What exactly is a managed office, how do you know if it’s the right option for you, and if so, how do you go about finding one? Here’s what you need to know about managed offices in a three minute video intro by our Tenant Advisory Lead and Chartered Surveyor, Freddie Cousens:
Prefer to read rather than watch? No problem – here’s all you need to know:
What exactly is a managed office?
Managed office solutions are effectively an extension of a serviced office, the main difference being that a managed office is bespoke to a company’s requirements. Rather than being defined by the number of desks you can fit into the space, you get allocated an office which is determined by the overall square footage of the unit, which is then delivered and built according to the exact specification by the you, the tenant.
What are the benefits of a managed offices?
The benefits of managed offices are similar to those of serviced offices, as you get an all-inclusive, flexible contract where all of your outgoings are paid in one invoice at the end of each month – rather than quarterly in advance, which is how a lease works. In addition, with managed offices the professional fees tend to be covered by the operator as opposed to the tenant, and there’s much more flexibility when it comes to deposits.
Finally, of course, being a managed office, the space is tailor-made to your company’s specifications, which then helps you establish your brand as well as your internal culture.
What are the disadvantages of a managed office?
Like with all good things, there are disadvantages to managed office solutions – the main one being that they can be expensive, as you pay a premium for their bespoke nature. This is because an operator will come in and fit out the space for your company alone, and you have exclusive occupation of the space. The cost of the fit out is then wrapped up into the all-inclusive monthly rent and then amortised across the length of the contract.
Who typically requires a managed office?
Managed offices typically suit companies who are looking for a flexible office setup that isn’t a classic serviced office, but who can’t (or don’t want to) take on the up-front costs required by a private office lease. A managed office is that perfect in between stage.
They particularly suit really high growth companies, or even larger businesses who are looking for space for their project teams.
How can I find a managed office?
Finding a managed office in London is actually quite difficult, because there are very few available on the market at the moment as a ready-to-go product – so that’s where we at Hubble come in. Specialising in flexible office space, we can help put together a managed office solution, either directly via either a landlord or a tenant, or by using a third party.