The rise in Plug and Play offices continues…
The rise of flexible, plug & play offices is continuing to evolve the industry to expand its offering on all-inclusive services and accommodate various modern lifestyles. Plug and Play offices, referred to in the industry as Cat A+, is a concept for tenants and landlords alike that offers a fully fitted and furnished office. It now forms a significant part of landlords’ ongoing strategy to engage with occupiers at a more affordable and convenient level.
Whist this initiative has been around a while, it’s gained huge traction in more recent times, due at least in part to the rise in prominence and performance of flexible providers, able to offer space that requires limited or no CAPEX spend from an incoming occupier, coupled with typically shorter term leases or licences.
The benefit of a CAT A+ refurbishments:
Cat A+ offers an alternative to companies that for one reason or another may not want to lease from a flex provider, but do want many of the same benefits – and perhaps some improvements too.
The scheme allows these same companies to take somewhat more flexible or simply shorter leases, without the burden of needing to invest in the design and build of the space themselves.
CAT A+ is not a one solution fits all, they are unique to each situation, floor plate, building and available lease term.
For the OCCUPIER, minimal if any capex spend, immediate access and occupation.
For the LANDLORD, reduced or zero void period on space, with maximum speed to market.
These types of offices have been pioneered by our industry and represents an intelligent middle ground between Cat A and Cat B refurbishments. (Find out more about the different types of fitouts available here) A Cat A+ fit-out is commissioned by a landlord but is almost as comprehensive in design as a tenant’s fit-out instruction. It offers a ‘plug and play’ space with full functionality, including data fibre and cabling, and provides an alternative solution to small and medium sized businesses, that may not have the budget for a high-tech office renovation, and for which a co-working environment may previously have been the only option.
Although Cat A+ requires more up-front investment from the investor, developer or landlord, it allows them to secure tenants sooner and eliminates the need for rent-free periods because the space is ready to go from day one. It is gaining in popularity as many landlords recognise these benefits immediately following a ‘trial’ project and then quickly apply the same approach across their property portfolio.
Akoya Work Life
Associate Director of Brunswick Property Partners, Jonathan Cochrane, talks about how Akoya Work Life have done just that. “The Akoya portfolio benefits from heritage buildings and we ensure the refurbishments and developments we undertake enhance the existing assets and their features, whilst bringing modern day technology to the spaces.
By having a great relationship with Dthree, we have full trust in the projects they deliver. Being able to trust a contractor to complete the project on time and on budget with such a high level of quality takes the stress and time out of managing the refurbishment projects.”
Akoya believe that, ‘while work should be serious, an office should always be a happy and healthy environment. Our places do good for the people in them and for the communities that surround them’.
Take a look at our recent CAT A + refurbishment for Akoya at Power Road Studios here:
The Difference Between Co-working and a Plug and Play Office
Generally speaking, co-working spaces are slightly more affordable than plug and play offices, but that’s because the latter are privately owned, as opposed to being shared.
Another big difference is the open space versus private room. Co-working spaces tend to be much larger and spread out across one open plan area, to accommodate the various businesses utilising it.
Plug and play offices are designed for one business, and therefore have a variety of spaces and flexible working areas such as meeting rooms, booth seating and hotdesking (similar to the type of space a business would be looking for when undertaking a office fitout). Unlike co-working areas, this particular style of refurbishment often allows the opportunity for company branding within the space, allowing businesses to make it their own whilst using it.
Why choose Dthree?
Uniquely to Dthree, by being a part of the DeVono Cresa Group, the projects we work on have the full attention of a highly acquisitive business of tenant-only advisors. This team are constantly servicing a broad range of occupier requirements, and because of that are always searching for gems, not quite visible to the rest of the market. When you engage Dthree on a vacant workplace, it instantly hits the radar of the office agency team at DeVono Cresa, exposing it to occupiers with matching requirements far earlier than it otherwise could be.
To find out more about our services and CAT A + projects, get in touch today!