If you are in search of new office space for your growing business, you may be surprised to discover just how many options there are to choose from, especially in terms of the different types of offices available. One of the biggest decisions that you will need to make in this regard will be selecting between a leased office and a serviced office. Here are the facts that you need to know.
What is a leased office?
You will find both leased and serviced offices in London, the USA – all over the world, for that matter. Having said that, the conventional leased office rental is arguably the most popular.
Ultimately, a leased office is a suitable office space that is leased to a business owner by a landlord for a stipulated period of time. The vast majority of leased offices are offered for a period of between five – 10 years, with a break clause coming into effect midway through the tenancy. Generally, the business owner will be required to pay rent on a weekly or monthly basis.
The main benefit of leased offices is that you tend to incur lower costs compared to what you might incur when leasing serviced offices. However, the finalization of deals often takes a lot longer, and you will also be responsible for paying various fees, such as annual service charges, utility costs, etc.
What is a serviced office?
Business owners in search of maximum flexibility, especially in terms of the length of their lease, may find it beneficial to consider a serviced office space. Basically, a serviced office space is a pay-as-you-use space that promises short, flexible leasing periods and a fully furnished interior – no need to spend money on purchasing and/or moving in your own office furniture. The fact that the space will usually be properly set up from a cabling perspective also means that businesses will not have to endure any costly downtime during the move.
Many business owners who consider serviced office space may worry that it might not be a good option for them if they employ a significant number of people. On the contrary, it is possible to lease office space with the ability to accommodate various sized workforces – often up to 100 employees in total, if necessary.
Which option is right for you?
That is the big question, isn’t it? The truth is that there is no ‘right’ or ‘wrong’ choice. It all depends on your business, your budget, and your unique requirements. In the instance that you already own plenty of business furniture and equipment, or you feel comfortable setting up shop in a particular area for a long period of time, a traditional leased office could be the solution. However, if you are still ‘testing out the waters’ in a certain area, or your establishment is still very new, it might be worthwhile considering a serviced office space instead.
Best of luck on your journey to finding the best new home for your business!
