Minimising costs is a continuous business goal for us, in order to maximise our profits… and making sure that our office space caters to our unique company needs can do wonders in cutting down those costs. How do we choose the right office space for us? Specifically, which kind of space will suit our present needs? Would it be a serviced office space or a traditional office? Let’s put some light on the advantages and disadvantages of each of these spaces to determine which one is more suited to your particular business.
SERVICED SPACE:
Serviced space or coworking space providers offer ready-to-use premises so that you can simply plug in your IT equipment and operate quickly and easily. More and more of these serviced offices are popping up, with the growing demand for the flexibility and convenience they are able to provide.
Additionally, they are design-led and inspiring, making them more competent in satisfying the needs of an emerging well-being and sustainability-conscious generation of workers; thereby creating the possibility for greater employee workplace satisfaction and productivity. The modern designs of these spaces often include a coffee-shop ambiance in break areas, dynamic meeting rooms that foster creativity, showers and a modern office design.
Contract terms for serviced spaces also tend to be more short-term in nature, offering terms that generally range from 3 months to 2years. At times, they are even negotiable on a month-to-month basis. This kind of payment flexibility would especially be beneficial for those looking for temporary office spaces, or spaces that don’t require too much commitment on the tenant’s part.
Another perk of the serviced office is that you won’t have to worry about the tedious task of organising cleaning, recycling or drinking stations, as these are already provided for you. And with regard to additional services, you may get them individually, taking only what you need. For example, you can purchase faster Internet or multiple meeting rooms for an additional cost. Purchasing services on an as-you-need basis can obviously keep your business very cost-efficient.
The collaborative nature of a serviced space also fosters networking and sharing of ideas among the small businesses that share the space. Businesses are able to build a stronger sense of community as well in this kind of setup.
Yet although there are many definite advantages that service office spaces can provide, there are still a few other considerations that should be made. For one, serviced office spaces have a higher per-square-foot price than traditional spaces. Second, added services do add up quickly in costs if we aren’t meticulous about what we truly need. And lastly, serviced office providers do reserve the right to transfer you to a different part of the office to accommodate new occupiers… which can be quite the hassle if you’ve already settled into your area.
Given these benefits and drawbacks, it may be safe to say that in general, serviced offices would be good for:
- young businesses who are still exploring the possible outcomes of their ventures
- businesses who need the convenience of cleanliness management and additional service offers so that they can concentrate efforts on their main goals
- businesses needing short-term solutions and flexibility
TRADITIONAL OFFICE SPACE:
In contrast to serviced space, traditional office space offers more permanence. It involves renting directly from a building’s landlord through a long-term or fixed lease. The contractual obligation can last anywhere from three to ten years.
A great benefit of having a traditional space is that the space is entirely yours. This allows you to put a definite stamp on your space, including branding, use of space, and customised space design options.
