London-Based Real Estate Specialists Launch ‘Situu Management’ for Commercial Landlords
Leading real estate advisory firm, Situu, expands its service portfolio in line with the evolving needs of landlords and tenants and appoints two high-profile industry specialists to drive forward new concepts.
Over the past 24 months, Situu’s success has been in taking conventional leased offices and repositioning to let them as fully managed spaces. This success has been possible due to its unrivalled connections in the capital’s flexible office market.
Situu, has now added ‘Situu Management’ to its range of services, seeing the firm take complete care of the management of the occupied commercial space for landlords after it secures commercial tenants for them.
This follows the success of the firm’s ‘Situu+’ product, working with commercial landlords within Central London to wrap all office outgoings into one monthly cost for tenants – productising the landlord’s space, and thus making it transparent and easy to consume for tenants.
Peter Hall, Co-Founder at Situu comments on the business’s latest line of services for landlords: “To say the flexible office market has been completely turned on its head since 2020 is an understatement. More and more businesses now demand flexible terms coupled with tailored office spaces that fit new ways of working, with one hassle-free bill to cover everything, which is directly influenced by the way people now want to work.”
“Despite this growing need, some landlords simply don’t have the capacity to manage a tenant’s ongoing occupation, which is where Situu Management comes in as a bolt-on to Situu+, allowing us to expand our offering and cater to even more businesses.”
Situu Co-Founder, Harry Murphy, adds: “Quality of service is everything as far as we’re concerned, so having the ability to manage the tenant’s occupation is the next natural step for our business”.
Situu specialises in leased, managed and serviced offices in London to help office-based companies across all sectors and sizes secure the perfect workspace for them, with ease and flexibility increasingly becoming a key strategic driver for business development and talent acquisition alike. As such, in the past six months, 75% of all workplaces across the entire Situu+ portfolio have been let within three months of the completion of office refurbishment and fit-out.
The figures speak for themselves. In the first six months of 2022, the firm let 30,000 sq. ft. of Situu+ managed space. The average size of these spaces has been 2,000 sq. ft. showing demand for this product in a size bracket of office space that has struggled on traditional lease terms.
Peter adds: “Our remarkable success this year, with impressive inquiry and conversion levels, is largely down to our fantastic sales team and a great reputation within the market. We are very good at simplifying the flexible office and ‘future of work’ journey for landlords, many of whom are still adjusting to the shifting workplace landscape, and pride ourselves on providing an overall hassle-free service for tenants and landlords”
The team is currently made up of eight industry specialists, with two more set to join in August and September as the company’s offerings continue to grow.
Holly, former Sales Manager at WorkPad will take on the role of Senior Sales Manager for Situu+ with a focus on further growing the business’s high-calibre sales team. Red Kelly, who has been appointed as Operations Manager of Situu Management, previously occupied senior facilities roles at Huckletree and Quantexa before joining Situu, and will assist with the setup and ongoing operations of Situu Management.
Since Harry Murphy, Peter Hall, Dan Brown and Tom Leahy launched the business in 2020 to shake up the real estate market with their new and unique business model, turnover has increased by 50% year on year, with the same expected in 2022. The business now works with many high-profile landlords including GPE, L&G, Royal London and Orchard Street, and plans to further expand its team and services in line with the ever-evolving marketplace.