Forsyth, the national serviced office space specialist, is enjoying a boom in its office space management contracts division. The rapid growth of Forsyth – part of Kevin McCabe’s global property specialist, Scarborough Group International Limited, sees the company operating more than 200,000 sq ft of office space across the UK as its management contracts division continues to capitalise on rapid market growth.
Forsyth now boasts a national portfolio of serviced office space which it manages on behalf of landlords to make a return on loss-making properties. The company has secured 12 management contracts in Watford, Stirling, Hemel Hempstead, Darlington, Leeds, Harrogate, Blackpool, Walton on Thames, Sheffield and Chesterfield.
David Harrop, finance director at Forsyth, said: “Forsyth’s spread of management contracts is ongoing and we anticipate making more announcements in the near future. Market circumstances are creating a lot of opportunity for our management contracts division to offer a realistic solution to landlords of properties which may not be making a return on investment due to traditional leasing costs.”
The diversification into management contracts has also allowed Forsyth to move into new locations across the country, including Harrogate and Blackpool – ripe for regeneration and new business opportunities. Forsyth cites caution in the business market as a strong driver of the serviced office sector with more businesses opting for flexible, short-term licensing options on commercial space than committing to fixed-term leases.
David added: “The conventional commercial rented property market is a viable model in strong economic conditions, but lacks the opportunities that many businesses seek when purse strings need to be tightened. We are not just seeing smaller companies turning to flexible leasing options, our management contracts secured property in Stirling has been taken as a base by Asia’s largest information technology firm, Tata Consultancy Services, for the duration of a key contract north of the border.”
Forsyth’s broad portfolio of serviced office space now spans the UK and emerging Asian markets. Alongside resident tenants, its centres also provide virtual office space to clients requiring a postal address and a business telephone number.
Properties taken on by the management contracts division are used to provide flexible terms offered through serviced offices, which provide simple, non-restrictive property solutions, enabling businesses to focus on their own markets without excessive overheads. Forsyth serviced office space provide businesses with a variety of facilities ranging from office accommodation, meeting rooms, reception services, telephony, mailing addresses and secretarial support. Businesses using the facilities receive one all-inclusive monthly invoices with no hidden costs.
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