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EDINBURGH-MWB Business Exchange, Marylebone Warwick Balfour Group’s serviced office subsidiary, has let nearly all of its 30,000-sf Edinburgh Business Park serviced office centre to Royal Bank of Scotland. The two parties did the deal on a “Flexispace” licence for an initial 12 months, with an option to renew, at an annual fee of £2.1 million ($3 million).

Located a few miles south-east of Edinburgh’s city centre, the fully serviced space will provide the bank with 380 workstations.

This is the fifth major corporate that has taken space under MWB Business Exchange’s Flexispace contract over the past three months, increasing the number of workstations licensed on this basis to almost 1,500. Flexispace targets larger companies requiring office accommodation for between one and five years with the availability of a menu of services.

MWB is earmarking as much as 25% of its 2 million-sf serviced office portfolio to provide accommodation for companies seeking short-term highly flexible space. Demand for this type of office accommodation has been growing strongly during the last half of 2001 and already MWB estimates that this sector is generating more than £21 million ($30 million) a year in income to its serviced office turnover.

Terms for the RBS licence were only agreed last week, with occupation commencing from 15th December 2001. MWB said the speed with which a company can take occupation, once terms have been agreed, reflects the flexibility and advantages Flexispace has over traditional accommodation let on traditional leases.

Over the course of the past year MWB has noted increasingly strong corporate demand for outsourcing non-core operational services, such as IT and telecoms, which is leading to a greater requirement for both its serviced office and Flexispace products.

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