ABSTRACT
This chapter considers some of the new occupational arrangements which have emerged in the last decade and a half, how property is occupied elsewhere in Europe and how the introduction of a REIT-style ownership structures might have an impact. Some well-established large occupiers with freehold and long leasehold premises have taken those assets off their balance sheets by a variety of methods. At the other extreme, some (usually small or start-up) businesses have avoided a commitment to property by going down the serviced premises route. Flexible leasing has found operators in the office, industrial and warehouse sectors. While the details of subsequent transactions are different, the Private Sector Resource Initiative for the Management of the Estate (PRIME) model and the processes which the outsourcing partners have applied to price the contracts offer some clues to a developing area of the property industry.
