Terms & Conditions
Here you’ll find information on what we do and how our service works. If your query isn’t answered below, feel free to get in touch and we’ll endeavour to resolve it as quickly as possible.
Office Space London
Office Space London is the trading name of Office Freedom Limited; a company registered in England and Wales with company number 02878016 and with registered address 16 Great Queen Street, Covent Garden, London, WC2B 5AH, UK. Prior to our rebrand in 2018, our name was SOS Worldwide Ltd t/a SOS (Search Office Space). We were established in 1993 by Richard Smith, Founder & CEO, as the world’s first property agent to specialise in serviced offices/coworking space.
Summary of Terms
In the event that an Office Space London client or any associated entity signs an agreement at your location or any of your associated locations, our usual terms apply i.e. 10% of the inclusive license fee agreement which increases or decreases pro-rata, in accordance with the client’s expansion or contraction. Any incentives such as rent-free periods are to be averaged out over the term of the agreement. Invoices are payable within 30 days of either the client paying a deposit or taking occupation, whichever is the sooner. If you have already been introduced to a client from another party, you are required to email us to reject this introduction within 48 hours, otherwise our fees will be applicable.
New Client Introductions
Office Space London will send introductions of prospective new clients to the Business Centre via email. All mail introductions also appear in the ‘Operator Portal’. All introductions are assumed to be accepted unless rejected.
New Client rejection
If the Business Centre wishes to reject our introduction, you need to send us an email stating the reasons. If a rejection email is not received within 48 hours, then our 10% fee will be payable to Office Space London.
Regardless of which broker is first to send an introduction to the Business Centre, the introduction should be overturned to the referrer who subsequently arranges a viewing (which is attended) for the customer at the Business Centre. Should this viewing result in a sale, the referrer who arranges the viewing which the customer attends shall be credited with the fee. In the event that the Business Centre arranges the viewing, and not the referring agency, then the referrer that was first to send the introduction shall be credited with the fee.
All prospective clients introduced to the Business Centre by Office Space London are strictly private and confidential and for the exclusive use of the Business Centre. The Business Centre can only use customer information in relation to offer your Business Centre services. We adhere to GDPR legislation and it is imperative that customer information cannot be passed on to a third party.
Referral Fees structure
When an Office Space London client signs an agreement or acquires any of the services at the Business Centre (as a result of Office Space London’s introduction), it is the responsibility of the Business Centre to advise Office Space London of the tenancy details so that an invoice can be raised by Office Space London. Office Space London’s referral fees are 10% (unless agreed higher in the case of any relevant promotions) of the inclusive licence fee for a period of up to 12 months, unless the client initially signs for a period of longer than 12 months, then 2.5% will be charged for any period of time beyond month 13. For example, if the license fee is 20,000 per annum on a 3 year deal, Office Space London’s fees will be 10% of 20,000 = 2,000 plus 2.5% of 40,000 = 1,000, total = 3,000.
If a customer signs up for an initial period of less than 12 months, Office Space London is entitled to fees on any renewal period up to the first 12 months of tenancy, irrespective of whether Office Space London was involved in the renewal negotiations. For deals exceeding 12 months which include a rent-free period within the first year, the rent-free period must be averaged out over the period of the agreement. For example, if 2 months’ rent-free period is agreed on a 2-year deal, then Office Space London will be remunerated for 11 months, as opposed to 10 months or 12 months.
Expansions are payable within the initial 12 months. Should the licence fee increase during the term of the agreement, it will be the responsibility of the Business Centre to advise Office Space London by email within 48 hours of the change in terms.
Settlement of invoices is to be made within 30 days.
Change of Ownership
If a Business Centre (or Group) is sold, it is the responsibility of the selling Business Centre to advise Office Space London and to ensure that the new owners are aware of all future referral fee obligations to Office Space London, and that they will be honoured. Failure to do so shall result in the outstanding fees remaining the responsibility of the selling Business Centre (vendor).