Finding the right type of office space can be a challenge. When it comes to finding the best location and office setup for your business needs, there are a number of factors that can play a major role.
With an increase in the demand for flexible working over the last few years, there are now more options for businesses to consider when searching for office space.
Each option offers its own benefits that will suit different needs – and it's largely dependent on what it is each business now requires from their workspace and the experience they want to have while there.
We’ve broken down the main options, traditional, managed and serviced, to help you understand a little more about what each can offer you and your team. Take a look at our flow chart and read more below about the best option for your business.
Traditional lease
A traditional lease is a private, self-contained option for businesses that want full control over their space – from their name on the front door to the number of meeting rooms and breakout spaces. They come with longer-term contracts and a large number of upfront costs, but this is often what works well for larger, more established businesses.
Term length: You’ll typically commit to a contract of 3 or more years on a traditional lease.
Suited to: Larger businesses, confident of their future requirements with a stable outlook. Also, businesses that are in a strong enough financial position to part with a large amount of upfront capital expenditure and want complete control over how their space looks.
Not suited to: Scaling businesses with plans to grow their headcount and without the time or expertise to co-ordinate a full-scale office move – or manage it once it’s up and running.
Serviced office space
Serviced offices provide businesses with a lot of flexibility. For one, they’re already fitted out which removes any of the build delays associated with a traditional office move, while the option of monthly rolling contracts gives you the opportunity to remain agile.
You won’t ‘own’ your space or be able to bring your brand to life within it, and you’ll have to share communal areas with other businesses. This can be beneficial for early-stage businesses looking for a community feel or the chance to network with others at a similar stage to them.
Term length: With a serviced office, the typical term length is 12 months and this is what pricing is offset against. Shorter term lengths are made available by most providers – but at a premium.
Suited to: Serviced offices are a great option for early-stage and scaling businesses looking to remain agile due to uncertainty around growth, simply because term lengths are flexible and there is an option to add or take away desks. It’s also beneficial for businesses that want to expose themselves to other start-ups and that sense of community.
Not suited to: They’re not suited to businesses looking for a private, self-contained office that they can design themselves. If you’re looking for an office that can elevate your brand, a serviced space may not be the best option.
How is a serviced office different to co-working?
In co-working, businesses will not only share the communal areas but the working areas too. Serviced offices are more appropriate for larger companies, while co-working spaces are better suited to freelancers and small teams who want to collaborate and network with others around them throughout the day.
Managed offices
A managed office blends the simplicity of a serviced office or co-working space with the privacy of a conventional lease. It’s a bespoke space that can be tailored to a business's exact specifications and includes day-to-day management and a full range of services to provide tenants with a hassle-free office experience.
Term length: Typical term lengths for a managed office space are between 18 months and five years, although there is always scope to shorten or lengthen that depending on the business requirements involved.
Suited to: Businesses wanting a space of their own but with greater flexibility than they would typically get with a traditional lease. It’s also a great option for businesses without the time or expertise to design and manage their office space themselves.
Not suited to: Because a managed office is a private space, it’s less ideal for early-stage businesses that still value the community and networking opportunities that come with a serviced or co-working environment.
Considering a managed office?
Many businesses find that a managed office space is the perfect solution for their needs, offering a blend of benefits that allow them to thrive in a space that they can call their own.
At Kitt, we help businesses find, design and thrive in offices worth leaving home for. We manage the entire process – from the initial office search to elevating your experience in the space once you’re in the door.
If you want to find out how a managed office can work for your business, get in touch with the team below or visit the How Kitt Works page to find out more.
