Serviced offices can be an attractive option, especially for those seeking commercial office space for the first time.
In this blog post we explain what serviced offices are and highlight the pros and cons.
What is a serviced office?
A serviced office is a complete office solution. Serviced offices are fully fitted and furnished, ready for immediate occupation. They include a range of business services such as reception staff and telephone answering services, conference and meeting facilities, video conferencing, networking and high speed Internet access. Typically multiple tenants will share the same serviced office building.
Pros of Serviced Offices
• Instant access – serviced offices are ready to move straight into and start operating from.
• Set prices – the rent you pay also includes the extras such as utility bills, maintenance and Internet so there shouldn’t be any additional costs (telephone costs are not normally included).
• Convenience – all your required services are taken care of for you, with one monthly payment.
• Short-term solution – serviced offices are often available on short-term contracts, which can be very useful if you want to find your feet before committing to a longer-term lease.
• Flexible space – you can expand or reduce space quickly and easily meaning that you won’t waste money on space that isn’t needed and can expand without changing your business address.
• Networking potential – serviced office buildings will likely have multiple tenants giving you the opportunity to network and cross sell with a variety of other businesses.
Cons of Serviced Office
• Cost – serviced offices can work out more expensive than standard rent. They can be costly, particularly in the longer-term.
• Hidden costs – some services may be outside of the standard package and can add a considerable cost to the monthly fee.
• Lack of branding – you will probably be restricted from having your own branding on the building either internally or externally.
• Multiple occupation – you will inevitably be sharing your office building with other businesses. If you don’t like the idea of such close neighbours then serviced offices is not a good option.
• Shared resources – shared facilities, such as meeting rooms and parking spaces, might not be available when you need them.
• Impersonal – serviced offices are not meant to be a permanent solution so will never feel like your own.
If you are seeking new premises for your business, whether serviced or traditional lease, it is advisable to seek professional advice to avoid unexpected costs and problems further down the line. Contact us and let us help you find the right commercial premises for your business.