Making the decision between conventional London office space and serviced office space largely comes down to leasing requirements and the timeframe that you have in mind. Freehold office space gives you total control, however it is a substantial investment to make. Leasehold is a lesser financial commitment, however it does mean that you cannot stay for as long as you like and are open to rent increases.

Here are some of the pros and cons of each option:

Serviced Offices Versus Conventional Offices

Serviced offices provide flexible short term leases:

  • They are immediately ready to do business in
  • Plenty of support services
  • It is a bit like staying in a hotel really! However, they are more expensive

Conventional offices are ideal for the longer term:

  • Take a lease for 3, 5 or 10 years
  • Fit it out how you want it.
  • The acquisition process is not instant
  • You pay the rent, rates and service charge
  • It generally costs a lot less

Rent or Buy

Freehold

  • Owning a freehold gives you total physical control
  • Owning a freehold largely gives you total financial control
  • If you spend money on it, it’s your asset

Leasehold

  • This gives you the opportunity to take space on 1 floor
  • The financial commitment is much less
  • You can leave at the end of the lease
  • You usually have to return it to its initial condition
  • You may not be able to stay for as long as you want
  • You may have upward only rent increases