The True Cost of the Flexible Office
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- Kerry Hunter
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1 The True Cost of the Flexible Office Comparing the total occupancy costs of conventional property acquisition methods with serviced office space in London and six regional UK cities
2 Methodology: The Chartered Institute of Purchasing & Supply (CIPS) set out to examine the total costs involved in occupying office space in a number of key city centre locations around the UK. Parameters included occupancy periods of between 1-36 months and space requirements for 1-60 people. The question was asked, How does the cost of a serviced office in a business centre compare with the costs involved in leasing conventional office space? Total occupancy costs researched included items such as rent, furniture, office equipment, cleaning and electricity (see Figs 5 and 6). All figures were researched locally in London (City & Central); Birmingham; Bristol; Edinburgh; Leeds; Manchester; Reading. Rental costs were provided by leading commercial property agents in each City, while serviced office costs were supplied by Regus. The figures for a conventionally leased space were compiled with no knowledge of the equivalent figures for business centres, to ensure that the actual comparisons calculated were free of bias. The research follows similar research conducted by CIPS in 1996, although at that time only two City locations, London and Birmingham were researched. When calculating the cost of any equipment, e.g. furniture or photocopiers, the resale value at the end of the office lease period was also taken into account, so any purchase costs were offset against residual value at the end of the usage period. This ensured a totally fair comparison with the business centre figure. For each cost element in the conventional leased office scenario, the lowest price was used, consistent with the product/service specification in the business centre office.
3 Key findings: The results of the new survey show conclusively that the fully inclusive nature of the serviced office can produce savings in virtually all scenarios, with a saving of up to an average of 78% (see Fig 1) being achieved over the total occupancy cost of conventional office space. An indication of how much the commercial property market has changed during the past five years can be seen throughout this report. For instance, Figs 5 and 6 show that the total saving achieved by using serviced office space, when compared to the total occupancy cost of traditional office accommodation methods, are significant in all regions of the UK. In addition, overall savings achieved by the use of serviced office space are obtainable across all timescales and numbers of people to be occupied. Obviously the savings made for smaller numbers of people, and for shorter time scales, are greater then for large numbers for long periods. This is largely due to the high cost of amortising capital expenditure items over short periods. The use of such equipment is generally provided free or on a cost-per-use basis in a business centre. However, while the research shows that savings achieved using serviced office falls to a minimum average of 4% (see FIG 1), such a figure is likely to be from a total cost of several thousands of Pounds Sterling, and, as such, will still represent a very significant total saving indeed. Our research clearly demonstrates that serviced office space has now become a truly cost-effective option in all scenarios. comments Carolyn Munton, CIPS s director of marketing & communications. Whereas five years ago our research revealed it was only really cost-effective in relatively low cost areas, such as Birmingham, or for short periods of time, this new research proves it can now achieve worthwhile long term savings too. What the research cannot put a value on, of course, is the additional flexibility provided by serviced offices compared with conventional space.
4 Percentage saving achieved using serviced office space For: Average for 8 Centres Number of people to be accommodated Number of Months for which Accommodation in Needed % 78% 75% 66% 66% 67% 78% 5 61% 43% 33% 32% 39% 31% 34% 10 57% 40% 39% 37% 33% 36% 39% 15 52% 31% 20% 16% 13% 16% 18% 20 53% 29% 17% 15% 12% 13% 16% 40 51% 27% 15% 11% 7% 9% 11% Fig 1: 60 49% 24% 12% 8% 4% 6% 8% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
5 Cost Comparison serviced offices vs conventional office costs For: Average for 8 Centres Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /586 Fig 2: Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 823 per person per month at a serviced business centre or 1378 at a conventional office lease
6 OUTSOURCING THE OFFICE category: sum of traditional categories location: average of all locations PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,755 4,161 3,522 3,201 3,028 2,975 2, ,833 1,597 1,293 1,140 1, ,462 1,378 1, ,174 1, ,074 1, ,959 1, ,879 1, Fig 3:
7 OUTSOURCING THE OFFICE category: Regus prices, Average of all locations PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED , , , , Fig 4:
8 ITEM % inc ITEM % inc Leasing % Leasing % Rates & Services % Rates & Services % Administration % Administration % Furniture % Furniture % Meeting Rooms % Meeting Rooms % Acquisition % Acquisition % Cleaning % Cleaning % Office Equipment % Office Equipment % Telephone % Telephone % Electricity % Electricity % TOTAL 729 1,120 54% TOTAL 1,140 1,874 64% Serviced Office Cost % Serviced Office Cost 896 1,748 95% 's SAVING 's SAVING % SAVING 54% 49% % SAVING 21% 7% data is for Birmingham Central, 's per person, per month actual for 5 people over 6 months CONCLUSION typically, serviced offices offer savings of data is for London City, 's per person, per month actual for 5 people over 6 months CONCLUSION typically, serviced offices offer savings of 6,612 per person per year in ,512 per person per year in 2001 compared with 4,692 in 1996 compared with 2,928 in 1996
9 Percentage Saving - For: Birmingham Central Number of people to be accommodated Number of Months for which Accommodation in Needed % 85% 82% 81% 82% 82% 83% 5 77% 59% 49% 44% 44% 46% 48% 10 73% 51% 41% 34% 34% 36% 39% 15 71% 46% 32% 24% 23% 25% 27% 20 70% 43% 29% 20% 19% 22% 24% 40 68% 39% 23% 14% 12% 14% 17% Fig 7: 60 66% 36% 19% 9% 7% 10% 12% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
10 Cost Comparison - For: Birmingham Central Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /455 Fig 8: Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 570 per person per month at a serviced business centre or 1173 at a conventional office lease
11 OUTSOURCING THE OFFICE category: sum of traditional categories location: Birmingham Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,068 3,950 3,181 2,795 2,621 2,556 2,492 Fig 9: 5 2,791 1,450 1, ,232 1, ,093 1, ,970 1, , ,
12 OUTSOURCING THE OFFICE category: Regus prices, Birmingham Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED Fig 10:
13 OUTSOURCING THE OFFICE Fig 11: category: diy leasing (rental costs only) location: Birmingham Central PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
14 Percentage Saving - For: Bristol Central Number of people to be accommodated Number of Months for which Accommodation in Needed Fig 12: % 87% 84% 83% 83% 84% 85% 5 81% 63% 53% 50% 48% 49% 51% 10 77% 56% 46% 43% 39% 41% 43% 15 75% 52% 38% 33% 28% 30% 31% 20 74% 49% 35% 30% 25% 27% 29% 40 72% 45% 29% 23% 16% 18% 20% 60 71% 42% 26% 20% 14% 16% 18% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
15 Cost Comparison - For: Bristol Central Fig 13: Key: Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /409 Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 481 per person per month at a serviced business centre or 1103 at a conventional office lease
16 OUTSOURCING THE OFFICE category: sum of traditional categories location: Bristol Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,863 3,746 2,976 2,590 2,423 2,359 2, ,702 1,361 1, ,162 1, , , , , Fig 14:
17 OUTSOURCING THE OFFICE category: Regus prices, Bristol Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED Fig 16:
18 OUTSOURCING THE OFFICE Fig 17: category: diy leasing (rental costs only) location: Bristol Central PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
19 Percentage Saving - For: Edinburgh Central Number of people to be accommodated Number of Months for which Accommodation in Needed % 82% 79% 79% 79% 80% 81% 5 72% 53% 43% 41% 38% 40% 42% 10 65% 46% 35% 33% 29% 32% 34% 15 62% 40% 26% 23% 17% 20% 22% 20 60% 37% 23% 20% 14% 17% 20% 40 57% 31% 16% 11% 5% 7% 10% Fig 18: 60 55% 29% 13% 9% 2% 5% 8% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
20 Cost Comparison - For: Edinburgh Central Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /517 Fig 19: Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 680 per person per month at a serviced business centre or 1252 at a conventional office lease
21 OUTSOURCING THE OFFICE category: sum of traditional categories location: Edinburgh Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,165 4,047 3,277 2,892 2,710 2,646 2, ,861 1,520 1,190 1, ,312 1, ,165 1, ,046 1, , , Fig 20:
22 OUTSOURCING THE OFFICE category: Regus prices, Edinburgh Central PEOPLE MONTHS FOR Fig 21: WHICH FACILITY IS NEEDED MODATED ,
23 OUTSOURCING THE OFFICE Fig 22: category: diy leasing (rental costs only) location: Edinburgh Central PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED ACCOMM- ODATED NEEDED
24 Percentage Saving - For: Leeds Central Number of people to be accommodated Number of Months for which Accommodation in Needed % 87% 85% 84% 84% 85% 86% 5 75% 65% 57% 55% 51% 53% 54% 10 69% 60% 51% 49% 45% 47% 49% 15 68% 55% 44% 40% 34% 36% 38% 20 67% 54% 42% 39% 33% 35% 37% 40 66% 50% 38% 34% 27% 29% 31% Fig 23: 60 66% 48% 34% 30% 23% 25% 27% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
25 Cost Comparison - For: Leeds Central Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /451 Fig 24: Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 470 per person per month at a serviced business centre or 1175 at a conventional office lease
26 OUTSOURCING THE OFFICE category: sum of traditional categories location: Leeds Central PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,979 3,861 3,091 2,706 2,515 2,451 2, ,764 1,423 1, ,235 1, ,091 1, ,978 1, , , Fig 25:
27 OUTSOURCING THE OFFICE category: Regus prices, Leeds City PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED Fig 26:
28 OUTSOURCING THE OFFICE Fig 27: category: diy leasing rental costs only location: Leeds Central PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
29 Percentage Saving - For: London Central (Berkeley Sq) Number of people to be accommodated Number of Months for which Accommodation in Needed % 61% 68% 69% 69% 70% 62% 5 54% 24% 15% 16% 12% 16% 20% 10 50% 36% 14% 16% 12% 16% 20% 15 46% 17% 12% 13% -3% 1% 6% 20 44% 14% -1% 1% 1% -1% 4% 40 39% 7% 7% 4% 3% 3% 3% Fig 60 37% 3% 4% 1% 1% 1% 1% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
30 Cost Comparison - For: London Central (Berkeley Sq) Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /933 Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 1370 per person per month at a serviced business centre or 1862 at a conventional office lease
31 OUTSOURCING THE OFFICE category: sum of traditional categories location: London Central (Berkeley Sq) PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,809 5,691 4,921 4,535 4,288 4,224 4, ,524 2,183 1,853 1,687 1,517 1,490 1, ,922 1,862 1,602 1,471 1,317 1,295 1, ,694 1,658 1,403 1,275 1,125 1,104 1, ,567 1,600 1,362 1,242 1,099 1,079 1, ,391 1,469 1,242 1, ,296 1,423 1,208 1, Fig
32 OUTSOURCING THE OFFICE category: Regus prices, London Central (Berkeley Sq) PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,264 1,668 1,584 1,417 1,334 1,251 1, ,610 1,668 1,584 1,417 1,334 1,251 1, ,450 1,373 1,378 1,233 1,160 1,088 1, ,450 1,373 1,378 1,233 1,160 1,088 1, ,450 1,373 1,378 1,233 1,088 1,088 1, ,450 1,373 1,160 1, Fig 60 1,450 1,373 1,160 1,
33 OUTSOURCING THE OFFICE Fig category: diy leasing (rental costs only) location: London Central PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
34 Percentage Saving - For: London City (Wood St) Number of people to be accommodated Number of Months for which Accommodation in Needed % 68% 65% 66% 66% 68% 69% 5 29% 17% 7% 8% 5% 9% 13% 10 13% 12% 3% 5% 0% 5% 10% 15 12% 2% 6% -3% 6% 8% 7% 20 27% 4% 2% 5% 3% 4% 4% 40 22% 10% 3% 4% 3% 4% 3% Fig 60 18% 7% 0% 0% 0% 1% 1% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
35 Cost Comparison - For: London City (Wood St) Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /887 Fig Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 1600 per person per month at a serviced business centre or 1827 at a conventional office lease
36 OUTSOURCING THE OFFICE category: sum of traditional categories location: London City (Wood St) PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,830 5,712 4,942 4,556 4,314 4,250 4,186 Fig 5 3,545 2,204 1,874 1,708 1,544 1,516 1, ,886 1,827 1,566 1,435 1,286 1,265 1, ,676 1,640 1,385 1,257 1,112 1,091 1, ,530 1,563 1,325 1,205 1,067 1,047 1, ,347 1,425 1,198 1, ,245 1,373 1,158 1, OUTSOURCING THE OFFICE
37 category: Regus prices, City of London (Wood St) PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,500 1,840 1,748 1,564 1,472 1,380 1, ,500 1,840 1,748 1,564 1,472 1,380 1, ,500 1,600 1,520 1,360 1,280 1,200 1, ,350 1,600 1,300 1,290 1,040 1, ,840 1,500 1,300 1,150 1,040 1, ,840 1,280 1,160 1, Fig 60 1,840 1,280 1,160 1, OUTSOURCING THE OFFICE
38 Fig category: diy leasing (rental costs only) location: London City PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED Percentage Saving -
39 For: Manchester Airport Number of people to be accommodated Number of Months for which Accommodation in Needed % 84% 82% 81% 81% 82% 83% 5 67% 55% 44% 41% 39% 40% 42% 10 59% 48% 36% 33% 30% 32% 34% 15 56% 42% 26% 20% 15% 17% 20% 20 54% 39% 23% 18% 13% 15% 18% 40 50% 34% 15% 9% 2% 5% 8% Fig 60 48% 31% 12% 6% -1% 2% 5% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
40 Cost Comparison - For: Manchester Airport Number of people to be accommodated Number of Months for which Accommodation in Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /437 Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 594 per person per month at a serviced business centre or 1144 at a conventional office lease
41 OUTSOURCING THE OFFICE category: sum of traditional categories location: Manchaster Airport PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,097 3,980 3,210 2,824 2,661 2,597 2,532 Fig 5 2,738 1,397 1, ,204 1, ,053 1, , , ,
42 OUTSOURCING THE OFFICE category: Regus prices, Manchester Airport PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED , Fig
43 OUTSOURCING THE OFFICE Fig category: diy leasing (rental costs only) location: Manchaster Airport PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
44 Percentage Saving - For: Reading Business Park Number of people to be accommodated Number of Months for which Accommodation is Needed % 80% 77% 77% 77% 78% 79% 5 63% 48% 38% 37% 34% 36% 39% 10 54% 41% 30% 29% 25% 28% 31% 15 51% 34% 21% 18% 12% 15% 19% 20 48% 31% 18% 16% 10% 13% 17% 40 50% 26% 12% 9% 3% 6% 10% Fig 60 47% 22% 7% 5% -3% 1% 5% Conventional office lease potentially more cost effective Fully serviced business centre office versus conventional office is comparable Fully serviced business centre option at least 10% better than a conventional office lease
45 Cost Comparison - For: Reading Business Park Number of people to be accommodated Number of Months for which Accommodation is Needed / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /602 Fig Key: Italicised figures are fully serviced business centre office costs, others are for conventional office leases, i.e. to provide 10 people with accommodation for 3 months would cost 818 per person per month at a serviced business centre or 1653 at a conventional office lease
46 OUTSOURCING THE OFFICE category: sum of traditional categories location: Reading Business Park PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED ,510 4,392 3,622 3,237 3,040 2,976 2,912 Fig 5 2,994 1,653 1,323 1,157 1,037 1, ,435 1,376 1, ,270 1, ,151 1, ,030 1, ,925 1,
47 OUTSOURCING THE OFFICE category: Regus prices, Reading Business Park PEOPLE MONTHS FOR WHICH FACILITY IS NEEDED MODATED , , , , , , Fig 60 1,
48 OUTSOURCING THE OFFICE Fig category: traditional leasing (rental costs only) location: Reading Business Park PEOPLE SQUARE MONTHS FOR FEET WHICH FACILITY IS NEEDED MODATED NEEDED
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