Which Option Suits Your Company?
Every day, we offer advice and guidance to our clients that helps them to make the best possible decisions on their future work space. Working independently across the entire property market, Shoreditch Office Space is able to provide unique insight on the best options for our clients.
Recent market trends have seen an increase in the popularity of serviced offices. In essence, these are the ‘hotels of the office world’: everything you need to get straight to work is provided, you have flexibility over length of term and scope to expand/reduce requirements relatively easy. Payment is monthly and manageable, while unforeseen expenditures are kept to a minimum.
Sounds great, doesn’t it? So why don’t all companies use serviced offices for all their work space needs?
Probably for the same reason we don’t all live in hotels…
Taking a lease on an office is a longer commitment, and requires a degree of company stability and security. Landlords want to be comfortable in your ability to honour the lease, and as such may ask for more significant deposit amounts or to see accounts for the past years of trading.
So what are the benefits of taking a lease?
Firstly, on taking a lease, the work space is yours to do with what you will (within the terms of the lease agreement). You are able to brand the office as your own, plan the space and largely do as you will with its design. Serviced offices often don’t like overt branding of their space by occupiers on the grounds that the venue is a shared one, and may impact negatively on other residents.
Secondly, many occupiers associate taking on a lease with company progression. Rather than sharing communal spaces, meeting rooms, reception areas – businesses that take on a lease have sole use of their work space and can operate within it as they wish. Many businesses require a degree of privacy from time to time, and taking on a lease ensures that meeting rooms and break out areas are not compromised.
Finally, taking a lease offers mutual security to both tenants and landlords. Normally in excess of three years, lease agreements on work space ensure a degree of stability, allowing you to make informed decisions on how best to take your business.