The Value 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?
Charles Golding MRICS is Tangible Assets Valuation Associate Director at RICS. He has worked across a wide range of valuation disciplines in both public and private practice. He has provided valuations for government and multi-national clients on property types ranging from luxury hotels and Olympic sports venues to distribution centres and prime office blocks. He has given expert witness evidence in the UK Valuation Tribunal and Upper Tribunal (Lands Chamber) and worked as a policy adviser to UK Government on local taxation regulations and digital improvements. Charles has presented seminars in the UK and Europe on RICS standards and contemporary valuation topics. He is the author of a recent RICS Property Journal article on the valuation of flexible workspace and an RICS Insight Paper on the same topic to be published shortly.