Interesting article here sponsored by Ashley Winter of Hollis.  

Factoring in the cost of dilapidations to rent for serviced offices is likely to be a tricky accounting exercise - e.g. how far into the future should one look when estimating repair costs?  How much should be budgeted for contingencies?

Further, how do you account for tenants with unique fit-out requirements which may fall outside 'normal' financial analysis?  One way of dealing with it would be through detailed schedules of condition.  However, where the occupation is short-term, which tenants will want this up-front expense?