Leased spaces have historically been the preferred option for small and larger businesses. Yet things have gradually begun to change and Serviced Office spaces have come into the frame. The technological changes we’ve been dealing with have morphed into changing the dynamics of the office space industry. Serviced offices are becoming more popular, for several reasons which we will explore.
Leasing your own office traditionally means being forced into a long term contract, often between three to five years. Landlords will often ask for a minimum deposit equivalent to 3 to 6 months rent – plus another 3 to 6 months’ rent in advance. You will then have to fit-out the space, buy furniture, cabling, phones, arrange security etc etc. It all adds up into hefty setup costs, especially for a business that’s constantly growing and changing. Serviced spaces tend to have a minimum contract of just three months, which favours those who might be likely to change location or staff numbers in the near future. Deposits are usually more in the area of 2 months’ rent, with just one more month paid in advance. It gives you, and other business owners, more flexibility and freedom. You can’t be 100% sure how much your business might grow, you may even have a business that fluctuates in numbers, and you might eventually realize you need more/less office space. That’s the primary reason why serviced spaces are advantageous. They are more suited to the dynamic changes businesses experience.
Furthermore, serviced spaces are cheaper on average over the first three years of occupancy compared to lease spaces, less stressful and easier to manage. After all, the majority of serviced office providers have invested heavily in their fit-out and infrastructure having existing phone facilities, on-site security, and cleaning services provided. They include furnishings and inclusive bills, as well as fully equipped conference rooms you can hire by the hour – meaning you only pay for the space you’re using, if and when you use it, which leaves more of your budget to funnel back into your business. Serviced offices often come with highly trained receptionists and centre staff to handle messages, calls and guests – so you effectively have a full team working for you without the usual expense. With all that thrown in, it’s clear: you’ll be paying less, and getting more.
Besides this, your business could do without the headache of managing a leased office space. Not only will you be saving money, you’ll be saving yourself from extra supervision, so you’ll be able to focus more on what’s important and work on your business without worrying about external trivialities. So many features of renting a leased space have to be continually taken care of, from extra bill expenses to hiring cleaners, setting up an office internet connection, installing a phone system and buying the desk space and seating. All of that is automatically taken care of with serviced office spaces.
Timeframes are a key factor with Serviced Offices able to have your business up and running within 24 hours. Sure, you’ll have to share your building with other companies. But that’s not necessarily a bad thing. You’ll each be working within your own headquarters, and you won’t suffer from any disturbances. You might even see it as a positive – with different businesses sharing the facilities, you might just make an excellent business contact while you’re making a coffee. A number of the Serviced office providers run networking events and actively encourage collaboration between tenants via their own intranets.