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Report Service The Information

That We Use

These are the terms upon which iTango Building & Asset Consulting LLP (registered no OC422405), trading as OFFICE Solve, agree to act for you. The entity with which you have engaged will be noted on our letterheads, email footers and invoices that are sent to you. If you are at all unsure as to with which entity you have engaged, please contact us and we will confirm the same. Our agreement takes effect from the date we agree to accept your instructions, but these terms will apply from the date we provide you with a copy of them. The following is an explanation of the information that we use in our analysis reports and explains how we obtain and use this information. What we do We research and process data on commercial leasing in central London. We do this as part of our analysis of occupier office spaces to make comparisons and identify opportunities to reduce costs. We offer a free report service to business occupiers. Any reports that we issue to a company are not shared with other businesses unless we are authorised to do so by the data subject/ company. Shared information would usually occur when appointed by the data subject and where our collaborators are involved as part of delivering services to the data subject company. All information is treated in the strictest confidence in accordance with the RICS codes of practice and requirements for professional conduct. How we obtain the information The information that we obtain is compiled using public resources such as company reports, press releases, trade magazines, business websites and trade journals. We refer to public resources such as Companies House and the Valuation Office Agency (VOA). We acquire information from database platforms provided by legitimate data companies that specialise in property information. These include, EGi and CoStar. This information contains details of properties and occupier companies and their lease information. This information is normally shared in the marketplace between property practitioners and stakeholders as part of their professional engagement and is an essential commercial activity for establishing market evidence. The transparency of data is helpful to occupiers as it reveals the market rates for office space and enables practitioners to establish values in real estate. This is an essential part of value comparison and market function. What is the information based on ? The reports that we produce on the cost of leasing are based on estimates using lease data, benchmarking of operating costs for offices and market evidence for office space. We use unit values to estimate the costs for space under a standard lease. This includes estimates for entering into a standard lease, build- out costs, and operational costs (running and maintaining office space). The estimates are given as a rough guide and are mainly based on published data from market research: The unit costs are determined from the following sources: 1. Market assumptions on lease obligations and fee requirements. Source: General Practice and Building Surveying. 2. Market analysis of Service Charge costs for office buildings in central London. Source: Published data and practice. 3. Guide estimates on running costs for a modern office business environment. Source: WeWork. 4. WeWork desk rates for central London. Source: ~ 50 WeWork buildings (Aug 2019). 5. Average Estimated Rental Values for central London: Source: EGi lease data. 6. Rateable values are based VOA online data. 7. The Central London office market; average rent- weighted lease length. SOURCE: report, UK Lease Events Review Nov 2018, msci. 8. Office Occupancy: Density and Utilisation; BCO, Feb 2018. 9. RICS Code of Measuring Practice, 6 th Edition May 2015. 10. The Mehigan Company, Inc; ‘average square footage rates’. Many of the unit rates are based on service charge analysis and cost benchmarking. The unit rates are applied on a per square foot basis and also on a per person basis, depending on the method most appropriate for estimating purposes. In WeWork buildings, the average square footage per person is around 50 square feet. This compares to 250 sq ft for commercial offices industry wide. We use a desk area for commercial offices in our calculations, which can vary depending on the nature of the occupation and how the space is utilised. These costs are generalised and are indicative only. Some of these costs may need to be weighted to reflect economies of scale, office size and use profiles. A better understanding of actual running costs would be gained from site surveys and review with the occupier on a case by case basis. Note : there will probably be a trend towards de-densification of desk areas as a consequence of new workplace practices and safeguarding requirements as we adjust to the post pandemic world. However, there will be more emphasis on remodelling of spaces and re-examining how space is used as remote working practices become more established. This will compel the need to look at common area loadings and push for more efficient spaces that reflect a new ecosystem of workspace environments. Privacy and Confidence Any information that is used in our market analysis research is anonymized. Any information that is data subject specific is treated in confidence between OFFICE Solve and the data subject as part of our marketing approach and service offering. iTango is regulated by the RICS and we are bound by their codes of conduct and professionalism. OFFICE Solve takes the security and privacy of data seriously. Our approach to compliance is in accordance with EU General Data Protection Regulation. Information about how we manage our data privacy is available on our website, click HERE .

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