A flexible workspace is becoming a popular way for small and start-up businesses to have a space to call their own. Between 2014 and 2015, the serviced office sector grew by 17 percent in Central London and by 3.3 percent across the UK as a whole. Why is this?
There are many benefits to companies using serviced offices and this is why the industry is growing. Companies like to be able to reel off a high-powered address, as this impresses potential contacts and business partners. Anyone inviting a client to a meeting in a fancy part of town is likely to get a “yes”, and being among other high-powered businesses boosts credibility and offers lots of networking opportunities. Who doesn’t want to work in the best- furnished office Bracknell has to offer, for example?
However, renting an office in an expensive part of town can prove to be too much of a risk for a lot of start-ups. Many rental agreements involve long-term contracts of anything up to five years, with penalties for early exits. What if the business suddenly outgrows the space, or, (hopefully not) needs to fold and go home? It’s tied into a contract and finds itself restricted.
By opting for a flexible, short-term serviced office, a company can have notice periods of as little as a month, so if things are going well (or not so well) the company can pick up and move. If it needs to expand, there may be another suite in the same complex, which is a huge bonus.
The fact that serviced offices are, well, serviced, means that the cleaning, the reception duties and the security details are taken care of by the management company. This lets company bosses get on with running a business, which is vital in the early days.
You might usually work remotely “with” your colleagues, but then you find you all need to be in London for a month. This is one of the ideal scenarios for a serviced office – contracts can often be for a minimum of a month or even less. Sometimes you can hire a fully-serviced office for a day!
If you’re thinking of relocating your company to London, then renting an office for a month or two, with the option of picking up sticks and leaving if you need to, is all you need to give it a shot. If the Big Smoke isn’t to your taste, you only need to give it a month at most before you can leave.
Some remote working teams find themselves all working in their own local coffee shops, or maybe they’re travelling around London a lot and they need a hub. This is where managed offices come in, to give the team a focus, a place to go to and connect, with all the facilities of a regular office.
The workplace is changing, with flexible shifts and flexible employment contracts, with companies not needing fixed staff numbers or fixed roles month after month. Having an office space that can shrink or expand along with the company’s seasonal needs is going to become the ideal situation.
t out the rest of your lease and move, but if you own the place, you have to find a buyer, maybe lose a few thousand, buy a new place and pay Stamp Duty. It’s a big undertaking.
The good news is that you can, as an owner, extend, or rent out a corner or two to start-ups. Tenants can’t do this. Another consideration is that leased premises often have a clause which states the premises must be restored to their original state. If you’ve been there long-term, this can cost a packet.