Choosing an office space is a huge investment for any business, whether a start-up, SME or large enterprise. In fact, your office can say a lot about you and your style a business leader, as well as speak volumes about the professionalism and trustworthiness of your brand.
This means that there are a lot of factors to consider when selecting your office space, including: price and affordability, location (e.g. desirability, proximity to competitors, nearby amenities, and transport links), size and room for expansion, infrastructure and services, natural light and layout.
After thinking about what your business needs from an office, you must then decide between leasing, or buying or serviced office spaces. But which is right for you? Here is a brief guide to help you find the best office for your business.
Leasing is the most popular option for UK businesses looking for commercial premises. Offices for lease come in all shapes, sizes and price brackets, with contract lengths that can span up to twenty-five years.
Choosing to lease office space from companies like Devono is a great option for medium and large businesses – particularly for those in expensive areas like London where they are priced out of the buying market – and provide the advantage of stability. However, before signing, always read contracts carefully, as many leased premises include extra charges.
While not a realistic choice for the majority of cash-strapped start-ups, or SMEs reinvesting profits in order to expand, opting to buy office space does come with its own advantages. Owning your business premises is a big commitment and therefore outwardly promotes the strength of your brand. It also means you can redecorate and alter your space to suit the needs of your business and staff.
However, before purchasing, do remember that owning does come with additional costs, such as security and insurance, maintenance and cleaning.
Unlike leasing or purchasing, serviced spaces offer businesses an entire package. In addition to an office, serviced options may also include the use of meeting and conference rooms, communal kitchens, and a receptionist to greet visitors.
Serviced offices also provide a lot of flexibility, with quick turnaround when businesses move in and out. This makes them popular with businesses of all sizes, from startups in the first stages needing an office for one, small businesses planning expansion, and larger companies looking for project space for the short-term.
Different businesses require different things from their premises. Leasing, buying or renting a serviced offer all have their own advantages, so think about what is best for your business before choosing.
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