Valuation of flexible workspace – putting a price tag on buildings occupied by serviced offices
Flexible workspace occupies more than 5% of the office market, but there is still no established way of calculating the value of a building containing operators, whether they occupy just a couple of floors or the whole asset. Also an emerging issue where operators set up an SPV and, if the office isn’t performing for them, they can dissolve the company which renders the lease null. Do flexible office providers need to be stabilised as tenants and how can this be done?
Basil is the Managing Partner of FORE Partnership, a purpose-driven real estate private investment office active across western Europe. FORE transforms buildings through active, hands on asset management that focuses on low carbon strategies, social impact, place making and design. Prior to founding FORE, Basil was a partner at Capricorn Investment Group, the family office of Jeff Skoll (eBay), overseeing the firm’s European business, the real estate strategy globally, and serving on the firm’s investment committee. Previously he was a Managing Partner at real estate private equity firm, Jargonnant Partners, and spent 13 years in investment banking working for ING Barings, Bear Stearns and Bankers Trust (Deutsche Bank). Basil received a BSc in Mechanical and Aerospace Engineering from Cornell University.