Amidst the uncertainty surrounding the Covid-19 pandemic many occupiers are turning to serviced office space to provide more flexibility. The combination of short-term contracts, low start-up costs and speed to occupy make them an ideal workspace solution for many businesses going forward.
Finding the right serviced office space for your business can seem a daunting task. Here we detail the key considerations to keep in mind, and offers some top tips to help you avoid the pitfalls.
The choice of providers
While WeWork and IWG’s Regus are some of the most well-known, London is home to over 100 providers of flexible office space offering a vast range of options. There is something to suit every business, whether you require creative or corporate space, a lively or quiet environment, and on a limited or healthy budget.
Tip: View offices from a range of providers to see which is most suited to you.
The hidden costs
One of the many benefits of serviced compared to leased offices is the ‘all-inclusive’ price but there can be extra costs. The monthly licence price typically includes rent, business rates, service charge, furniture, utilities and cleaning, but additional costs vary among providers. Most include a basic internet provision but some charge an additional price for advanced packages and renting rack space on a server. Telephony provision also varies among providers and outgoing calls are typically charged. Meeting room hire varies between providers with some operating on a ‘credits’ system or rented by the hour. Some even charge for tea/coffee provision!
Tip: Be sure to check what is included in the price when comparing offices and before you sign the licence agreement.
The amount of space
As serviced offices are traditionally listed by the ‘number of desks’ rather than in dimensions, the size of space can vary substantially between providers. The space allocated per workstation varies between 40 to 80 sq ft, making it difficult to compare prices for what appears to be the same sized offices.
In addition to your private space, you must also take account of the amount of communal space such as break-out areas and kitchens. Due to this, the size of a serviced and leased office cannot be compared like-for-like, which is a common misconception.
Tip: Don’t be misled by viewing the cheapest office as the space allocated per workstation could be small, and take account of communal space in addition to your private office.
Our team of experts would be happy to guide you through all the pitfalls with our hassle-free advisory service - free of charge. For an initial chat, please get in touch.
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