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In cities today there are three options for businesses looking to start up in premises or move to new ones: buy; rent a building/floor of a building; or rent a serviced office. For obvious reasons, the first option is impractical, so this leaves us with the traditional lease and the serviced office.
Just at it is unusual these days to find someone who has fewer than three employers on his or her CV, the businesses themselves can undergo the ‘itchy feet’ syndrome. Even if a business does remain in one office for many years, they will often rent supplementary space to cater for its growing staff or its need for archives and paperwork. The business world is full of entrepreneurs who are willing to take risks to see their company blossom – and so sticking to the same formula, the same business plan year-on-year, the same staff until they retire – and the same building, regardless as to whether it is suitable or note – is not only outdated but dangerous. Competitors will be thinking of their next move, whether it’s in terms of products, or a literal move of offices.
Services offices in London have come into its own over the past number of years. It allows a flexibility, both of space and term, freeing up the business owner to concentrate on running his or her business rather than worrying about getting broadband upgraded, negotiating with the landlord, or paying the electricity bills. The serviced office can provide exactly the right amount of space, for a flexible term that allows the company to grow or shrink to fit much more easily than a traditional lease. It can also provide a ready-made reception and a reliable receptionist, not to mention presentable boardrooms and meeting rooms. Start-up companies don’t want to pay per square foot for a meeting room they may use a handful of times a year, and a serviced office can offer this option to the owner without it having to be a waste of space and money when not in use.
This option can also be beneficial in terms of up-front costs – in that there aren’t the same sums involved as when a new lease is taken on, and where a bespoke fit-out needs to be carried out, and where rent or rent deposits need to be paid at the outset.
Serviced offices aren’t necessarily the cheapest option – but indirectly they can save a company money in terms of ‘what you see is what you get’ as well as allowing the businesses owner more time to spend on the business – which is ultimately what every entrepreneur wants to do.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.