Are you on the hunt for new office space and undecided on which space is right for you? Finding the right type of office space for you can be quite complex. Especially when there are several types of offices to suit diverse needs. Consideration of cost, location, size of office space and building amenities will be significant to ensure that the property lives up to your specific requirements. Finding the right office is crucial to having a successful company culture and productivity. Victor Harris can help you find a suitable location at a low monthly cost, with their office search to make the process easier.
If you want to learn more about these types of offices, read on for further information. Victor Harris can offer you the right advice and guidance in deciding what office rental to choose.
Serviced offices are ideal for those unsure about working patterns, who want to embrace flexibility and only pay for space when required. These types of offices are good for those wanting increased amenities for employees, to empower the workforce and to help encourage them back. The advantage of managed offices is that they allow you to grow on-demand as and when you need to. Additionally, tenants share the breakout rooms, kitchens and lounge areas, making them affordable and sophisticated.
These types of offices consist of fully serviced work-ready spaces or individual workplaces. Therefore, this results in the rent being an all-inclusive price. This not only covers the office spaces but also amenities such as reception services, concierge, networking events, wellness, cleaning services and power. Consequently, the offices come in a furnished fashion, including IT infrastructure, security, furniture and anything else your workspace may need. These offices usually have multiple locations, so you can book meeting rooms in other buildings, if required.
Usually, serviced offices are built specifically with this assistance in mind, making them different from managed offices. This will include all the essentials of contemporary businesses. As these offices are rentable for any length of time, it allows the business to be flexible. There is no up-front capital expenditure and costs are given in an all-inclusive invoice. Along with this, broker fees are all-inclusive, making things incredibly simple and flexible!
Managed offices are typically self-contained floors with bolt-on services and are fully included within a single inclusive monthly charge. This includes set-up fees, running costs and exit fees (dilapidations). They are bespoke options and usually include furniture and relevant designs suitable for the occupying business. Commonly they are more advanced and efficient than traditional A+ fitted spaces. The provider or property owner would manage issues that may arise such as an air conditioning breakdown or a broken light. They allow the business to focus on running their company by handling the broker fees and running costs.
These types of offices work well as hybrid working solutions. They take the best elements from traditional leasehold and serviced office space facilities, merging them together. Renters are therefore, free from the obligations of a traditional lease, such as being responsible for defects. Managed offices are great for those who would prefer to have everything done for them but also want to maintain an exclusive image.
A conventional owned leased office space allows you to rent from the owner of the building directly at a cost per square foot per annum basis. Unlike the managed or serviced office options, you stand at the risk of a rise in cost. Everything rests with the tenant, i.e., maintaining stocked kitchens, building the office environment and making sure everything is working. Companies who choose a leasehold may need to consider an operations team or an office manager to take care of the day-to-day tasks like these.
At the end of the lease, you will be responsible for dilapidations. This type of office is a longer-term solution than a serviced office. A contractual commitment agreement is usually around 3 to 10 years. Larger businesses usually go for leased offices, being confident that their business will not crumble in future years.
Renters must keep a budget in mind since they will have to cater for other costs. This can include IT, security, utilities, and service charges amongst other factors, together with paying capital expenditure at the start. Furthermore, renters should be aware that they must return the office space to its original state when the lease ends. Office rental can be tricky when there are so many options and features to weigh up. However, picking the office space that suits you is an essential contributing factor to the success of your business.
The biggest point to consider is that leasehold has uncapped costs i.e., business rates and running costs. Managed offices offer a slightly higher inclusive rental price however, this includes more bolt-ons. This makes it easy to keep costs fixed each month, however, serviced offices offer an easy flexible experience. Monthly costs are higher with leasehold offices when you consider all of the combined fees such as stamp duty, rent, rates, professional fees and service charges.
Difficulties may arise when weighing up the advantages and disadvantages of each and it may also be unclear if the best deal has been negotiated. You may want to allow the professionals to take this work off your hands. This ensures that the required needs have been met and the best deal has been made.
A combined 30 years of property experience makes Victor Harris one of the most experienced in the industry. We can provide any client looking for commercial property in London with knowledge of market insights and traditional surveyor values. Victor Harris offers both technological and traditional treatments, to meet the needs of every individual.
To use the Victor Harris office search, contact the team here.