSBC Liechtenstein Business Center Receives Golden Creativity Award 2010 Liechtenstein Business Center AG, based in the canton of Triesen, was awarded the SWISS IDEA "Golden Creativity Award" on Wednesday December 1, The award has served for 25 years as a symbol of "Active Idea Management (AIM) and as a recognition of spectacular ideas that are both practicable and sustainable. The SWISS IDEA Golden Creativity Award recognizes individuals, corporations and institutions that, with great dedication and sustainability, have successfully turned an original idea into a market success and in the process created new jobs in Switzerland and/or neighboring economic regions, making a genuine impact for the future. The awarding of the 2010 Golden Creativity Award was a ceremonial affair. The award itself was presented to Horst Büchel, founder and owner of the Liechtenstein Business Center. On behalf of the Management Board of VSBC, we would like to congratulate Mr. Büchel and his team for this wonderful achievement. Hackers attack telephone exchanges Reports of illegal attacks on telephone systems have picked up in recent weeks. Many of the attacks have seen hackers take control of telephone systems to make calls over them from the outside, at the expense of the system operators. A range of purposes have so far been identified for the calls. In the majority of cases, calls have been used to shift costs for international calls or for the outside financing of service hotlines. Regardless of the hackers' objectives, the unwanted costs of telephoning are initially incurred by the owner of the connection. As the actual perpetrators can seldom be identified, many victims have little choice but to pay for the costs incurred. Yet another reason for hijacking systems is simply to conceal the identity of the call originator for a range of illegal practices. A number of victims have registered losses of 4 to 6 figure sums as a result of such attacks. We therefore recommend that you instruct your service provider to check your system as a matter of urgency. It is crucial to make sure that all potential access routes open to attack are suitably protected. Older systems need to be checked just as thoroughly as more recent IP-capable systems. Please contact Axel Fehrmann if you have any further questions on this topic ( axel.fehrmann@wwbcn.ch / Tel: ).
4 MEMBER PROFILE (interview) HORST BÜCHEL, LIECHTENSTEINER BUSINESS-CENTER AG Horst Büchel has been involved in the business center industry for the last 2 years. He has one son, and lives with his partner in Triesenberg, Liechtenstein. His hobbies are spending time with his family and playing golf. Liechtensteiner Business-Center AG has been a VSBC member since The services provided by the center, based in Triesen, Liechtenstein, include individual and team offices, business addresses, conference rooms with video conference systems, a company establishment service, secretarial and telephone service, and virtual IT solutions. His motto is "It's never the wrong time for a good idea. What prompted you to run a business center? This idea had been in my mind for over 15 years. But the business structure I was involved in at that time did not allow me to follow through with it. Even then I wanted to set up a good in-house network, and I often wondered why all bosses had to have their own secretary, even when there wasn't always enough work to keep them fully occupied. If you were not running this business centre, what would you be doing? For 30 years I ve had my own company providing accounting and tax advisory services. I find my relationships with customers very enriching, because I advise and help them with such a wide range of issues. These customer contacts are very important for me, both in the Business Center and in my other roles. What attracts you to the business center industry? Two aspects mainly: satisfied customers, and providing good value for money. Cost optimization has been an important part of all my advisory services for many years. What do you like about your location? We are based in a rural area near the Liechtenstein capital. The favorable conditions available in Liechtenstein make this a very attractive location, with outstanding development opportunities for businesses moving here. Are there any particular customers that you would describe as unforgettable? I never forget any of my customers, because I appreciate them and give my full attention to their individual concerns, irrespective of the size of the job.
5 What defines a good business center in your city? We are the only professionally run business centre in Liechtenstein, and we are proud to bear the name "Liechtensteiner Business-Center AG". As far as I am concerned the only defining attribute of a good business center is to offer a quality service. How do you see the future for the business center industry in Switzerland and across the board? The keys to success will continue to be creativity and professionalism. Personally I have no doubt that there will always be a demand for good services. Why are you a member of VSBC, and what are your impressions and expectations? I particularly appreciate VSBC's strong commitment to the interests of businesses centers in Switzerland. This is already a very good network, and it can be still further developed and extended by its members. VSBC has lived up to all my expectations. Swiss Property Sector Market report for commercial premises Source: Kuoni Müller & Partner Retrospective and future prospects for the office leasing market in 2010/2011 Performance forecasts for the office leasing market for 2010 for the greater Zurich area were cautiously optimistic, in the light of the general economic situation. We are pleased to report that those expectations have been surpassed. There has been a further reduction in closure times (the time from acceptance of the premises through to signing the agreement). Demand has been increased by companies deciding to merge business locations, and by new arrivals in Switzerland. Lease rentals have held steady, with some exceptions. However, this also means that older buildings remain on low rentals, whereas new buildings are competitive only if they can offer the total package of a market rental plus easy public transport access and meeting the Minergie standard (or equivalent) for low energy-consumption buildings. It is pleasing to note that some of the demand is driven by growth. Smaller firms (SMEs) with successful products are looking to open up new, higher quality business locations. Space availability in the Zurich CBD has been high in 2010, and has not yet been absorbed is expected to see a continuation of 2010 trends, i.e. a fairly lively market that is highly competitive on the supply side. Only the best overall packages will be successful.
6 The investment market 2010 has seen an almost unprecedented demand for multi-family dwellings, driven by three main factors: 1. Historically low mortgage interest rates; 2. Ready availability of loan capital; and 3. Lack of alternative investment opportunities offering comparable returns. In contrast, the investment market for commercial property has been characterized by much more differentiation between segments. There was a shortage of top-quality properties, but second-tier properties found buyers only with relatively high expected returns and long-term leases in place. Demand is very high, partly because of the low refinancing costs at the moment. Yet there has been no surge in prices. Investors are taking a very selective and cautious approach. A slightly more dynamic commercial property market is expected for 2011, particularly if share markets again offer a lucrative alternative and borrowing interest rates remain low. This scenario would prompt some property owners to realize the capital gains on their properties, and resume investing in equities. Business Center News International Office Business Center Industry Leaders in the USA Create Preferred Office Network Three of the leading operators of office business centers in the United States have announced they have funded a new venture, Preferred Office Network, LLC, to provide a single source for organizations needing office space and support services in multiple locations. With over 75 centers covering almost half of the top-50 metropolitan areas, Preferred Office Network, according to a press release issued on September 17 th is the largest network of independently owned business centers in the United States focused on the needs of multi-site national and international office space users. Davinci Virtual Office Solutions Named to Inc. 500 List of Fastest Growing Private Companies in AmericaInc. Magazine announced its 29th annual Inc. 500 ranking of the fastest-growing private companies in the country and Davinci Virtual, a leading provider of global turnkey virtual office solutions, and an OBCAI member, ranks No. 141 on the list, with an extraordinary three-year revenue growth of 1,899.5%. The complete Inc. 500 list is available in the September 2010 edition of Inc. Magazine
7 Monetary policy situation assessment for December 2010 International economic outlook Source: Swiss National Bank Generally the recovery of the world economy has continued under the influence of expansive economic policies and vigorous activity in the fast-growing economies. This may be compared with a significant reduction in growth in the third quarter in the euro zone, with favorable economic performance in Germany contrasting with weak growth in the countries on the periphery of the currency union. The recent turbulence on the financial markets is likely to put a damper on activity in the euro zone. In spite of a gradual strengthening of domestic demand in the USA, the momentum is not sufficient to achieve any lasting reduction in the continuing high levels of unemployment. The situation in the property market is also affecting investment in construction. GDP growth in the USA will therefore remain sluggish, while global growth will continue to feel positive impacts from robust cyclical trends in the faster-growing countries. The Swiss National Bank has revised its growth forecast for the world economy slightly downwards, especially for Europe in 2011 and Uncertainty regarding global economic performance remains high, and the risks remain on the down side. Economic prospects for Switzerland Growth in the Swiss economy remained robust in the third quarter, with increased capacity utilization levels for the factors of production. Technical utilization of capacity is back to normal levels in the industrial sector, and is even well above the long-term average in the construction sector. There was also a moderate rise in employment, and unemployment continued to decline. However, there are increasingly clear signs of a clear reduction in growth. Goods exports were flat between June and October, primarily because of weaker demand from Europe. Services exports have decreased recently. Inflation as measured by the national consumer price index fell to 0.2% in November. The decrease over the last few months has been mainly attributable to lower prices for imported consumer goods. This meant that the aggregate calculated by the National Bank for core inflation was slightly higher, with a stable trend since the last situation assessment. The National Bank expects to see economic growth continue for the next few months. That growth is, however, likely to be significantly lower in upcoming calendar quarters, reflecting both generally restrained economic activity in the industrial countries and the appreciation in the Swiss franc. The National Bank is therefore predicting GDP growth of around 1.5% next year, following growth of approximately 2.5% for the current year.
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