Modern businesses need more flexibility in their workplaces. Where conventional spaces fall short, contemporary solutions are filling the gaps. Find out the difference between a leased and serviced office to find out which one works best for your business.
The COVID-19 pandemic sparked a serious debate around current commercial lease terms. With so many business owners left to pay for long-term leases on workspaces that they couldn’t use, or in spaces too large or small the spotlight quickly shifted to how outdated the UK’s leasing system is, prompting tenants to seek out more flexible office solutions.
This is where serviced office solutions come in. Many of these alternative workspaces offer convenient, hassle-free flexible Licenses that provide more benefits than leased workplaces.
If you’re a business owner who has been searching for a more flexible office solution – one that aids the growth of your company – then it’s time to start seriously thinking about serviced offices and if it’s the right fit for you.
Let’s first explore the key difference between the two main options – Leased and serviced office spaces:
Offering a more conventional workspace, Leased offices are usually a single vacant space that is rented out by a landlord or company. Unlike serviced offices, leased workplaces require long-term leases and hand a lot more responsibility to the business renting the space, such as managing the utilities, furnishing the office, hiring in reception services and carrying out fit out and interior design work to ensure a functional and aesthetically pleasing workplace. Furthermore, whoever moves into the office needs to set everything up themselves from scratch and deal with all legal compliance.
Serviced offices work a little differently. Consisting of fully serviced office spaces or individual spaces available to Licence, companies now have the opportunity to pay a monthly Licence that is all-inclusive, covering the leasing fee as well as all the relevant amenities, facilities and services that are needed to operate a business, such as cleaning, WiFi, meeting rooms, office furniture, utilities and reception services.
So, why are startups, and even more established businesses, choosing serviced offices in central London as opposed to Leased ones?
Leasing an office space can be expensive – and that’s excluding the extra costs of a fit out and interior design, furnishings, utilities, internet charges, equipment and the many other expenses that come with running a business.
On the other hand, serviced offices are all-inclusive, meaning that you’ll receive a range of attractive amenities, facilities and services without paying extra fees. Features can include daily cleaning, telecoms connectivity, office furniture, utilities, breakout areas, complimentary tea and coffee, WiFi, meeting rooms and social spaces.
When you lease an office space, you can expect a lengthy commitment of at least five years. However, serviced offices offer short- or long-term rentals, providing greater flexibility for companies that are expecting a change in growth forecasts. This means that businesses are able to pack up their bags and move on to a more suitable space with a fairly short notice period.
No business plans to stay the same forever. But, with that being said, it can be difficult to predict your future needs or how your company will change in the coming years. Serviced offices allow businesses to stay agile and work in a space that can expand or reduce at any given time.
Possibly the most appealing benefit of working in a serviced office is the convenience and efficiency the turnkey solution provides. You and your employees can just turn up and begin working without any hassle or complications. Why? Because everything is taken care of for you, allowing you to focus on what really matters – growing your business.
Not to mention that having access to space that is ready to go as soon as you step through the door can drastically improve your business’s productivity, creativity and financial potential.
Renting a conventional office space is expensive, no matter which way you look at it. This is not to say that serviced offices are a particularly cheap alternative, but working out of one can help you cut down on your monthly costs significantly, as opposed to a leased space. This is because serviced solutions relieve businesses of the upfront capital expenditure associated with traditional leases.
Serviced offices are usually located in several locations around a specific region, providing businesses with the incredible opportunity to quickly establish a base in a new address and access new markets within weeks. This allows businesses to move from one area to the next and access fresh markets without skipping a beat.
WorkPad offices are especially great for those seeking serviced offices in Central London. With workspaces in prime locations all around the city, including Covent Garden, Marylebone, Mayfair, SOHO and more, you are sure to find the ideal workplace for your business.
If you’re looking for a new serviced office or HQ for your business in Central London, we can help. WorkPad is one of the leading providers of high end office spaces in the capital. We pride ourselves on making your life easier, which means flexible payment terms, immediate move-in for serviced spaces, or as little as a six to eight week turnaround for sourcing a bespoke brand new self-contained HQ for your team.
We also offer you the chance to put your own personal touch on your workspace. When you choose a WorkPad office, you have the chance to work with our interior designers, who can create a bespoke design for your office space that reflects your brand perfectly. Best of all, you can do this all deposit free.
Our industry-leading retention and referral rates, not to mention our 96% occupancy rate across our portfolio, should tell you all you need to know – but in case you want to talk to one of the team, you can get in touch here.
Find out more about our luxury office spaces and leased workspace solutions here.
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This period building, located on the famous Wardour Street, is moments away from the most popular eateries, shops and entertainment Soho has to offer.
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