Those who are new to renting office space might well be confused at the use of the term ‘serviced’. Often also connected with another word, ‘managed’, this has a specific meaning within the world of offices. Here we’ll explain everything you need to know about serviced office spaces, to help you decide whether they are right for you.
What is a serviced office space?
Let’s start at the beginning, with a definition you can understand. A serviced or managed office is usually within a building made up of lots of other offices, although it doesn’t always have to be this way. The building itself is owned by a company which has set it up as office spaces for other businesses to rent.
Some serviced offices will work differently to others, but here is a general overview of what to expect:
- The grounds, hallways, and all public facilities such as lifts or toilets are maintained by the company that owns the building
- Cleaning services may also be included in your rent, or added optionally
- Your electricity and water bills will usually be included in the rent also
- The company will provide your phone and internet connections (possibly at an added price)
- Security and reception facilities will be provided by the company
Is a serviced office space affordable?
Of course, this question depends on the location, size, and the company running the particular office you are interested in. But generally speaking, yes! Serviced office spaces, compared to spaces which are not serviced, can be very affordable.
The reason is that a lot is being taken care of for you. Imagine how much it would cost to hire your own security guard around the clock, your own receptionist, and to maintain the outside and lobby of a building that you rented under a simple rent agreement. All of that is taken care of for you, and because the cost is spread amongst all of the tenants in the serviced office building, it ends up giving you a great saving.
When bills are included as well, it gives you a great set rate which you can rely on for the whole period of your agreed lease, which is really useful for small businesses and sole traders who need to keep costs down.
What are the other advantages of leasing a serviced office?
There are some other great aspects of serviced offices which cannot be ignored. One is the fact that you often share the building with other tenants in their own serviced offices.
This is great for footfall, guaranteeing that more people will see your business every day. It can also result in inter-tenant trading, where you are able to make deals with and find customers in your neighbours. There’s also the possibility for cross-promotion, where you team up to find ways to profit on both sides.
Having a serviced office is often a lot less stress for you as a business owner or manager. The exterior will always look impressive and well-maintained, and you don’t have to worry about it.