With all-inclusive rents, instant occupancy, and flexible contracts, serviced offices have become a popular option for thousands of UK businesses.
A serviced office is one that’s all set up and ready to go from the date you move in. Utilities, bills and the day-to-day running of the building is managed by another company, so you’re free to hit the ground running without having to worry about installing broadband or hiring reception staff.
Serviced offices tend to offer much more flexibility and shorter-term contracts than traditional private offices – a few months rather than a few years – which is great news for businesses who aren’t sure where they’re going to be a couple of years down the line.
There are a range of serviced office types available, from hot desks to fixed desks in shared spaces, to private office suites for teams and larger organisations.
Most serviced offices will provide you with all the basic essentials as part of your all-inclusive rent. You can expect:
More luxury serviced offices offer additional amenities on top of these – some as part of their all-inclusive rent package, others on a pay-as-you-use basis.
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Serviced offices can be available for anything between one month and one year and usually have renewable agreements. This means they can provide flexible, temporary workspaces that suit your needs and don’t tie you down to long-term contracts.
As you pay in an all-inclusive fee each month, budgeting becomes very easy. You know what you owe each month and won't have any unexpected charges to throw you off.
Self-managed private offices are often labour-intensive to run because of maintenance demands. A serviced office saves you precious time as well as money.
Many more luxury serviced offices provide high-quality facilities, such as event space, baristas, and gyms, that businesses wouldn’t otherwise have access to. This can be hugely helpful in attracting and retaining talent.
While the cost of some serviced offices might appear high in comparison to traditional office space, factor in the savings you’ll make from having no additional expenses and it can work out to be much more cost effective. Business rates, local authority charges, electricity, broadband, heating, air conditioning, security, maintenance, insurance, extra facilities – it’s all taken care of.
According to a 2016 Business Centre Association report, serviced office rates in shared business centres are between 23% and 30% cheaper than conventional leases on a like-for-like basis. The UK Chartered Institute of Purchasing also found that businesses can reduce costs by up to 78% when they use a serviced office rather than a self-managed office rental.
One reason for cost savings is that serviced offices are usually licensed rather than leased. This is a simpler form of agreement that allows clients to bypass expensive solicitor fees. The flexible terms also mean that companies don’t pay for space they don’t need, as they are free to take on more only when they need it.
Serviced offices either charge a flat fee for a desk, or a fee per-square-foot/per office. Renting desks is a better fit for small business, while renting per office or per-square-foot is more suitable for businesses that have a large number of staff.
You can use our Office Budget Calculator to estimate the cost of office space in different areas of London – but do remember that it is possible to find more affordable workspaces, and that luxury serviced offices may cost a little more.
Many serviced offices offer monthly rolling contracts, allowing you to retain flexibility and move or grow as and when you need.
Serviced office space is valuable to businesses of all sizes, because of the choice, flexibility, and access to key locations it offers.
Serviced offices are ideal for startups. Before the flexible office revolution, conventional leases would usually require tenants to commit to an office for 5-10 years, which just isn’t feasible for budding businesses. Monthly rolling contracts open up workspace for startups who don’t necessarily know what the future holds.
On top of this, serviced office spaces take the hassle out of office management, simplify costs into an all-inclusive monthly fee, and often come complete with an array of desirable facilities – essential in the “war for talent”.
When you’re growing fast, the last thing that you want to do is either a) run out of space or b) have to pay for space that you don’t need. The flexibility of serviced office solutions allows companies to “pay as you grow” – so only take on workspace as and when they need it.
SMEs and Corporates
Serviced office space offers many benefits to larger companies too – particularly those that fluctuate in size, as it enables you to take and dispense of space as it suits you. This is particularly useful for SMEs and corporations that might need overflow space for temporary or subsidiary teams, or innovation hubs for new ventures.
Hubble is the UK’s most advanced online office space marketplace. Our platform provides the ability to search and compare across the whole flexible office market and filter by up-to-date pricing, live availability, location, amenities, exclusive offers, and more. Just like booking a hotel, this means you can compare the whole market quickly and easily, and ensure you’re making the right decision. We do this by pairing unrivalled tech with expert in-house advisors that can deliver bespoke solutions, drive negotiations, and get the best deal.