Cat A+: The landlord’s answer to co-working
Opinion
Cat A+: The landlord’s answer to co-working
With clear benefits including flexibility, collaboration opportunities and cost efficiency, it’s easy to see why co-working has generated such a buzz in recent years.
These spaces cater particularly well to small businesses and start-ups who may not have the money or time to spend on a full Cat B fit out.
Although the largest provider still only caters for roughly 1% of London’s working population, there is still a huge opportunity for growth. Especially as more businesses adopt a flexible or remote working approach in the wake of the pandemic.
As a landlord, you may be wondering how to compete.
If that’s the case, a Cat A+ fit out could be just the ticket.
Here’s why.
What is a Cat A+ fit out?
Cat A+ fit outs are a relatively new concept in the design and build industry that occupy a sweet spot between Cat A and Cat B projects. While not as comprehensive in design as a tenant Cat B fit out, they allow landlords to offer a ‘plug and play’ space complete with everything a new tenant needs to move in immediately. Including desks, tea points, breakout areas, meeting rooms and storage solutions.
A Cat A+ space is a fantastic option for tenants who don’t want the cost and extra work associated with a Cat B fit out but do want the privacy of their own office space.
It is an example of how workplace consultancy and creative design can enable traditional landlords to combat the growing threat posed by co-working spaces.
The benefits of Cat A+
This type of fit out offers considerable benefits for both landlords and your prospective tenants.
Boost your leasing capability and reduce vacancy rates – a ready to lease space that tenants can occupy from day one will be a far more attractive option to many organisations than an empty shell.
Attract a wider range of tenants – a full Cat B fit out may be beyond the financial reach of some tenants whereas a Cat A+ space is a viable option for small businesses and start-ups. Tenants will also find it easier to envisage themselves working in the space, making it an easier sell.
Charge premium rates – by offering a fully furnished and functional space, you’ll be able to charge higher rent rates while still providing an option that reduces tenant expenditure overall.
Compete with coworking spaces – coworking spaces may be all the rage but they can’t offer privacy. A Cat A+ fit out offers the same flexibility while also offering businesses the chance to have their very own office space without having to share with other businesses or invest in a full Cat B fit out.
You stay in control – because you are making all the decisions, you can ensure that the space is used as efficiently as possible while meeting your sustainability goals.
We think that just about sums up why Cat A+ is the future of landlord fit outs. If you’re planning a refurbishment and think this might be the perfect option for you, we’d love to hear from you.
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