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A guide to taking flexible office space - Chris Barkley published in Charity Finance Magazine
- AuthorChris Barkley
What are the benefits of taking flexible office space and what do you need to know?
The flexibility that comes with shared and serviced office space is one of the most obvious benefits. Space can be acquired on a very short term basis and can be adjusted to cater for workforce size much more easily than with a lease. Leases are much more rigid in that they are for a fixed area/demise and generally for a longer term. This means that when something unexpected, such as a pandemic or a recession occurs, there is no ability for a tenant to reduce their overheads unless flexibility (such as a break clause) has been specifically built in to the lease document. Given the unpredictable nature of recent events it is unlikely that many small businesses or charities would have negotiated this flexibility into their leases. In terms of freehold property, selling quickly to reduce costs would have posed quite the challenge in the height of lockdown.
What else do you need to know and how do you ensure you get the right space and services?
You can read Chris's full article on Charity Finance's website by clicking here or by contacting Chris using the details below.
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This guide is for general information and interest only and should not be relied upon as providing specific legal advice. If you require any further information about the issues raised in this article please contact the author or call 0207 404 0606 and ask to speak to your usual Goodman Derrick contact.