Opting to use a serviced office space has numerous advantages, many businesses are choosing to use this option and it is easy to see why. Unlike leasing traditional offices, you aren’t stuck with a long-term contract, you can rent a space for a short period and move along once you’ve finished with the premises. It is a worthy short-term investment that is affordable for all kinds of businesses.
Traditional & Serviced Office Lease Options
Most companies who make use of serviced offices lease them on a short-term basis, but many use them for long-term ventures. One of the main reasons why they are so popular is because of their flexibility, if you rent a conventional office space, you usually have to sign a long-term lease, that could range from 3 – 6 years depending on the company you deal with. This has several disadvantages, here are just a few.
- A start-up seeking to establish itself in a new market might not make it past 2 years, if they’re very unlucky, their business could close within the first year of trading. So, having a long-term contract creates several problems.
- If you’ve built a business in one area, and you are hoping to expand your enterprise and test the waters in a different region, traditionally you only had one option. That was to find premises which you could run for at least 3 years, you would be hard pressed to find any landlord willing to give you a 6-month contract.
- Signing a long-term contract means you are stuck in that area until your lease runs out, so if you’ve rented a large office block, and you’ve experienced a rapid dip in the market, causing you to let go of several employees, you can’t downsize to a more affordable unit. You’re basically stuck there paying for unused space, with no freedom to move on.
Advantages of Serviced Offices
One of the most beneficial factors when using a serviced office is lease options, they won’t tie you down to a long-term contract, meaning you are free to move if your business expands or contracts. Serviced office space allows you to rent for a short period and set up a new business in a new city, you can test the market and see whether it is feasible to move their long-term. So, if your company is based in Dublin, you could contact hubsquared in Liverpool and inquire about their rental options. Companies such as hubsquared don’t insist on clients signing a long-term rental agreement, you have access to their facilities on a pay as you go basis. You can pay at the end of the month and leave the premises whenever you desire.
There are several advantages to using a serviced office space, one of the main benefits is rental options, having flexible landlords means you can come and go as you please. You’re not tied down to a long-term lease agreement which encourages you to expand and develop your company further afield. The rent is affordable, plus you don’t have to purchase any pricey office furniture.