When you’re scaling up, it’s hard to forecast growth and even harder to predict your office needs a year or two from now. Your team might double or even triple in size – so how much space will you need? You don’t want to overestimate and waste money on rent you don’t need to spend. But you also don’t want to be trapped in an office space that feels claustrophobic.
The good news is that there are many flexible office solutions out there, and we’re here to help you find them. As a VC-backed company ourselves, we understand growing pains; paying for room you need in the future is expensive and risky, but there are plenty of wise alternatives:
Avoid long-term contracts and only pay for the space you need when you’re growing fast.
If you’re hiring at a fast pace and you need the flexibility to grow within your office space, then a flexible office solution could be the answer.
Unlike leases, with flexible offices, there are no binding lengthy contracts, and there are 3/6/9 month break options. So, if your headcount unexpectedly doubles within three months, you can move to a bigger space without paying the price determined by a rigid contract. There’s also a really quick turnaround time – you can sign the contract within 24 hours, and the offices are usually fully serviced with WiFi, 24-hour security and dedicated meeting rooms, so you can move in and not worry about furnishing the space or installing broadband.
If you don’t believe that you can move offices in under 2 days, read about how we helped Grow Biotech find a new office in under 48 hours.
Furthermore, there are no associated fit out costs or one-off professional fees (stamp duty, legal, agents etc.), so it is an effective way of keeping capital expenditure to a minimum.
If you are searching for a flexible office, but you’re not sure where to start, how much to pay, or what to look for, check out our data-driven guide:
Temporary solutions or space for project and subsidiary teams.
When you suddenly need to accommodate an increased number of employees, or you need space for some contractors that you’ve hired for a project, you’re going to need to find additional office space – and fast. In this situation, the best thing to do is rent flexible space. Renting a temporary solution can also be extremely useful if a lease falls through and you need somewhere to inhabit for a while.
We helped Trustpilot find overflow space for their expanding team. Their headcount kept growing and they wanted to separate sales, marketing and tech teams from central operational teams. We found them a flexible office solution for a team of 50-70 people and negotiated a ‘pay-as-you-grow’ deal with the landlord for additional space.
If you need help finding a temporary fix, chat to one of our Tenant Advisors who can help you find a creative and flexible solution, fast.
Sublet your space
Save money and offset your rental costs as you grow by subletting your extra space.
If you are looking to future proof your business property strategy and you want to reduce your risk and financial liability, then subletting your space could be the answer. This involves committing to a lease with excess space for potential future head growth and subletting that extra space in the meantime. Offering a short term sublet on a flexible basis can be a great way of offsetting costs and liabilities.
This is also a great solution if you want to maintain control over the office design and fit out, in line with your company brand and image.
We helped Funding Circle sublease their space. They took on a ten-year lease pre-IPO across three office floors. One floor had been taken in anticipation of future growth, and they needed help subletting the space. We used our data to estimate how much they could charge per desk, then we helped sublet their 300+ desks to over 20 small businesses. This strategy also went hand-in-hand with their brand ethos of ‘helping small businesses’ – win-win.
Unsure what’s best for you? Our Tenant Advisors are qualified to advise the best solution for you.