A serviced office is known by a variety of names- managed office, business centres, executive suite or executive space- but it’s definition is simple: a serviced office is an office or office building that is fully stocked with every facility that a business needs in order to move in immediately. This includes computers, furniture, IT cabling and, usually, a managed reception desk and security. The office is managed by a facility management company and the business will often pay rent on a short term basis, perhaps daily or weekly, depending on the lease.
The benefit to the business is a lack of commitment to a long lease, so a serviced office can be advantageous for a start up company or one who is not prepared to outlay the cost of a longer term lease because they are able to move in- and move out- at relatively short notice and do not have to outlay a large deposit for the move.
Serviced offices are very popular and suit many businesses across London who may not be large enough to take a longer lease.
However, the larger a business becomes, the less financially viable it can be, so it is important to discuss your particular needs with your commercial property agent before committing to a contract.