WHAT IS A SERVICED OFFICE AND HOW DO SERVICED OFFICES BENEFIT BUSINESSES?

Also referred to as business centres, managed suites or executive suites, serviced offices have exploded in the past few years. The premise behind a serviced office is really quite simple. A coworking provider will purchase or lease an office space and will subsequently offer portions of that space by the desk or suite.

A serviced office is a pay-as-you-use office space located inside a building owned and managed by a provider. Offices are furnished, fully equipped and offer additional services that you don’t get in traditional leased offices including reception services and admin assistance.

KEY BENEFITS OF SERVICED OFFICES FOR BUSINESSES

FLEXIBLE LEASES

Rental terms for serviced offices are extremely flexible and many providers offer contracts as short as one month. This is ideal for businesses that want the flexibility to expand and reduce in line with their business plans.

It means business owners are not stuck in lengthy contracts and can adapt quickly to changes within their business.

READY TO GO

We all know how difficult moving can be, getting set up with internet, furniture and more. With a serviced office all this hassle is taken away.

Offices are mostly furnished and fully equipped with broadband and high-end equipment to get you up and running right away.

EVERYTHING YOU NEED

Serviced offices come with some great features as standard, these normally include fully staffed reception desks, kitchens, lunch areas, breakout spaces, cleaning and maintenance services, meeting rooms and networking areas. Some providers even have cafes, bars and event spaces.

In lots of serviced office buildings businesses also have the option of using pay-as-you-go services and facilities such as administrative assistance.

In a serviced office there are no hidden costs which make budgeting a lot easier!

A PRESTIGE ADDRESS

Serviced offices and coworking spaces are available all over the world in almost every major city, even smaller towns are now introducing coworking spaces as traditional lease rates soar and businesses seek a more modern, inclusive environment.

This gives business owners a wide choice of places when it comes to finding a base and opens up the opportunity of getting a prestige address that would otherwise be unaffordable.

SHARED SERVICES EQUAL REDUCED COSTS

Tenants, or members as they’re also known, of serviced offices, get access to services and facilities that you would not find in a traditional lease because these services are shared amongst the tenants the costs are greatly reduced making them accessible and affordable to businesses that otherwise wouldn’t be able to afford them.

Such facilities and services included furniture, meeting rooms, event spaces, breakout spaces, IT and telecoms, office cleaning, fully staffed reception areas, maintenance, security, cafes, bars, restaurants, gyms, sports areas, showers and more.

It’s now perfectly realistic to be able to expect to get an office in a prestige, sought after location without having to have a huge budget or commit to a long term lease.

A serviced office is the perfect solution for a multitude of scenarios, but the key factor is flexibility.

With contract terms that require little to no money down in some cases, immediate move-in where applicable and attractive cancellation terms, the coworking environment is not only the home of choice for start-ups and freelancers but for all manner of companies that require the freedom of movement without being locked into a long-term agreement.

One of the most attractive aspects of a serviced office is the sense of community that a coworking environment creates. Those familiar with a well-executed serviced office environment will certainly attest to that.

Another aspect that many tenants value is the networking opportunity that presents itself, either physically or via a dedicated intranet platform such as that promoted by the likes of WeWork. Here, companies can post requirements and/or advertise their services to other tenants within the building or provider group.

This system works extremely well and can certainly help to offset the premium that a serviced office scenario can command.

A SERVICED OFFICE COULD BE THE SOLUTION FOR YOU IF YOU NEED:

• A prestige location/address
• Want to reduce costs on office rental
• Need flexible lease agreements that don’t tie you into long term contracts
• Don’t want the hassle of building maintenance
• Require access to meeting spaces
• Wants administrative support without having to employ extra people
• Would like a stylish furnished office space
• Need a manned reception
• Want a space where you can get up and running right away

WHAT ABOUT A COWORKING SPACE?

Coworking spaces are better suited to freelancers and lean startups who would like to rent a desk by the hour, day or month. In serviced offices, the office space is rented monthly.

Coworking spaces do provide everything you need but don’t typically have the extras that serviced offices provide such as administrative support.

Coworking spaces are great if you’re looking for even more flexibility, low cost and low commitment.

These extremely social, collaborative and creative spaces attract people from all industries, however; the drawback is that if you have a need for complete privacy or confidentiality then you might struggle to find it by just renting a desk.