What Type of Space is Right for My Business?
6 minute read
The landscape of offices across the country has changed over the last couple of years. With more businesses and individuals working from home, office spaces require more than just the basics. They need to serve you and the business as a whole with a complete package that enables you to excel every day in a space that ignites inspiration. There are a number of options to choose from when looking for a new environment such as serviced office spaces, managed office spaces and leased office spaces, which all come with their own benefits. Fundamentally, the company’s needs come first and it’s important to do plenty of research when finding the perfect spot for your next investment.
Factors to Consider When Choosing an Office Space
Choosing an office space is almost as difficult as choosing a home to live in. Considering how many hours are spent in the office a day, there are plenty of factors to look at when navigating what options are best for your organisation, strategically and operationally. As with a home you want a location that is Safe and reputable, whilst making sense geographically for employees who have to commute. Secondly, you need to set a clear budget that doesn’t just include rent but also delapse of current workplace, if necessary, design and refurbishment of the new, and utilities and maintenance. Also, think about the size and layout required. How many staff will be using the office and is there enough space to function efficiently and effectively whilst fitting in all your equipment and furniture. Is it accessible for those with additional needs and are there amenities such as car parking or nearby shops? Finally, look at the lease terms and any clauses that may prove challenging later down the line. After all you want the process to be smooth, stress-free and be a successful outlet for your business.
Types of Office Spaces
Depending on your requirements and the needs of your workforce, there are different types of office spaces to suit your situation:
- Serviced office space – An all-inclusive offering that delivers the full package at one price including furniture, Wi-Fi, IT infrastructure and amenities, taking away the hassle of moving to a new location so that you can settle in with ease.
- Managed office space – A bespoke workspace that is managed by a third party who ensures that everything is taken care of from finding the perfect building to signing the lease, designing the interior and fitting out the office.
- Leased office space – A great solution if you’re looking for a long-term lease between 3-10 years, it’s the responsibility of the tenant or business to manage the private office and maintain the facilities for the entire time including the office fit-out.
Serviced Office Space
Whether you’re searching for a location that offers flexibility, or a co-working environment, serviced office spaces offer you all the amenities you’d expect from a commercial office. There are opportunities for any type of business to have a lease contract for a fully furnished and fully equipped office space, which can either be on a short-term or long-term basis that lasts for months or years.
There are many benefits to a serviced office space for your business. Firstly, They can provide flexibility for the nature of your business needs as you can scale up or down depending on your situation. This is particularly handy for small businesses that need a first base when starting out and then can work on growth when the time is right. They’re also quick to set up as the office design is a ready-made package that can be moved into straight away, saving you time and effort especially if you need to build a presence in a new location with short notice.
However, for the larger organisations with multiple moving parts this isn’t the most practical as it limits any reconfiguration and personalisation. This can often result in a dysfunctional workplace, as teams don’t have the necessary spaces they need to complete different activities in the day.
Managed Office Space
A managed office space offers a bit more freedom when it comes to finding a dedicated place that you can operate from on a daily basis. Similar to a serviced office space it has the additional advantage of more control and security akin to a leased office space. Managed by a third-party company who are on hand to search for a working environment that ticks all your boxes, they’ll also be able to assist with the administration such as signing the lease and getting the ball rolling with your new workplace design.
With the benefit of having a tailored office design, you’ll have the final say on how many executive offices, breakout spaces and desk spaces you want part of the footprint. Having control over the workplace design will ensure the space meets long-term strategic needs that allow your employees to work better and smarter, enhancing employee performances and wellbeing. It also improves company culture and is a showpiece space to impress business partners and clients. You’ll have complete control over security and privacy issues as you’ll be able to determine who has access to the office, network and IT infrastructure. Unlike serviced office spaces which are usually open to all within the building.
Leased Office Space
If you’re an established business that has roots in a set location, leased office spaces could be the best option for you. It allows you to have full control over the design of your workplace, with a minimum three-year lease. This usually comes with a number of terms and conditions such as business rates, building maintenance included in the landlord service charge, and paying per square foot per annum for the amount of space you use. Not to mention other costs including building surveys, legal fees and stamp duty depending on your lease.
With that said there are a number of benefits to a leased office space such as having greater control, branding and business identity. You’ll be able to exemplify your branding by working with a workplace design and build specialist that can optimise the space based on your employees working styles and requirements, whilst ensuring the design is on-brand and reflects your organisations culture. Plus, there will be no need to share your resources with other businesses as you’ll have control over meeting room usage, communal areas, who can access the building, as well as IT infrastructure.
Be warned though that there can be contractual penalties or deal finalisations to bear in mind for the negation stages and if you want to make amends to your fixed lease length.
Regardless of what route you decide to go down, working alongside a workplace consultancy can really help ensure your final space is suited to your long-term growth and strategic plans. Please contact our specialist team today to get some of your questions answered.
