A GUIDE TO SERVICED OFFICES
What is a serviced office?
A serviced office is an office that is all set up and ready to go as soon you get the keys (or access passes). Utilities, business rates and the day-to-day costs associated with the running of the building is included in the rent and is managed by another company. This means that you do not have to worry about some of the more laborious tasks associated with setting up an office such as installing broadband, getting in touch with the rating authority etc.
Serviced offices tend to offer much more flexibility and shorter-term contracts than traditional private offices – with lease length tending to be months rather than years – which is great news for businesses in the current economic climate who are not entirely sure where they’re going to be in the next year or so.
There are a range of products available within serviced office types to suit all types of occupiers, ranging from hot desks to fixed desks in shared spaces, to private office suites for teams and larger organisations.
WHAT FACILITIES DO SERVICED OFFICES PROVIDE?
Most serviced offices will provide you with all the basic essentials as part of your all-inclusive rent. You can expect:
- Furniture
- Mail services – Including registered business address
- High-speed internet
- Security staff
- Printers and photocopiers
- Audio-visual equipment
- Kitchen/ tea-point facilities
- Cleaning services
Most serviced offices offer additional amenities on top of these. Some of these are included as part of their all-inclusive rent package, with other service office providers making these available to use on a pay-as-you-go basis. These additional amenities include:
- Unique event spaces – Perfect for hosting conferences or networking events
- Meeting rooms
- Reception staff – Many of whom handle deliveries
- Bike storage
- Gym facilities
- Shower rooms
- Fitness classes
- Childcare facilities
- Roof terraces
- Telephone answering services
what are the benefits of serviced offices
Flexible Short-term contracts
Serviced offices can be available for anything between one month and one year and usually have rolling or easily renewable agreements . This means that the offices can provide flexible, temporary workspaces that suit your needs and don’t tie you down to long-term contracts, which in these uncertain times is essential for most businesses.
Budgeting
As you pay in an all-inclusive fee each month, budgeting becomes very easy. You know exactly what you should pay for your rent each month and you will not have any unexpected spikes in expenditure that will threaten your budgets.
Location
Most serviced offices are in excellent locations and are close to commuter hubs. Having an office in a desirable building or postcode can leave a favourable impression on your business.
less hassle
Self-managed private offices are often labour-intensive to run because of the inevitable maintenance issues that can occur. With a serviced office this is all taken care of for you, enabling you to focus on what’s important for your business.
Excellent Amenities
Many of the serviced office providers offer excellent facilities and amenities which can include event spaces, baristas, and gyms. Having access to amenities like these can prove influential when attracting and retaining talent and can also be beneficial for business development and when building your brand.
is it more expensive to rent a serviced office?
On the face of it, the cost of some serviced offices might seem to be higher when compared to traditional office space (on a square foot basis). However when you factor in the savings from having no additional expenses and combine it with the flexibility of shorter lease commitments and the fact that most serviced offices are already furnished, it can work out to be much more cost effective.
Another factor to consider for serviced offices is that most serviced office providers offer a standardised agreenent. These standardised agreements are typically more simplified than traditional leases meaning that the agreements can be completed quicker and often do not require solicitors to review thus reducing costs. The flexible terms also mean that companies don’t pay for space they don’t need, as they are free scale up only when they have a requirement for additional space.
Serviced offices either charge a flat fee for a desk per month, or a fee per-square-foot/per office. Renting desks is a better fit for small business, while renting per office or per-square-foot is more suitable for businesses that have a large number of staff.
WHAT IS THE MINIMUM CONTRACT PERIOD IN A SERVICED OFFICE?
Many serviced offices offer monthly rolling contracts, allowing you to retain flexibility and move or grow as and when you need.
What type of businesses can benefit from a serviced office?
Startups
Serviced offices are ideal for startups. Before the mainstream emergence of flex space, conventional leases would usually require tenants to sign a lease for 5-10 years, which in this economic climate is not feasible for the vast majority of businesses. Monthly rolling contracts open up workspace for startups who do not necessarily know whether their business idea will take off.
Scaleups
When you’re growing fast, the last thing that you want to do is either a) run out of space or b) have to pay for space that you don’t need. The flexibility of serviced office solutions allows companies to “pay as you grow” – so only take on workspace as and when they need it. If you wish to grow your office space and stay with the same serviced office provider they will usually allow you to terminate your existing agreement and move you on to a new agreement for larger space, which traditional landlords do not.
SMEs and Corporates
Serviced office space offers many benefits to larger companies too – particularly those that scale up and down in size frequently, as it enables you to take and dispose of space as and when it suits you. This is particularly useful for SMEs and larger corporates that might require additional space for temporary or subsidiary teams, or innovation hubs for new off-shoot ventures.
find a serviced office with flexify
Flexify is a property marketplace spanning that operates across all main commercial property sectors. Our platform provides the ability to search across the flexible office market and filter by up-to-date pricing, location, amenities and more. In a similar way to hiring a car or booking a hotel room, our website enables you to analyse the market quickly and easily.
When you get in touch with our team we will then advise you on what your options are and then deliver bespoke solutions, drive negotiations, and ensure that you get the best deal to suit your business needs. Best of all our service is free.